Case Study: 1433 N Detroit St
We were offered the opportunity to work with one of the top attorneys in the city of Los Angeles through a relative, a residential agent, who referred us after researching our track record and marketing plan. The owner had recently inherited the property and was motivated to sell to relieve management responsibilities. We shared our detailed marketing process and received all pertinent property information from the owner to do our analysis. We also strategized with the owner prior to coming to market to have the vacancies remain vacant to give the next buyer the flexibility to renovate further if needed.
We put together our financial pages verifying every expense with the actual bills to ensure we had the most accurate financials. Then we put together a detailed pro-forma from a thorough rent survey with a sharp eye for comparable features of the building and location. Our sold comparables and proposed pricing also have a keen focus on value based in the tangible items that people truly care about to create value. From there, our team put together our Broker’s Opinion of Value to present the owner with pricing options justifying each aspect of the pricing with our detailed sales comparables and rent survey.
We launched our 14-point marketing plan and in less than three weeks received a total of five offers. We put together a summary of offers to best aid the seller in making a decision, having a discussion focused on who is the best and most probable buyer to close. Ultimately we chose a buyer who offered within our proposed pricing who was in a 1031 exchange with a 5 day due diligence period and 21 day all cash closing. This was an efficient and seamless transaction in which we worked closely together with the ownership as well as the agent that referred them to us. The buyer performed, the seller was happy, and the agent who referred us received a referral fee for their kindness and consideration in contacting us to help their relative with the sale of their apartment building.