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The Secret to Pricing Commercial Real Estate
Pricing is often a touchy subject for sellers of commercial real estate.  Often a seller will want to price their property based on what they owe, what they paid, or what they'd like to get.  Unfortunately, these three numbers don't usually have much to do with what the market will bear.  Pricing a property in line with the market is the best way to attract several potential buyers.  More buyers means more chances to get the best possible price for a property.  So how do we figure out what the market price should be?
There are 3 typical ways to value a property (please keep in mind I am not an appraiser).  These are the cost, the sales comparison, and the income capitalization approaches to value.  I'll describe each briefly:
Cost: This approach to valuing a property is based on estimating the cost to rebuild the property today, including the cost of the land, but subtracting depreciation.  This approach is usually best on special use, owner occupied, properties with no close comparables.
Sales Comparison: This approach looks at sales of comparable properties on a per unit or per square foot basis, and applies similar pricing to the subject property.  The sales comparison approach is typically used ... more

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