Unfortunately, what we need, what we want, and what is real, practical and doable, are concepts that always seem to present conflicts. But, from your Commercial Real Estate agent’s point of view there is no question –- there’s only what’s real, practical and doable! That’s because the goal is to move the property in a reasonable timeframe, at a fair listing price that gets the seller the best profit possible for the market in question.
That marketplace responds to the realities of comparable, competitive properties – not the sellers’ personal needs or wishful thinking! A lot comes into the picture: Geography counts – for instance, Lakefront property and a high country ranch are not comparable. The seller may want or need $400K for property in a market that dictates a $250K listing! Of course, you may get someone to list your property for whatever you may personally insist upon. However, your experienced commercial real estate expert would probably caution that the wait for your property to sell could be years, if possible at all, at an inappropriate asking price.
It is important for any seller to understand how their commercial real estate agent arrives at the listing price recommendation. But, equally significant is the “track record” of the commercial real estate agent you are interested in. Ask for their history! How close was their recommended list price to the actual selling price that sealed the deal, and, how often!
For some sellers, “value” is too closely connected to individual perceptions, and what that seller may “feel” a property is worth. That, too often, is connected to the return the seller needs. Those needs may have nothing to do with the pricing challenge for arriving at the right number, but everything to do with personal needs and wants.
Sometimes a property will just “sit” and not move for eighteen to twenty-four months. That does not necessarily mean it is incorrectly priced. It may mean that the right buyer just hasn’t come along…yet! Many factors can account for “lag time.” What significant changes or growth factors are happening in the region? Those, and many other factors, may make a longer wait very worth your while.
Playing the “but, what if“ game usually yields little but time wasted. When you hire your commercial real estate agent, you hire expertise. It doesn’t make a lot of sense to get a professional recommendation, and then hardline on the unrealistic number you want, for dollars you need – regardless of the facts.
We all have a cast of thousands waiting in the wings with sage advice – friends, relatives, Twitter, Facebook and that cab driver you talked with on the way to the airport! Taking a stubborn stance concerning the listing price that your commercial real estate agent advises against might make you feel decisive and informed. However, down the line, it might turn out to be the same as shooting yourself in the foot.
Remember, investors look for durable value not property spontaneously, unrealistically or emotionally priced and offered. Your professional commercial realtor has the insights, experience, knowledge and skill to advise you correctly and handle your sale successfully.
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October 24, 2020 at 08:07PM
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Establishing The Correct Selling Price - Lake County Record-Bee
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