The dynamic Las Vegas real estate market offers plenty of opportunities for residential and commercial property sellers. To get top dollar for your property no matter the type, you need to familiarize yourself with the selling process and know what to watch out for.
The processes for selling a residential and investment or commercial property are similar in many ways. By nature, however, commercial properties typically take longer to sell and involve more legal requirements.
Here are detailed selling guides for residential and commercial properties.
For Homes/Residential Properties
- Find an experienced Realtor to work with
A Leading Vegas Realty (LVR) professional can provide you with the guidance you need in identifying and taking full advantage of market opportunities. With our know-how and widespread network, we can help you market your home to the right buyers and look after your interest at every stage of the process.
- Determine the right price for your home
The correct price for your home depends on several factors, including the current trend in Las Vegas property values, the condition and desirability of your home, and others. Your LVR Realtor will conduct a Market Analysis and a thorough review of your property to come up with the right listing price for your home.
- Prepare your home for the sale
Your experienced LVR agent will go over your property to identify where repairs and renovations may be needed. Determine home improvements that can enhance the value of your property and make it competitive with Las Vegas home prices. Keep in mind that buyers typically want a move-in ready home, so make sure every surface, nook, and corner of your house are clean and tidy, and all systems are working properly. Consider staging your home – this can help sell a property faster and at a higher price.
- Market your home
Your LVR Realtor will help you come up with a plan to market your home. This often includes listing your home on the MLS and conducting an open house. Flyers, emails, print advertising, and similar marketing tools may also be utilized.
- Review offers
Go through each offer with your LVR agent and consider not only the bid price but the buyer’s terms and contingencies as well. You have the option to reject or accept an offer, or issue a counter-offer and negotiate further with a buyer.
- Accept an offer and go to escrow
Once you and the buyer come to an agreement on the price and terms of the sale, you both sign a sales contract and the process goes to escrow. The buyer does most of the work at this time, including finalizing the financing and arranging home inspections.
- Close the sale
Once the funds for the purchase are released by the buyer’s lender to you, the title is transferred to the buyer. You sign a few more documents, then the sale is considered closed.
For Commercial Properties
- Identify a real estate agent to work with
Working with an experienced real estate agent in commercial and investment properties is important. Experienced LVR real estate professionals can connect you with potential buyers and investors not only within Las Vegas but around the country, as well. We can assist you in many other areas so you can achieve the best possible profit for your property.
- Get a property appraisal
Pricing your property begins with an accurate appraisal, which can be done by a professional appraiser or estimated by your real estate agent. Several factors, such as the age of the property, the number of units, occupancy rate, and others, are considered in the property appraisal.
- Prepare your property for the sale
Your LVR real estate professional will inspect the property with you and identify where repairs and improvements are needed to make it attractive to buyers and enhance its value. Make sure all security and safety systems are working properly and comply with the latest standards. Your LVR agent may recommend repositioning or redevelopment to improve the value of your property.
- Prepare documents for due diligence
Buyers will ask for a number of documents that will show the property’s profitability, including rent rolls, P&L statements, zoning compliance, an updated survey report, and others. Our real estate professional can provide you with a list of the needed documents. Be prepared to provide potential buyers with these documents as soon as they ask for them.
- Go to escrow
Once you and the buyer agree on the price and terms of the sale, you sign a contract and escrow is opened. It’s highly recommended that your real estate attorney reviews your contract before signing. In Nevada, the title agent typically acts as an escrow agent as well. The buyer completes due diligence at this time.
- Close the sale
Several documents, many of which are specific to commercial real estate, are prepared for closing. Both your real estate attorney and agent shall guide you through the process. If everything is in order, the lender releases the funds to you and the title to the property is transferred to the buyer.
We at Leading Vegas Realty are experts in residential and commercial real estate. We will be happy to guide and assist you in selling a home or commercial property in the Las Vegas area. Call us at 702.545.6050 or email Emily@LeadingVegas.com.