Description of the property:
--almost one acre
--on a corner
--on busy Eureka Road in Southgate, Michigan
Obviously, I can list it with a real estate agent. But I am looking for creative "for sale by owner" solutions. I was thinking maybe contacting fast food corporations, but I don't know if they buy property that way. Any ideas? Thanks.
2007-04-21 07:30:45 · 7 answers · asked by spanaki 2 in Business & Finance ➔ Renting & Real Estate
Call the community development director at city hall and set up a meeting. Here is the number for the mayor's office there: (734) 258-3022. A good community development director makes it their business to connect people like you and your dad with interested businesses. Many businesses want to keep their plans confidential to reduce conflict from the competition. I would suggest you try this approach.
2007-04-21 07:38:31 · answer #1 · answered by Mike 2 · 0⤊ 0⤋
I think you should at least get a market analysis from a commercial real estate person. This way you have an idea what the property is actually worth. You could always put a for sale sign on the property stating what types of businesses would be ideal for the site. I don't see where contacting corporations real estate departments would be a bad idea either. You could always lease the property out and let someone else build on the property and you collect the rental income off of the property.
2007-04-21 07:37:53 · answer #2 · answered by crashfeldman 3 · 0⤊ 0⤋
If you contact fast food corporations directly, your letter will most likely end up in the trash can. Most franchisees have realtors find them properties, they do not have the time to do the research.
Is the property even zoned for fast food commercial opportunities? Zoning restrictions vary greatly by area, and the most important thing you need to know is what type of business can occupy the land.
Honestly, commercial real estate is one of the most challenging areas to do business. Offers will come in written by real estate attorneys or real estate brokers and will contain many contingencies, some you may not understand the implications of accepting.
Good luck.
2007-04-21 09:05:34 · answer #3 · answered by godged 7 · 0⤊ 0⤋
Have a large sign made offering it for sale.
Then advertise it in the local paper. And other area newspapers.
One of the problems about trying to sell out right to a corporations is that most of the time they want to take an option to buy. That option might be for 1 to 2 years. So you are stuck waiting to see if they are really going to purchase or not.
2007-04-21 07:38:03 · answer #4 · answered by ♥♥The Queen Has Spoken♥♥ 7 · 0⤊ 0⤋
Honestly, put it in the hands of a Realtor experienced in vacant land. Fast food places have lawyers who deal with REALTORS not with individuals such as yourself. You will get more exposure with a REALTOR (into the MLS Listing Service) and it will probably sell a lot faster. And I have a flash for you. One acre isn't really very much space in a busines district. And really, should not your father be handling this? It is HIS land after all.
2007-04-21 07:44:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You will probably under sell the property if you try to sell it yourself to a huge corporation. They will walk all over you, plus i doubt the companies will even deal with a fsbo. They will want professionals handling the situation.
Hire a Realtor.
2007-04-22 05:38:26 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
You have to think, the agent may take 6% of the sell price, but they MIGHT have enough experience to get a 20% higher price then you could...
I would contact ABUNCH of agents, get the free market surveys.. talk to them about THEIR ideas and have them take less then6%.. you will probably be better off. A large company would more then likely take advantage of you with their team of agents and lawyers.
luck
2007-04-21 10:41:10 · answer #7 · answered by thevoiceofreason2b 5 · 0⤊ 0⤋