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Catch the First Wave – There may not be Another!

This post originally appeared on tBL member Allen C. Buchanan's blog Location Advice and is republished with permission. Find out how to syndicate your content with theBrokerList.

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As a market cools – we begin see a lack of activity on listings for sale and lease. Imperative in a transitioning period is pricing. You see, if an offering is priced at a crazy high level – the active buyers and tenants will simply wait until your pricing is more realistic.

Generally, you will get a “first wave” of interest. If you’re fortunate – one of these first responders will submit an offer. Don’t be shocked if the proposal is well below your asking price! Now, the tough part – take it. Certainly, your tendency is to stall until something better rolls along – but currently – that first wave is followed by a sea of tranquility.

So what should you do if you find yourself paddling in a placid pool? These five suggestions should help.

Take a look at the competition.Enlist your commercial real estate professional to take you on a physical tour of your completion. Sure. You can accomplish this on paper but if you get in the car and look at other things available – you will see the market through your buyer’s perspective. Carefully notice how you stack up – amenities, asking price, time on market.

What else has leased or sold. Have other buildings – similar to yours – traded? You’ll want to key in on a similar time frame – simply, competitive offerings marketed at the same time as yours. Why did they sell?

Have your first responders transacted elsewhere? Chances are your offeror has not made a deal. The weird thing about this evolving market is availability is still low yet buyers are proceeding cautiously. However, if that interested party leased another property – figure out the motivation.

Offer a time sensitive bonus. For a deal completed by the end of the year – rebate the cost of an environmental report. Give an abated rent schedule to a tenant willing to make a lease by the end of the month. Many times these “incentives” will jump start your activity.

Create a broker incentive. First, start with a gift for showing the space to a qualified prospect. Next, reward an offer with a better gift. Finally, offer a full commission or a two week cruise to the selling broker. With thus simple three step process – you generate showings, encourage offers, and reward success.

Allen C. Buchanan, SIOR is a principal with Lee & Associates Commercial Real Estate Services. He can be reached at 714.564.7104 or [email protected]  his website is allencbuchanan.com

Jan 15, 2019Allen C. Buchanan
1 month ago Best PracticesAllen C Buchanan, California commercial real estate, CRE Tenant Representation, Orange California, Southern California4
Allen C. Buchanan

Allen has been a distinguished voice in the cre social media and technology community since he started his blog in 2010. Allen’s posts are published weekly in the Sunday Real Estate Section of the Orange County Register. Allen is the creator of the popular YouTube video series Tuesday Traffic Tips. Allen has been named to the prestigious Top Ten On-Line CRE Professionals List for the past 3 years.

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