Commercial property in Medina for sale tips needed
Member since 2018 · 6 posts · 0 votes
Looking for tips for selling a commercial building in downtown Medina, OH about 45 min south of Cleveland. It's a new construction open concept 2,660 sq ft building. Perfect for studio classes, yoga, coffee shop, etc with office space upstairs. We are getting professional photos taken this month for the listing to help.
- Are there any other tips you would recommend to get more leads for buyers?
- Any local commercial investment groups or meetups to reach out to?
- Any business or franchises we can advertise to?
Thank you for any suggestions! It's really appreciated. :)
Happy holidays!
@Laura Hlohinec I was able to find the listing on CoStar with the info you provided. The marketing package looks well put together and it's listed with a reputable brokerage. A couple thoughts:
1) Medina is a small market, and this is a unique building. It looks like it's been on the market for 65 days. If I had this listing in my market, I would tell the seller to plan on three to six months to get it moved. It's a retail/office building at a time when retail and office vacancies are relatively high and retail spending is below expectations.
2) There are only ever two reasons why real estate doesn't sell. Either it's bad brokerage or the property is priced too high. I obviously have limited knowledge of the situation and I don't know their agent, so the following is based on my assumptions. They've listed with a reputable brokerage that appears to have a good presence in the market. The marketing package is well put together and has good quality photos. The listing is live on multiple commercial listing sites and appears to have a lot of exposure. All that is to say, I don't think bad brokerage is the issue here. If the owners haven't had a lot of interested activity in the 65 days it's been listed, then it's priced too high.
I would encourage your friend to have a conversation with their agent about what the interest has been to date and what feedback they've received from people they've talked to. Take this with a grain of salt, but CoStar says the average price/SF of a retail building in Medina County is $128. Your friend is asking $357/SF.
Looking for tips for selling a commercial building in downtown Medina, OH about 45 min south of Cleveland. It's a new construction open concept 2,660 sq ft building. Perfect for studio classes, yoga, coffee shop, etc with office space upstairs. We are getting professional photos taken this month for the listing to help.
- Are there any other tips you would recommend to get more leads for buyers?
- Any local commercial investment groups or meetups to reach out to?
- Any business or franchises we can advertise to?
Thank you for any suggestions! It's really appreciated. :)
Happy holidays!
It’s listed with a commercial broker. I’m reaching out for a friend. It sounds like they are not as aggressive as they would like. It sounds like they interviewed at least 8 different realtor and none seemed very aggressive. Any thoughts?
@Laura Hlohinec I was able to find the listing on CoStar with the info you provided. The marketing package looks well put together and it's listed with a reputable brokerage. A couple thoughts:
1) Medina is a small market, and this is a unique building. It looks like it's been on the market for 65 days. If I had this listing in my market, I would tell the seller to plan on three to six months to get it moved. It's a retail/office building at a time when retail and office vacancies are relatively high and retail spending is below expectations.
2) There are only ever two reasons why real estate doesn't sell. Either it's bad brokerage or the property is priced too high. I obviously have limited knowledge of the situation and I don't know their agent, so the following is based on my assumptions. They've listed with a reputable brokerage that appears to have a good presence in the market. The marketing package is well put together and has good quality photos. The listing is live on multiple commercial listing sites and appears to have a lot of exposure. All that is to say, I don't think bad brokerage is the issue here. If the owners haven't had a lot of interested activity in the 65 days it's been listed, then it's priced too high.
I would encourage your friend to have a conversation with their agent about what the interest has been to date and what feedback they've received from people they've talked to. Take this with a grain of salt, but CoStar says the average price/SF of a retail building in Medina County is $128. Your friend is asking $357/SF.
I agree with @Cason Acor sellers sometimes expect the broker to be "aggressive" w/o explaining what's the expectations.
This is not a residential property, we don't do open houses :-D
If the package is well put, there's a big sign outside and it's in all the major commercial systems (costar, CRExi, CREMLS, etc.) then other things the brokers can be doing are: contact other brokers in the area to see if they have a client that needs it, identify client class (e.g. national franchises) and reach out to them.
Realistically, they are better off filling the space and selling it as investment property or lower the costs by a lot to make it attractive for someone to buy and fill it up.
A sign. A big sign.
Thank you to everyone who took the time to respond. Super helpful. :)
A sign. A big sign.
I agree with @Cason Acor sellers sometimes expect the broker to be "aggressive" w/o explaining what's the expectations.
This is not a residential property, we don't do open houses :-D
If the package is well put, there's a big sign outside and it's in all the major commercial systems (costar, CRExi, CREMLS, etc.) then other things the brokers can be doing are: contact other brokers in the area to see if they have a client that needs it, identify client class (e.g. national franchises) and reach out to them.
Realistically, they are better off filling the space and selling it as investment property or lower the costs by a lot to make it attractive for someone to buy and fill it up.
@Laura Hlohinec I was able to find the listing on CoStar with the info you provided. The marketing package looks well put together and it's listed with a reputable brokerage. A couple thoughts:
1) Medina is a small market, and this is a unique building. It looks like it's been on the market for 65 days. If I had this listing in my market, I would tell the seller to plan on three to six months to get it moved. It's a retail/office building at a time when retail and office vacancies are relatively high and retail spending is below expectations.
2) There are only ever two reasons why real estate doesn't sell. Either it's bad brokerage or the property is priced too high. I obviously have limited knowledge of the situation and I don't know their agent, so the following is based on my assumptions. They've listed with a reputable brokerage that appears to have a good presence in the market. The marketing package is well put together and has good quality photos. The listing is live on multiple commercial listing sites and appears to have a lot of exposure. All that is to say, I don't think bad brokerage is the issue here. If the owners haven't had a lot of interested activity in the 65 days it's been listed, then it's priced too high.
I would encourage your friend to have a conversation with their agent about what the interest has been to date and what feedback they've received from people they've talked to. Take this with a grain of salt, but CoStar says the average price/SF of a retail building in Medina County is $128. Your friend is asking $357/SF.
Look for similar properties that sold and try to contact those buyers.