If you’ve thought about selling a commercial property you probably have a lot of questions. Commercial real estate is full of variables, and it can be hard to find relevant information. For example, an industrial property is vastly different from a retail space, and both are very different from multi-family properties. Location also makes a huge difference. Selling commercial real estate in Duluth or Superior is very different from selling a property in the Twin Cities. That said, there are some basic strategies I employ that differentiate me from other brokers in the area.
1. In-Depth Analysis
A high-quality and comprehensive analysis is the foundation for a successful transaction. Without knowing the value of your asset, you can’t expect to make an informed decision. I pride myself in supplying my clients with the most in-depth analysis of any broker in the Duluth/Superior area. Most commercial asset valuations require a multifaceted approach. We look at the value of the business itself, and the value of the buildings and the property itself. To determine these values, I analyze the property from a financial perspective. For example, how much money is the asset itself generating? What is the cap rate? What is the DSCR?
Next, I analyze the property from a comparative market perspective. What are other similar properties selling for? What is the average and median price per square foot for these assets? Finally, I look at the business asset. What are the earnings before interest, tax, depreciation, and amortization (EBITDA)? How does the asset compare to its peers? These are all questions I address with my clients to provide accurate advice and assist them in making informed decisions.
2. Boutique Brokerage Services with National Exposure
In the Duluth/Superior area, there are a number of commercial real estate brokers you could choose to work with. However, I am the only broker focused on selling commercial real estate in Duluth and Superior with a national brand.
I combine the best of both worlds. I grew up in Superior, and I have lived in the Twin Ports for my entire life. Being a truly local broker, I know the ins and outs of commercial real estate in the Northland. At the same time, I have the power of RE/MAX behind me. This provides me the opportunity to promote the properties I list to a national audience in a way that no one else in the area can. I have personal connections with brokers representing many multi-national brands that would likely otherwise miss your property.
3. Full-Service Commercial Brokerage
In addition to everything above, I am also a commercial specialist. At the end of the day, Duluth is a big, small town, so everyone knows a real estate agent. I’ve had a lot of clients ask, “Why shouldn’t I just hire my friend that sells houses?” The answer is simple, expertise. Agents that specialize in residential real estate can be rockstars at what they do, but there is a lot of complexity in marketing a commercial property. Therefore, selling commercial real estate in Duluth or Superior requires an expert.
In addition to in-depth analysis, I syndicate high-quality marketing on all major commercial real estate websites. As part of this, I provide demographic data, GIS data, 3D tours, floorplans, and comprehensive offering memorandums for every property I sell. Furthermore, I help my clients navigate complexities such as environmental reviews, storm water studies, point-of-sale inspections, zoning approvals, and much more. By hiring a commercial real estate professional, you can reduce the headache these issues can cause. You can also help limit your post-closing liability by ensuring these issues are taken care of. If you are selling a commercial asset, I highly recommend you call an expert.
What’s next?
If you are considering selling commercial real estate in Duluth or the surrounding area, give me a call. Even if you are just curious what it might be worth, I would be happy to take a look at your situation and provide you with advice. Contact me.
