A few weeks ago, I received a call from a property owner who I had never met. He had just received an offer on a vacant lot that had been in his family for more than 25 years. He wasn’t particularly interested in selling the property and assumed that it was worth around $1M. He was understandably shocked when the offer he received for his 30 AC lot was over $2.4M. He was inclined to accept this “amazing” offer, but he decided to consult his best friend, who happened to be a former client. His friend suggested that he give me a call if he wanted to know exactly what his property was worth. Which he did.
After doing a quick market analysis, I called him up and informed him that his property was worth $3.5M to $4M. I told him that if we listed the property, we could probably get an offer near the upper end of the range within a few months. He was pleasantly surprised and told me I had given him a lot to think about.
A few days later the property owner called and told me that he declined the offer as too low to consider. The next day he received a new offer for $3.5M. He happily accepted the new offer and expressed his thanks and appreciation for my advice.
Fortunately, this property owner called a commercial real estate expert before making a major financial decision about his commercial property. By consulting an expert, he made an extra $1M for the price of a single phone call. In other words, a little time and patience.
If you have questions or need advice about your commercial property or vacant land, pick up the phone and give us a call. You might not make a million dollars, but you’ll definitely be better informed, and you might be pleasantly surprised!