When it comes to valuing a property, its current use may not be its most valuable use.
For example, ten acres of undeveloped land has a different value based on its future use. A farmer may see that piece of land and base its value on the number of crops it can produce. A construction company may base its value on how many houses they can place onto the land, while a real estate developer may base its value on how many apartments or commercial buildings, they can put on it.
Is your convenience store located on prime real estate that could otherwise be used for a valuable real estate development? What about converting your low vacancy hotel into apartments or an assisted living facility?
Each of these uses will bring a different value to the property.
The optimal use of a property often changes with time, and it may benefit you greatly to work with a team that has the experience and expertise to assist you with its reuse potential. Limiting your options is limiting your potential.
A Creative agent can look at your property not only for what it is now but also for what it could be. An experienced agent that is an expert in your industry, and also an expert in the business brokerage profession is going to ensure that you receive the highest value in the sale of your property. The zoning consideration, marketing and targeting of the ideal buyer may be very different after considering the reuse potential of your property.
To explore your options, give us a call or shoot us an email for a no obligation discussion.
Business brokers, mergers & acquisitions, commercial real estate experts since 1979
CBS-Global / Creative Business Services