Strategy:
We began with a meeting to discuss whether a change would be beneficial to his long-term goals, while reviewing what exactly he could exchange into.
After a detailed analysis, we discovered a change would better meet his needs and would provide ample growth for his portfolio.
Execution:
The next step in our process involved preparing the building for sale, suggesting recommendations we knew would improve the value of the asset.Perhaps the most valuable recommendation, though, was not to lease the four vacant units – which would greatly help the seller’s position at close.
We then created a tailored marketing campaign to ensure we reached the widest range of buyers. From there, we crafted a detailed marketing timeline which resulted in over 12 offers, from qualified buyers, in only 2 weeks of marketing.
Due to an overwhelmingly successful response, we hand-picked vetted buyers to inspect the property. Shortly after inspections, we performed a “Best & Final” call for offers, where most came back without contingencies and at/above the asking price.
Outcome:
How did we do? Here’s the result:
- We helped out seller pick the most qualified buyer, who submitted a non-contingent offer, with a $250,000 non-refundable, and $100,000 above the asking price.
- Despite the property’s severe deferred maintenance, we found the seller significant value and negotiated exceptional terms.
- This deal offered the buyer a true value-add opportunity in a neighbourhood that is seeing the beginning of significant redevelopment and gentrification.