Not all commercial real estate brokers are the same. Read the Commercial Real Estate Blogger interview with René Nelson of Pacwest Commercial Real Estate about how they took a property that had languished on the market for over a year, and with aggressive marketing to the right kind of buyers, closed the deal with two weeks for more than the asking price.
CRE Blogger: Start off by telling us how you found out about this.
René: A client called and indicated that he needed to sell his commercial building and wanted to exchange into a multifamily property near his office.
CRE Blogger: What was the client’s situation?
René: This client had listed the property previously with another agent who had marketed the property for over a year. He felt that the agent did not expose the property to a wide enough base of commercial brokers.
CRE Blogger: What was your assessment of the opportunity?
René: The property offered a high rate of return and a stable, consistent steam of income. I knew it would be attractive to a passive investor.
We began an aggressive marketing campaign shortly after listing the property. Within 14 days of marketing the property, we received an above asking price offer.
CRE Blogger: And that was it?
René: Pretty much. The client cured some dry rot and we closed shortly thereafter.
CRE Blogger: So there’s a moral to this story?
René: Absolutely. By using a CCIM and Commercial Real Estate Broker, our client’s property received maximum marketing exposure. We understood the value of the stream cash flow and knew that it would be valuable to a passive investor who wanted a strong rate of return.
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