Sure, you can do it yourself, but things go more smoothly if you have a planner — or a real estate professional.
For those three of you – thanks Rudy – that missed my column last week, I was on brief hiatus as we celebrated the union of two souls.
Selling a commercial real estate asset is akin to planning a wedding. Sure, you can do it yourself, but things go much more smoothly if you have a wedding planner — or a commercial real estate professional. So, you just got your first hit! They want to see the building next week. Oh wait, you’ve got a day job and can only meet the buyers on weekends or evenings.
Your prospective buyers call. Do you have a recent appraisal? Does the roof leak? When will the tenant vacate? What will be left when the occupant leaves? I noticed the building doesn’t have central air. Do the cracks in the floor portend something serious? Would you consider seller financing as we have a small credit blip — a bankruptcy? Oh, and by the way, my wife has her agent’s license, so we will be deducting 3% from our offer.Three different agents who comb the area call.
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