To Sell Your CRE/Land/Unusual Property, Start At The END.

By
Commercial Real Estate Agent with Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker AZ BR 528507000
https://activerain.com/droplet/5mgH

To Sell Your CRE/Land/Unusual Property, Start At The END.

 

As a Mohave County, AZ commercial/investment real estate broker, we get challenges like this all the time.

 

A recent Q/A question concerned a large parcel in what the questioner called a 'less than desirable area'.

 

2 years on market and nothing yet. Well, in my area with unusual properties, that's not a long time 'in dog years'. 

 

BUT to sell ANY property, and especially one that 'won't fly off the shelves' . . . to me, the first step is always

 

PROFILING and IDENTIFYING the BUYER.

 

Okay, I have a big parcel of land . . . what's nearby? How do you access it? 


In AZ, developers need to file a Public Report with the state. Among the information contained in that report is the 'complexion' of the property, the access, proximity to highways and airports, utilities to the property (especially precious WATER), the current zoning and zoning of surrounding areas. Can this property be rezoned for another use? Will the city or county general plan support a change? What about density? What could be built here?


FIND OUT everything there is to know about the property, its present and possible uses.

What are market rents for such a location, in the event an investor is considering buying, building and leasing the property out? 


THINK LIKE A BUYER.

What do you need to know that will give you the confidence

to make a deal?


THEN, find out who's been coming into the area and FROM WHERE. Let's find user-buyers who need to be in this area for a reason, say, proximity to a highway or an inland port. 

 

What areas have a higher-than-your area's median income?

 

 

Let's find buyers who think this is a bargain at asking price!

There's a lot of money out there.  

 

NOW you have your target in sight and can present your property with all its demographics, psychographics and due diligence materials, along with maps and aerial views for a remote property.

Drone photos/video were MADE for large tracts of land. A buyer in Juneau can see a property in Omaha without leaving their desk! 

"Wow, Susie, there's a lake and golf course!"

 

 

ALWAYS start with the 'perfect buyer in mind', compile the info they'd want to know . . . and then find them.

 

I've heard this works for men too . . . I'll get back to you on that! 

 

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Rainmaker
3,549,332
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Candice - "Thinking Like A Buyer" is good advice in the situation you describe but it's one that can be highly useful in any form of real estate.  

Feb 13, 2020 07:28 AM #1
Rainmaker
3,101,274
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Candice.

That's always my train of thought, what would a buyer think about the home before I sit down to talk to the sellers.  Often my suggestions are not what they want to hear, but I voice them regardless

Feb 14, 2020 01:12 AM #2
Rainmaker
2,143,270
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Candice A. Donofrio - Thank you for writing this excellent post. It's packed with information I never knew could exist! I sold commercial property twice. The first time was with my Broker who sold Commercial property as a living for many, many years before becoming my Broker. She worked with me to get it under contract and sold, successfully. But as you said, it takes a long time.

The second time was after that Broker left the state and I had a new Broker, who was proficient in residential real estate. Since my office didn't have anyone who specialized in Commercial, I referred it out to a top notch Commercial Broker in my area who worked commercial for more than 40 years. The C Broker was so pleased I asked and impressed that I did my due diligence on him, he split his fee with me 50/50. The point I want to make is this - I never saw a Public Report before. Thank you, for sharing!!! I studied yours well and can see how vitally important it is and informative too. I wish we that type of report here. I did the leg work and research on my own, and spent many hours at P&Z and going to the Court House to get public information. I think I'm going to have a call to action to see if we can get something like that implemented here in TX.

By the way, I have the highest respect for Commercial Brokers, especially Females! I also remember the stories my first Broker shared about the business, who specialized in Commercial. She told me it's a "man's world." Becoming successful wasn't as easy as residential. She wanted me to see first hand, all the steps we had to take, to get it under contract. (I was the Buyer's Agent). She also advised me, if you want to do hard and be successful, it takes harder work, more patience, more education, knowledge, and more experience. But if I really didn't have the time to wait longer periods of time for income, to take the residential route and I did. 

In both my buyer sales, I had experts in the field mentoring me and guiding me, but the sales were in their name.

Hat's off to you Candice for the type of brain work it takes and number of years of knowledge and experience you have in Commercial Real Estate. I seriously, could not do what you do, on my own, and survive.  

Mar 15, 2020 10:31 AM #3
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Candice A. Donofrio

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