David Massie of DJM Commercial Real Estate recently closed escrow on a medical/dental property in Oxnard, CA at 1600 W Gonzales Rd. This was a building in need of work that David was able to sell at a premium price for the seller he represented. In addition, the escrow was only 30 days compared to the normal 4 months or more. This is a prime example of why a seller or buyer should hire an experienced broker like David to successfully sell or buy a commercial building.
Remember, because of David’s experience directing some of the largest real estate companies in the US, he can help both tenants and landlords with any of their commercial real estate needs for any type of commercial real estate for leasing, buying, selling and acting as a legal expert witness.
So, why should a seller hire a broker and pay him a commission when a seller can do it on their own?
- Simply put, the seller will not be able to get the maximum price that a good broker can. Many brokers have clients waiting in the wings to buy a property and these clients will pay top dollar if they are allowed to make the offer first. Also, the price a broker is able to sell a property for more than pays for their commission.
- Sellers don’t have the same marketing ability as a broker. The world has become international and your reach has to be international. The dollars are flowing into the US from other countries right now and international buyers are willing to pay more many times. Brokers also know what is needed in terms of a marketing package to interest buyers. It’s complicated, expensive, and time consuming to put this package together properly.
- The timing of when to put the property up for sale is critical. When is the market peaking? Is there a lot of competition on the market for sale now? Good brokers will usually know what is for sale on the market as well as off market, but sellers won’t.
- The repairs that you need to make to the property before you put it on the market are also important. Some are worth making and some aren’t. A good broker usually knows what to recommend.
- What should the asking price of the property for sale be? What if there are no comparable prices for the sales price because the sales price is higher and the property won’t appraise for the sales price and therefore might not sell for this price and waste everyone’s time?
- There are many other factors in selling a commercial real estate property; but, in our opinion, it starts first and foremost with the right broker. Doing it on your own is always a mistake. If you don’t hire the right broker or if you do it yourself, it will cost you. We have seen it many times.
If you want to learn more about leasing, buying and/or selling any and all types of commercial spaces in California or if you have questions about any subject related to commercial real estate, please contact David Massie of DJM Commercial Real Estate at david@djmcre.com or 805-217-0791.