Introduction: In December 2023, Central Park, a 24-unit industrial park in Upland, CA, hit the market and quickly generated multiple offers within a month. This outcome reaffirms my belief that selling real estate is an intricate blend of art and science.

Preparation is Key: My approach was grounded in meticulous preparation, involving extensive research on comparable properties and current market trends, and identifying potential challenges early on. With the 10-year Treasury yield nearing 5% in October, it was evident that financing conditions were tightening, reducing the number of buyers on the market. We strategically left Central Park unpriced, allowing buyers to base their offers on the net operating income and prevailing economic conditions. This approach encouraged buyers to conduct their own valuations and focus on the property's potential rather than its immediate financial metrics relative to fluctuating Treasury yields.

Crafting the Offering Memorandum (OM): OMs should be detailed yet succinct, avoiding industry jargon without context, ensuring they are easily digestible. I utilize CAD to enhance the floor plans and site plans by highlighting key features, making the information more accessible. We should not assume buyers will see the value proposition even if they are sophisticated buyers. That is why it is crucial the information provided is relevant and clearly conveys your objective. The aim was to encourage buyers to see beyond the current cap rate to the property’s broader economic potential.

The Art of Videography: As the videographer, I captured the essence of Central Park by leveraging the property's east-facing orientation during the magical morning golden hour, enhancing its appeal. High-quality videography is not just about aesthetics; it's a powerful storytelling tool that draws potential buyers in even before they analyze the hard data. Videography offers a dynamic portrayal of the property, showcasing its proportions, scale and details. This approach not only engages viewers but also efficiently filters out less interested parties, streamlining the process for buyers, sellers, and agents alike.

Dual Agency Concerns: During the marketing of Central Park, two questions frequently came up:

“Can you represent me? I don’t have an agent.”

“Are you representing the buyer in any of the offers?”

This suggests the prevalence of dual agency. It is a troubling trend. As the listing agent, the suggestion of being a dual agent deters other agents from submitting offers, under the assumption that their offer might not be taken seriously. This undermines the competitive nature of real estate transactions, potentially disadvantageous to the seller who might miss out on superior offers. A clear stance against dual agency fosters a more equitable and transparent sales process, encouraging agents and potential buyers to submit offers.

Conclusion: In the world of commercial real estate, it's easy to get lost in the numbers. However, I believe that a compelling visual story is just as important. How can one facilitate a sale without first capturing the buyer's interest? Anyone could sell a property at a cut-rate price but it takes a more nuanced approach to sell value and potential. While buyers/investors may seldom admit that emotions influenced their decision, the impact of a meticulously curated presentation in marketing is undeniable. A comprehensive approach to marketing not only differentiates the property but it also resonates on a deeper level, ultimately driving successful outcomes.