Commercial Real Estate Auctioneers
Every buyer would like to find and close an “off-market deal,”, i.e., not having to compete with other buyers. Some buyers say that’s the only way they do deals. If you can find the deals and do them, great; but the buyer has to know the right sellers and have a good reputation for paying a reasonable price to get the deal done and closed.
Selling Commercial Real Estate
Sellers likely always want to get the highest price. But that’s not all. Seller need to know the buyer will close; and, that the transaction will not end up in litigation, the course sought by every buyer who has a problem in closing. Avoiding that risk is valuable to the seller. So, Seller may swap top dollar for certainty of the transaction closing, and avoiding unneeded litigation. Speed in closing also has importance. Commercial real estate auctioneers find buyers and pre-qualify them giving assurance that the deal will close.
Casting a wide net to find a buyer may not all be good. First, it’s a lot of work to deal with a lot of potential buyers. They all pay attention and ask questions. Few are stupid. They want information, attention, and have many questions. Even if you use an online setting, each prospective buyer has questions, concerns, and their own issues. All of this will require your time and attention. The commercial real estate auctioneer will handle most, if not all, of these questions and will co-ordinate with the seller to reduce seller’s time needed.
Once you come up with a “short list” of buyers, you still need to negotiate detailed contract terms. This process will most likely involve the buyer’s smart, careful, and time consuming attorney (think “billable hours”, the goal of every attorney). Many important, and necessary, questions will be raised that need to be addressed. Getting two attorneys to agree on what the issues are, let alone the resolution, can take a lot of time. Your commercial real estate auctioneer can handle many of these issues, provide the data requested by the attorney, and greatly reduce the seller’s participation time.
The seller can often scare off the best purchasers by looking too far and wide for a buyer and then spending time dealing with all of them and their attorneys. Buyers don’t usually have the energy or inclination to persuade a seller that they’re the best possible buyer. The commercial real estate auctioneer can take the steps necessary to qualify the buyers without needing time from the seller nor upsetting or chasing away the buyers.
Getting a property widely known is an important part of the sale. How will the qualified, interested buyer learn about your property if not advertised. The commercial real estate auctioneer has a number of proven, useful ways to create buyer interest: their website; advertising; relationships with other brokers and with serious buyers; and, a knowledge of the market and current market conditions a seller might not have.
Fortna Auctioneers & Marketing Group Can Ensure a Successful Commercial Auction
At Fortna Auctioneers & Marketing Group, our goal is to provide the complete support you need to ensure you sell your commercial property quickly, seamlessly and at true market value. We have staged a large number of successful auctions for owners of a wide range of commercial properties, including hotels and motels, restaurants and bars.
Sell Hotels & Motels at Auction
The traditional process for selling a hotel or motel typically involves a number of steps. You will probably need to make some renovations to ensure the property is in peak condition and to maximize its attractiveness to prospective buyers. You (and your real estate agent) will then need to begin the tedious, time-consuming process of screening buyers, many of whom will be interested in doing nothing more than “kicking the tires.” When you finally locate a serious, qualified buyer, you will need to enter into protracted negotiations that could take several months or longer.
When you auction hotels or motels with the help of Fortna Auctioneers & Marketing Group, you can eliminate many of these steps, which results in a faster, hassle-free process. You will be able to sell your property in “as-is” condition without having to invest in a major remodeling project. When you sell hotels at auction with us, you will work with qualified buyers who come prepared to buy. Depending on the property, these can include representatives from the major motel or hotel chains or private buyers looking to make a solid business investment. Because our process creates competition among several buyers, you are assured of getting the true market value for your property.
When you sell motels or hotels at auction, you also eliminate the lengthy negotiating process that can substantially slow down the process or even result in the sale falling through. And with our 99-percent closing rate, you can count on a successful hotel auction in virtually every situation. In short, when you auction hotels instead of listing it on the market, you will get the benefit of an accelerated sale at a price that could possibly exceed a negotiated sale price.
Sell Restaurants at Auction
Selling a restaurant can be much more challenging than when selling other types of commercial establishments. Many experts advise placing the restaurant on the market a minimum of six months prior to the desired sale date, although it can easily take a year or longer for the establishment to actually sell. Then, there’s the tricky step of determining the ideal asking price — you don’t want to frighten away prospective buyers by setting the price too high, but you also don’t want to lose your shirt by underselling.
