When a property doesn’t sell, the easy answer is, “It’s the price.” Maybe the price is too high. And maybe it isn’t.
Case in point:
An attractive retail center located at a major intersection, the Southfield Retail Strip had been on the market for more than a year. The broker told the seller that his asking price of $3 million was too high.
Unconvinced, the seller called Frank Rakipi and Andrew Battersby of the Thomas Duke Company. They saw immediately that what may have been considered liabilities—the units’ short-term leases and below-market rents—could be marketed as the property’s opportunities. For the right buyer, there was the potential of a much-boosted rate of return in the future.
Frank and Andrew knew how to find that buyer. Using professional photography and providing detailed leasing and financial information, they marketed the retail center to a wider audience. Soon three local buyers were competing for a property that hadn’t moved for more than a year.
Within 70 days the sale closed in an all-cash transaction. To his surprise and delight, the seller walked away with, yes, $3 million.
If your property isn’t selling, and you’re hearing, “It’s the price,” call us. We’re experts at positioning your property for success—which involves a lot more than setting a price.
