Selling different types of real estate may require varying tactics.
It’s important to understand the various selling processes and possible difficulties when selling different types of real estate—and know how to market them. Selling commercial property may require a different approach than selling a house or condo.
What *is* real estate?
Real estate can be land, land with structures, and other immovable items on the land. We’re going to focus on property types that are structures, including habitable structures.
- Commercial real estate
- Standalone single-family houses
- Townhouses
- Duplexes
- Apartment buildings
Selling commercial types of property
Typically, commercial properties take longer to sell than residential real estate. According to Commloan, “…commercial property takes between 6 months and 12 months to sell, on average. This depends on numerous factors, including the desirability of the location, the type and condition of the property, and the type of ownership structure in place. Due diligence completed by the buyer typically is one of the factors that slows this process down.”
The owner of a commercial property can hire a commercial real estate agent, market the property themselves, or hire a marketing firm. Commissions for real estate agents have historically been around 5%–6%. Other costs that may be incurred when selling this property type are fees for appraisals, inspections, and closings.
Selling rental property
Rental properties, including apartment buildings, typically have a smaller pool of buyers than single-family dwellings do. Since potential buyers are people looking for an investment rather than simply a place to live, the market will likely be smaller for this property type.
There are also some things to consider when selling a multi-family dwelling property type. Per Realtor.com, “One of the first things to understand is how local real estate laws will affect your sale. Real estate expert and author Michele Lerner says, for example, in Washington, D.C., tenants have a ‘first right of refusal,’ which means that landlords need to notify the tenant when they are putting the property on the market and must provide the tenant with a complete disclosure of the sales price and other information about the property.
The tenant can then make an offer on the property or turn it down. All areas have different laws, so it’s important to check your state laws.
Keep in mind that you have to pay capital gains taxes on rental properties, since they are investments and not your residence. Which property type you want to sell may determine what kind of real estate agent you should hire to guide you through a professional transaction.
- Apartment buildings are generally considered a commercial property type, since they are an investment property.
- Duplexes are considered multi-unit, single-family dwellings.
- Condos can be considered commercial or residential, so it’s best to confer with a real estate agent to distinguish which classification your building falls under.
Selling a house
Of the different types of property, selling a single-family, standalone house is the most common transaction in real estate. Selling via a real estate agent is the most common way to sell, but you may also choose to sell FSBO (for sale by owner) to avoid paying real estate commissions. The time it takes to sell depends on your location and other variables. The basic steps to sell this type of property are:
- Prepare the house for sale by making repairs, decluttering, and making improvements.
- Stage the house.
- Have the house photographed by a professional photographer and listed on the Multiple Listing Service (MLS).
- Keep the house clean and neat for last-minute showings.
- Negotiate with prospective buyers.
- Close the sale.
Sell your house or different property type the easy, quick, and hassle-free way.
We Buy Ugly Houses® buys many different types of property, and we’d like to partner with you. Reach out to your local We Buy Ugly Houses franchise to set up a consultation with one of our friendly property buyers.
We’ll meet you at your house or other property type and do a walkthrough while answering your questions. We can sometimes provide you with a fast offer the same day. If you accept our offer, we can move toward a speedy closing. We have no hidden fees and pay typical closing costs†.
We Buy Ugly Houses has been in business for over 29 years, and we have bought over 150,000 houses during that time. We have a stunning 95%* nationwide customer satisfaction rating! Contact us to learn how we can help you with the sale of your property, no matter what your property type.
This blog is for informational purposes only and should not be considered legal advice.
