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    7 Replies Latest reply on Apr 7, 2010 2:58 PM by TheSoloGuide

    How do I target NYC, Canada, Wash DC, Brokers, etc,?

    BLM1967 Newbie
      I have a gorgeous 4.6 historic water front estate in the Finger Lakes, NY with endless development options. I don't want to target the local area, but someone that wants to develop the property into a corp retreat, banquet hall, antiques, B&B, weddings, etc. I have it on LoopNet, B&B Website, You Tube, CoStar, CraigsList Facebook, with no luck. I have 22 warm leads, but can't get anyone here to see it. They all just love it, but won't take the next step ... Is there an email listing of CEO's or Developers that I can get? I've even offered $50K as a Finders Fee at closing. That hasn't worked ... Any advise would be appreciated. Virtual Tour: www.youtube.com/watch?v=hcUyOHIgmnw
        • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
          LUCKIEST Guide
          How do I target NYC, etc

          Welcome. Start by going to Members page and sharing some info.

          Then we can give you advice
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            • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
              BLM1967 Newbie

              Just updated my profile with some information. Basically I want to target investors, not someone who wants a turn-key business. The estate is a wonderful piece of property with outbuildings and has such great income potential for the right buyer. The location already has the tourism base, which generates over 2B in yearly revenue. Any suggestions on how to target the right buyers would be greatly appreciated. Thank you!
            • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
              Tracker

              Betty:

               


              I used to live just west of there. It is beautiful.

               


              Have you considered hiring a business broker instead of targeting them as a customer? There will be a commission (typically in the 8% - 12% range), however, they cover marketing expenses, plus they not only specialize in selling businesses, but attracting clients and may have some currently interested. You may want to research business brokers in either Rochester or Syracuse and hopefully one that is experienced selling B&Bs or similar hospitality businesses.

               


              While you may be targeting brokers direct hoping that you can get them to view the property as the buyer's agent, they may be hesitant to work with you without signing a dual agency agreement or working through a broker of your own for a couple of reasons.

               


              First, the seller pays their commission.

               


              Second, they don't want to have to do all the work for half the pay.

               


              If you don't sign a contract with them, they have to go back to their buyer and see if the buyer would be willing to pay a fee (typically less than a standard commission). Plus, even if the buyer should agree to pay them, the broker may be concerned that you don't know how to handle the sale on your end, meaning they will have to do all the work (for much less pay) to complete the sale. In many cases, brokers may simply choose to pass on putting your offering in front of customers and focus on other properties that have a broker representing the seller - and only show your property to customers that request it.

               


              Good luck.

               


              Doug Dolan

               

              The Solopreneur's Guide

               

              http://thesologuide.com/
              1 of 1 people found this helpful
                • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
                  BLM1967 Newbie
                  Hi Doug ... they took my question off the forum for some reason, but your answer was helpful. I tried a broker, early on, but he did nothing. That is why I started to market it myself. I'll contact Rochester or Syracuse to see if I can find someone. The only time I seem to get hits from LoopNet is when I pay for an ad. I was thinking that I might have it advertised in the wrong category. It was a B&B, but can be much more. Yes, the property and the Finger Lakes area is just gorgeous! Thank you for your advise and hopefully this works.
                    • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
                      Tracker

                      Betty:

                      Unfortunately, not all brokers are good brokers, but you may wanted to interview others before you give up on working with them. Having worked with brokers and real estate agents in the past, I know they are very reluctant to show clients properties that don't have an agent / broker representing the seller.

                       


                      Interview the broker to see what their experience is, if they've done sales of other hospitality based companies, what were their methods for marketing, do they have investors as well as individuals as customers, etc...

                       


                      I recommend finding a broker in Rochester or Syracuse since these are larger locales whereby the broker may have a greater marketing opportunity and pool of potential customers. Having lived in Pittsford, I knew a number of people that had a second home or cabin on one of the lakes. You may find a retiree from Xerox or Kodak that is ready to run a B&B.

                       


                      Best of luck.

                       


                      Doug Dolan

                       

                      The Solopreneur's Guide

                       

                      http://thesologuide.com/
                        • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
                          BLM1967 Newbie
                          Hi Doug ... I checked the Internet this morning and emailed a broker in Rochester. Gave him links to LoopNet, YouTube, B&B Site and CoStar. He hasn't contacted me back yet. Haven't had good luck with brokers calling or emailing me back. Is it okay to offer him $50K Finders Fee if he got a buyer from my 22 warm contacts to the table and 8%, if he found his own buyer? I think I need a professional talk to them. I call them once in a while and they tell me that they love the place, but can't get out there right now for a visit. I'm so close, but not quite there. :) Thanks for your input!!
                            • Re: How do I target NYC, Canada, Wash DC, Brokers, etc,?
                              Tracker

                              Betty:

                               


                              A busy broker isn't necessarily a bad thing. Yes, you want attention, but if the broker has a lot of free time, you have to question why. Plus, depending on where they're coming from out of Rochester, it may take them an hour or so to drive out and see your property. They may want to review things online before making the drive.

                               


                              Negotiating compensation is always an option. I can't tell you what is fair compensation without knowing more about your business, reviewing your P&Ls and knowing what are comps in the area. I would at minimum negotiate a lesser percentage if a buyer comes to you through your own marketing efforts. I did when I sold my restaurant through a broker.

                               


                              Doug Dolan

                               

                              The Solopreneur's Guide

                               

                              http://thesologuide.com/