Ed Chin (Core Ohio Realty Advisors)

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Rainmaker
3,173,474
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Contact a business broker with restaurant experience and get a referral fee!

Aug 04, 2018 02:31 PM
Rainmaker
4,875,248
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

commercial properties rarely go into mls....there are commercial sources.... you need to refer them to a commercial broker for the real esetate .... there are business brokers for their business...

Aug 04, 2018 02:42 PM
Rainmaker
2,980,548
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

As I'm a residential broker, I would never attempt to value a commercial property. This kind of information would never be in our mls. I suggest you work with a commercial broker and/or have the property professionally appraised. But I suspect even an appraiser won't value the business per se... you might need a forensic accountant to do that.

Aug 04, 2018 02:46 PM
Rainmaker
730,665
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

You probably won't find that type of property in MLS. You might want to check Costar http://www.costar.com/ and Loopnet http://www.loopnet.com/ and check into business brokers in your area. Maybe check with other commercial agents in your area and see if they can help.

Aug 04, 2018 02:34 PM
Rainmaker
1,212,449
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Are you using CoStar?  In my area the MLS has very few commercial listings (beause association and NAR membership is required and most commercial agents refuse).  CoStar is the MLS for commercial.

 

Other than that, I'm going to loop in Candice A. Donofrio for expert commercial advice.

Aug 04, 2018 03:45 PM
Rainmaker
3,245,976
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

I imagine your area has a different method of promoting this type of "opportunity" .

Aug 04, 2018 03:23 PM
Rainmaker
2,426,103
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Business values go by their own comp standards and places for rent by theirs. It appears you have a some what handle on this already. The Chinese often deal in cash and getting the word out to China town will produce good results. Having a place to live over your business is pure gold today. This whole deal is a matter of give & take and may involve seller carry-back too

Aug 04, 2018 02:38 PM
Ambassador
2,180,580
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Hire an appraiser up front to get true market value. That way, you can cut to the chase!

Aug 04, 2018 02:34 PM
Rainmaker
4,320,201
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Once again, Wayne Martin gave you the answer. A

Aug 04, 2018 02:32 PM
Ambassador
4,064,084
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Team up with a Commercial agent!!!!

 

Aug 04, 2018 06:30 PM
Ambassador
3,192,517
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Commercial broker & referral is what I would recommend, Ed.

Aug 04, 2018 04:24 PM
Rainmaker
681,724
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Wayne nailed it. I am a commercial broker but when it comes to evaluating businesses I am rarely if ever going there. I have a business brokerage referral partner and I turn it over to them for a referral fee. A commercial appraisal would also be suggested. The problem with businesses is that they're only cash flush when they go to sell -- they lose money every year before that on their taxes. LOL

Aug 04, 2018 03:52 PM
Ambassador
2,850,827
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

If you are a residential agent I suggest you don't get comps, I suggest you get a commercial agent who can properly help someone sell their business.  Refer out.

Aug 04, 2018 03:25 PM
Rainmaker
1,457,212
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Get the listing agreement and put on the market! Good luck. 

Aug 04, 2018 06:42 PM
Ambassador
2,344,889
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

1.  Get a commercial appraiser.

2.  Have a CPA review income/expense/gross revenue/net profit and all other financial paperwork.

3.  Partner with a commercial Broker.  Don't miss this opportunity to get some experience!  Be sure to have a signed commission/split agreement with the commercial broker, before making introductions.

Aug 04, 2018 06:42 PM
Ambassador
3,981,962
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You need the help of a commercial broker that will know how to evaluate a property and business.

Aug 04, 2018 06:07 PM
Rainmaker
383,457
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Have you checked with the commercial MLS options in your market? And yes, always an appraisal is a good idea. You should not represent them unless you understand commercial.  Sometimes the best way to learn is to co-list with a well know commercial realtor who can provide you with a great education and not allow your client to be impacted by your lack of knowledge.

Aug 04, 2018 04:33 PM
Rainmaker
823,588
Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

If you're not a commercial/business broker it's time to offer it to someone else and take the referral

Aug 04, 2018 03:33 PM
Rainmaker
151,104
Aida Pinto
United Associated Brokers - Long Beach, CA
Real Estate Broker (562) 884-6196

I would not refer this out.  I would find a commercial broker to partner up with so I could learn.  In real estate you learn by doing, and if you refer it out just for a referral fee, you won't learn anything.  So if you like learning, use this as a "teachable moment!" Good luck with this!

