Who has your best interests in mind?
In times when there are critical real estate matters that need to be addressed, as an owner, exclusively hiring the right broker or advisor, who has your best interests in mind, can make all the difference.
I often hear from owners, “go to 4 or 5 buyers”; in a shifting market, no one knows who the right buyer may be. Buyers love a quiet, off market deal because they feel they are getting a discount. To unlock the true value of a property, a professional marketing program should be implemented. This will entice multiple buyers, help establish market pricing and foster a competitive bidding environment. This competition will keep buyers honest and moving forward. You can only sell your property once – sell it for the highest price with the best terms.
On a recent exclusive assignment, there were multiple bidders competing to purchase a property, and while numerous bids were at or above the full asking price, the seller did not transact with the highest bidder, but the 2nd highest, which he had done business with in the past and with whom he had a higher surety of closing. In some cases, the highest priced offer is not always the best offer when considering terms and/or timing.
Colleagues in other service lines believe the same holds true. For example, a proven tenant with stronger financials is coveted, especially for retail properties, where loans may be maturing. Seasoned, dedicated professionals amass and qualify prospects and ensure that the transaction is seen through to completion in a successful and timely manner.
If you are considering selling, or would like to know what your property may be worth in this current market, contact me for a complimentary and confidential market valuation.
Best,
Thomas A. Donovan
Vice Chairman, Investment Sales
(718) 512 2626
The Donovan Team specializes in the sale of investment properties in the NY metropolitan area, with over 500 properties sold for nearly $2 billion. Click here to learn more.