This is a follow up to my previous post “Why do Sellers Sell?”. The previous survey asked this question to predominately residential real estate agents…so I though it would be interesting to see what our commercial/investment customers had to say. We sent this survey out to investment and commercial brokers and asked them why their last seller sold. We added a few answers that are common investment properties, such as “management headaches” etc. We also asked the type of property along with the ownership entity.
Incredibly, the answers were very similar to the first survey. While “other” was the most common response, the second most common response was that the seller was retiring and looking to downsize followed up by ‘tired of managing the property” and 1031 exchanges. This is not surprising considering that boomers are retiring in large numbers.
If you are prospecting for listings, it makes sense to target the most likely sellers. While this is a moving target based on many different variables, It is possible to focus your marketing efforts in a more targeted manner. Stay tuned, as we will review some specific searches you can do in ProspectNow that will help you identify more likely sellers.
We’re happy to announce that ProspectNow is now part of Buildout, furthering our shared vision to improve dealmaking for CRE. Learn More.