The commercial real estate industry is changing as quickly as the residential real estate market and changing factors is the number one reason you should be working with a realtor who is experienced and active in the Apartment Building sector.
Maximum exposure is always required to achieve your highest price, and this should include the Toronto Regional Real Estate Board Multiple Listing System (MLS). Even when you have a listing Brokerage with a large database of buyers the listing should be displayed on the MLS unless there are privacy issues or other concerns.
The average apartment building owner owns approximately 2.5 buildings and when a Buyer is in the market, they can be easily hidden amongst representatives that are not in the apartment building industry full time and the Toronto Real Estate MLS will flush them out.
OREA Ontario Real Estate Association’s website known by most Buyers as Realtor.Net is known by a large group of buyers and receives xxxxx number of hits every month and xxxxx per year. This is great exposure when combined with a private database of suitable Buyers. Full cooperation/exposure and a commission structure suitable for full cooperation will always demonstrate the strength of the market at any given time.
Another key component is an accurate estimate of a property’s current value, a proposed marketing plan, and a marketing package. This is critical to working closely with clients to formulate a specific marketing plan and a vision for valuation that buyers will respond to on any building. Positioning a property requires consideration of potential opportunities and liabilities for a proposed transaction, this includes target marketing to a certain type of buyer/investor depending on the size of the building(s) being offered.
Communicating with outside agents and brokerage companies as well as my affiliate database of institutional buyers will maximize the market visibility of your building(s).
Listings will be shared openly with the entire investment brokerage community, allowing our clients to take full advantage of an extensive network of brokers and investors who are active within the Apartment Building Market.
This wide network of marketing quickly brings to the table multiple interested parties, thus creating a bid-like environment that assures the highest and best price and terms.
Below-market pricing has become the norm in the Toronto Real Estate Market and pricing your property below the current market value may or may not bring you multiple offers quickly; however many buyers are more interested in negotiating the final sale price and being prepared for this by slightly increasing the asking price may give you the wiggle room to negotiate and enter into an agreement of purchase and sale at your desired amount. Keeping in mind the effects of overpricing can influence the response received from the marketplace and the purpose of a slightly higher asking price is not to receive an offer for more than the investment may be worth.
Communication is paramount to in any relationship, and we believe in keeping in constant contact with our clients. We communicate regularly with our clients on all activities, including marketing efforts and brokerage and investor response.
COSTAR is the leading provider of commercial real estate information, analytics, and online marketplaces, offering listing services, sales, and lease comparable and property-specific information. LOOPNET is the most heavily trafficked commercial real estate marketplace online with more than 8 million registered members and five million unique monthly visitors. Its primary business is to provide commercial real estate listings.