How could I make my property marketable, at a corperate level, for development?
Answer:
Check with local government's zoning department and see how the property can be used now and what alternatives may be available. Once you determine the use, you can simply place a for sale sign on the property with your contact information.
Corporations usually have real estate departments and use local Realtors to assist them with site selection. Your sign will be seen by those looking in your area. Expect to be called by Realtors looking to help you sell the property, they can also assist you with zoning requirements.
That should be able to get your started. good luck.
Regards,
Joe Ballarino
http://www.JBnaples.com
I agree with Joe. Do your zoning homework and if the zoning does not comply, find out how easily it can be converted. Fence it, chain link so people can see through, mow it, etc. Keep it tidy. If you believe you know the value, then put up a sign; however, this is not the way to get the highest and best price. List it with a commercial broker so it can get the best exposure. Make sure that broker agrees to list in loopnet.com. This is where all commercial buyers go seeking property. Check out the site. Even if you are not a member, you can see what other people are asking for the same type of property. Remember, location, location, location! Only compare like-for-like in terms of population number and demographics. You can locate a good commercial broker there, too. Be sure to interview more than one.
There are 3 ways to do this. One is to sell the raw land the way it is. Whoever buys it will most likely have a condition that says closing on final plat. That means if the buyer doesn't get the final zoning approval, they walk and you are back to square one.
Another kind of buyers will be the speculators and they will buy it as is and close a lot sooner. However, if they are to take risk, they pay a much lower price.
Third, get the proper zoning if you are not in a hurry to get the money out. In order to get the most of out the land, you need to create value and the proper zoning will get you the most dollar.
Forget about LoopNet. Serious institutions do not go there and agents who look for inventory there are usually a bunch of flunkies who have no inventory themselves. You can contact large institutions on their web site and track down their real estate department and talk to them if you have time. If not get with a true commercial Realtor, not one of those who dabbles in both residential real estate and sells a restaurant or gas station every now and then.
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