By Shawn Maxey, Sales Associate
The value of your shopping center is as high as it’s ever been, and now you have decided to sell. Now you face another big decision, choosing which retail broker is right for you. Here are a few tips on what to expect from a retail broker and how to choose the best one to sell your center.
A Seasoned Retail Broker
Today, experience matters. You need a broker with extensive experience and knowledge in the retail industry. A successful retail broker won’t hesitate to tell you how many properties his brokerage has sold in recent years. If your broker has had numerous successful listings, it means he/she understands the market. Setting the right price is crucial. Brokers must set prices high enough to get you top dollar, but not so high that they misjudge what buyers are willing to pay. In addition to that, your broker needs to have good contacts within the retail industry. This will get your property in front of all investors and buyers across the county.
Your business may have a great location, a record of timely maintenance and a strong income stream, but you won’t be able to sell it for what it’s truly worth unless you can connect with buyers who recognize its value.
Hiring a commercial real estate broker who understands the retail market and be able to reach the largest number of potential buyers is a must. A good broker will give your property the widest possible exposure and will create an environment where buyers compete for your property. As a result, the value will be driven up to the best-selling price. If you don’t have several offers within the first ninety days of listing your property, it is probably overpriced or you have the wrong broker.
Many Retail Brokers
Many brokers will have a team that showcases a wide variety of marketing ideas that results in a disjointed strategy. You shouldn’t have to rely on trade publication ads and for-sale signs to publicize your sale. A good retail broker and his team will have an outreach plan to get your property in front of the maximum number of potential buyers. This marketing plan should go well beyond your immediate area and should be on many different commercial real estate sites. The most popular sites include ones like Co-Star and LoopNet. Your broker should also be doing weekly email blast to his network and other investors and brokers.
Your broker should be able to get your property in front of investors all over the country and be able to generate multiple offers if they have these systems in place.
Filed under: Insights