You could enlist the services of a business broker who specializes in restaurants to handle your transaction, but you will end up paying a fee in the range of 10 to 25 percent. A better, faster, more cost-effective option is to sell restaurants at auction.
When you sell restaurants at auction with the help of Fortna Auctioneers & Marketing Group, you will enjoy the advantage of knowing the exact day your property will sell. You won’t have to pace the floor for six months or a year waiting for buyers to show up at your doorstep. You also won’t be stuck with the exorbitant fees and commissions charged by other real estate professionals.
As a Fortna Auctioneers & Marketing Group client, you will also get the benefit of a detailed marketing proposal that we will prepare for you at a minimal cost. You will know exactly how and where your restaurant will be marketed to ensure you’re reaching a large volume of interested, qualified buyers. You set the terms and conditions of the sale, while also avoiding the transfer charges and carrying costs that are part of the traditional selling process.
Sell Bars & Pubs at Auction
Has it been several months or longer since you listed your bar or pub for sale? Are you having difficulty attracting qualified buyers — or any buyers? Even in the best of times, when businesses everywhere are booming, selling a bar for a profit isn’t easy and can take a long time. That’s why so many pub owners are choosing to sell bars at auction instead of relying on the traditional method of hiring a broker and hoping for the best.
At Fortna Auctioneers & Marketing Group, we know how to auction bars and pubs in the fastest and most profitable manner. Our wide range of commercial real estate services includes bar auctioning that will help you sell your establishment for its true market value, in even the most challenging economic times. Our bar auctioning process is specifically designed to save sellers time and aggravation by crystallizing all prospective buyers at one location at the same time.
The first step to selling a bar at auction with us is to sit down with one our knowledgeable, experienced representatives. Our rep will explain the entire auction process and let you know exactly what to expect from start to finish. When you’re ready to move ahead with your auction, we will work closely with you to develop a customized marketing proposal that will effectively target the largest number of prospective buyers.
Our methodology also weeds out the “tire kickers,” ensuring that only qualified buyers with a genuine interest in purchasing your bar or pub will attend your auction. Your property will be sold with no contingencies for a price that is typically much higher than that of a negotiated sale price.
How Commercial Real Estate Auctions Work
Our time-tested process for selling commercial real estate works the same way for hotels, bars and restaurants. We start by offering a free consultation with a knowledgeable representative, which gives you the opportunity to learn more about the nuts and bolts of the auction process and our many value-added services. The consultation process also enables us to gather information about your property so we can begin to develop a cost-effective auction strategy.
Once you’ve decided that selling commercial real estate via the auction process is right for you, the next step is to create a customized marketing proposal that will serve as a blueprint for your promotional strategy. Our experienced commercial real estate auctioneers can provide valuable insight regarding the use of trade publications, targeted advertisements and other marketing tools to reach the greatest number of prospective buyers at the lowest cost. We’ll also implement any additional services you select, such as performing an appraisal of your property or conducting a current market analysis.
You also have the flexibility to choose the auction format that best suits your needs and preferences. You can select a traditional auction conducted by our experienced commercial real estate auctioneers, where prospective buyers come to the property at the predetermined time to place their bids in person.
If you’re seeking to reach the largest number of buyers, then an online format where buyers can bid remotely via the Web may be the better option — domestic and international online auctions are available. You can even have the best of both worlds by combing the live and online processes into one all-encompassing commercial property auction!
Why Choose Fortna Auctioneers & Marketing Group for Your Commercial Real Estate Needs?
Whether you’re looking to auction hotels, bars, restaurants or any other type of commercial establishment, Fortna Auctioneers & Marketing Group can deliver the best possible auction outcome. You can trust our five decades of experience in successfully auctioning all kinds of business properties. We also provide the high level of personalized service that every business owner deserves. Contact us to learn more about our commercial real estate services today.
Contact a Commercial Real Estate Auction Company
In summary, a commercial real estate auctioneer can smooth the path to a successful, profitable sale of your property. The market today is still delicate in its recover. Finding a universe of potential, and qualified, buyers will help get the best possible price for most commercial real estate today; and, it will often be the quickest, and least costly way considering the sellers time and other requirement placed on the seller as part of the real estate transaction. A commercial real estate auctioneer can alleviate many problems and time requirements for the seller.