Sometimes, yes—but it depends on what’s actually being sold. If the “business sale” includes selling property (like a commercial property or other physical property) a licensed real estate broker or estate agent can handle the real estate side under their real estate licenses. But if you’re selling the operating company itself—especially intangible assets like brand, customer list, contracts, and customer loyalty—you usually want a business broker (or a professional with experience selling businesses) because the marketing, valuation, buyer screening, and due diligence are different from a typical real estate deal. In short: an estate agent can help sell the property; a business broker is often the right fit to sell a business. Trying to have one person do both without the right expertise can be a bad idea and can cost you price, time, or deal certainty.

For more details, keep reading.

What “Selling a Business” Actually Means (And Why It’s Different from Selling Property)

A lot of confusion comes from the word “business.” Some sales are basically real estate transactions with a tenant or concept attached, while others are true operating-company transfers.

Two common scenarios: property-only vs business + property

1. Selling property only
   You’re selling the building (for example, a commercial property) and the buyer will decide what to do with it. In this case, commercial real estate marketing and pricing are the main focus: location, condition, lease terms (if any), and the property’s sale price.

2. Selling the business (sometimes with property included)
   Here, the buyer isn’t just buying walls—they’re buying an ongoing operation: revenue, systems, staff, vendor relationships, and cash flow. That includes intangible assets like goodwill and customer base.

When the transaction includes both, the deal often has two tracks:

• the business purchase price (operations)

• the real estate purchase price (property)

And those can be negotiated and financed differently.

What business buyers look at that real estate buyers don’t

Business buyers and prospective buyers for an operating company want proof. They’ll dig into:

• financial statements

• profit and loss statements (and sometimes “loss statements” in plain conversation)

• tax returns

• sales trends, margins, and add-backs

• customer concentration and customer retention (your customer loyalty story)

• operational risks (key employees, vendor terms, seasonality)

This is why selling businesses requires different systems and a different buyer pool than most residential transactions.

Can a Real Estate Agent Sell a Business? Where Real Estate Licenses Help (and Where They Don’t)

So, can a real estate agent sell a business? The clean answer is: real estate agents can be involved, but what they can do confidently and compliantly depends on scope.

Real estate licenses are built for property, not operations

Real estate licenses generally authorize a licensee to represent clients in the sale or lease of real property. That’s why a real estate agent sell scenario is typically strongest when the sale is primarily about:

• the land and building

• the lease (if the property is leased)

• zoning, use, and physical condition

• detailed property listing creation and distribution

Many real estate professionals do an excellent job selling buildings. But “the business” part—valuing goodwill, structuring asset vs stock sale conversations, screening operator-level buyers—is not what most real estate training covers.

When a real estate broker is a good fit

A real estate broker (especially one focused on commercial real estate) is often a great choice when:

• the business is secondary to the real estate

• the value is driven mainly by rent and the property’s sale price

• the buyer is primarily a real estate investor

In these cases, the marketing looks like commercial property marketing, and the price is anchored by cap rates, rent roll, lease terms, and replacement costs.

When it’s a bad idea to rely only on an estate agent

It can be a bad idea to have an estate agent handle the entire business sale if:

• most of the value is in intangible assets

• the buyer needs to understand operations deeply

• there’s complex due diligence on inventory, contracts, payroll, or licensing

• the buyer pool is niche and needs targeted outreach

That’s where a business broker’s process tends to protect the seller’s value and reduce dead-end conversations.

If you’re planning to move to Western New York, or if you’re already a local resident, understanding when to work with a business broker versus a commercial real estate professional is just one part of your life in Western New York. For more helpful tips on real estate, be sure to check out our latest blog on Carol Klein WNY Homes, where we cover practical guidance for buyers and sellers navigating local property decisions and transaction steps.

Business Broker vs Estate Agent: Who Does What in a Business Brokerage Deal?

A business brokerage typically runs a process designed for selling businesses, not just buildings.

What many business brokers do differently

Many business brokers focus on:

• building a confidential “deal package” (not just a listing)

• qualifying buyers based on experience and funds (reducing tire-kickers)

• presenting normalized cash flow and add-backs clearly

• managing confidentiality with employees, vendors, and customers

• coordinating due diligence checklists

A serious broker will help you present the business credibly with:

• financial statements

• profit and loss statements

• balance sheet summaries (when relevant)

• tax returns

• KPI trends and explanations for fluctuations

What most real estate agents do best

Most real estate agents are strongest at:

• marketing the physical property

• pricing guidance using comps and market positioning

• negotiating inspection/repair items for real estate

• managing a standard real estate closing timeline

If the sale is primarily real estate, that’s perfect. If the sale is a business operation with a physical location, you may need both skill sets.

One pro approach: split roles or co-broker

If a deal involves both a business and real estate, a practical solution is:

• a business broker leads the operational sale

• a commercial real estate broker/estate agent leads the property sale

• they coordinate so the buyer experience is seamless for both the buyer and seller

Sometimes this includes a referral fee or a formal co-broker agreement, depending on licensing rules and the professionals involved.

What Buyers Will Ask For: Due Diligence, Cash Flow Proof, and a Clear Listing Package

Whether you hire a real estate professional, a business broker, or both, the deal lives or dies in due diligence.

Your listing needs to be more than “great location”

For a real sale, you’ll need either:

• detailed listings for the business, plus

• a detailed property listing for the real estate (if included)

Buyers will compare the story to the documents. If your listing says “strong cash flow,” they’ll want proof.

Common due diligence items buyers request

Expect potential buyers to ask for:

• last 2–3 years of tax returns

• monthly or quarterly profit and loss statements

• supporting financial statements

• lease documents (if the business is leasing space)

• equipment lists and condition

• inventory counts (if applicable)

• customer data summaries (without violating confidentiality)

• vendor contracts and key terms

This is where sellers often discover their books aren’t as clean as they thought. Cleaning the package up before going to market is one of the best ways to protect your final sale price.

Pricing: purchase price vs final sale price

Your purchase price target should be based on what the market will actually pay, given:

• true cash flow

• risk and stability (customer concentration, lease terms, competition)

• transferability (how easy it is for a new owner to step in)

• whether the property is included or leased

A good broker (business or real estate) helps you set a price that attracts real buyers without leaving money on the table, then negotiates toward the best possible final sale price.