Aug 04, 2018 10:49 PM
Rainmaker
2,765,439
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

What Wayne Martin said.  That is the best for your clients!!

Aug 04, 2018 07:45 PM
Rainmaker
5,269,592
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Refer them to a business broker and a commercial real estate agent.

Restaurants are not usually listed on MLS.

Aug 04, 2018 05:45 PM
Rainmaker
4,023,957
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

I only sell residential, you need a commercial agent and the ability to get into that database.

Aug 08, 2018 02:00 PM
Rainmaker
1,478,411
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

Does your MLS has a commercial section? 

Aug 05, 2018 09:56 PM
Rainmaker
653,268
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I have no commercial real estate experience. I have no experience in selling businesses. I would refer out that kind of opportunity to someone who could properly handle the needs of the owner.

While our mls has a section for business sales and commercial real estate sales, most transaction handled by commercial brokers are not shown in the mls.

By the way, if you are a REALTOR, you should check the REALTOR Code of Ethics to see what it has to say about REALTORs who work outside of their area of expertise.

Aug 05, 2018 03:48 PM
Rainmaker
724,785
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

That is hard to believe. I am sure there were sales, but maybe private ones, not listed on MLS. You need to analyze it as a business, a going concern, not as just real estate, taking into account cash flows/income. Speak to a commercial real estate agent or banker. Or at least try the income approach to value the business.

Aug 05, 2018 01:25 PM
Rainmaker
3,049,971
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Wayne Martin nailed this one!

Aug 05, 2018 12:13 PM
Rainmaker
4,431,983
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Are you experienced with commercial real estate? If not refer it

Aug 05, 2018 08:40 AM
Rainmaker
693,732
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

You are in the wrong category. The MLS is for residential RE. I suggest you connect with a commercial agent that specializes in retail and restaurants.

Aug 05, 2018 07:07 AM
Rainmaker
4,796,551
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'm pretty sure that restaurants have sold in your area, but just not from the MLS.

Aug 05, 2018 06:47 AM
Rainmaker
744,717
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

Here is what we know can be sold.

1. A space currently licensed as a restaurant. (does the liquor license go with the property?)

2. The space includes restaurant equipment.

3. Traffic. What I mean is how many eyeballs can SEE this business everyday. What is the data within the traffic study. 

Those pieces can be itemized and priced and  the most likely outcome of an appraisal.

However, you think you are selling a business? Ok. What else of tangible value is included that is the framework of a business?

Does a robust customer data base come with it? Does this database have sufficient granularity to be useful? A computer based loyalty plan?

Is the revue and table turns verifiable? Unreported income has a way of biting business owners in the **** when its time to sell.

Will any of this be of ANY benefit to a new owner who may want to open a Taco shop?

When you can assign NUMBERS that is when you blanket your commercial list with your offer. You will need to prepare an investment proposal customized for each potential buyer.

Aug 05, 2018 06:29 AM
Ambassador
1,614,024
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Commercial is a world unto itself.

Aug 05, 2018 05:46 AM
Rainmaker
2,901,863
Richard Weeks
Dallas, TX
REALTOR®, Broker

Fred Griffin gave you a great answer.

Aug 05, 2018 04:14 AM
Ambassador
4,298,246
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ed Chin - same advice. Call Ajay Pandya - 614-209-2261.

Aug 04, 2018 09:46 PM
Rainmaker
3,977,717
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

You need some help to value this property at least and then maybe partner with someone

Aug 04, 2018 08:57 PM
Rainmaker
478,266
Bruce Kunz
C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ
REALTOR®, Brick & Howell NJ Homes for Sale

As many others have written, refer to a commercial broker familiar with this situation for a referral. Your client deserves this and perhaps you can "look over their shoulder" to learn about this part of the business!
Good Luck!
Bruce

 

Aug 04, 2018 08:26 PM
Rainmaker
912,247
Thomas J. Nelson, Realtor, ePRO, CRS, RCS-D
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

If you are not a commercial agent, refer this to one and collect a fee; the client deserves expertise.

Aug 04, 2018 08:17 PM