What is the best way to attract a developer to a property you are trying to sell?
Friday, January 16th, 2009
Velveeta asked:
I own a 4-plex with a friend of mine in Minnesota, in an area that is still in “transition”, but is starting to be developed. We don’t live in Minnesota, and have had a LOT of challenges keeping the property going, due to excessive inspections (lead based paint, fire, etc.), problems with tenants, etc. If we sold the property outright, right now, we would not be able to recoup our losses. We would like to attract a developer to the property, which is slated for redevelopment which has already begun, in order to be able to break even on our “investment”. We have lots of ideas ourselves for what a developer could do. Should we start our own website for the property, and then place an ad in the local finance and commerce magazine, to attract developers? Would it help to share our ideas with developers? The county and city were going to send out a joint “request for proposal” to developers for the property on either side of us, but have decided to wait.
JONATHAN
I own a 4-plex with a friend of mine in Minnesota, in an area that is still in “transition”, but is starting to be developed. We don’t live in Minnesota, and have had a LOT of challenges keeping the property going, due to excessive inspections (lead based paint, fire, etc.), problems with tenants, etc. If we sold the property outright, right now, we would not be able to recoup our losses. We would like to attract a developer to the property, which is slated for redevelopment which has already begun, in order to be able to break even on our “investment”. We have lots of ideas ourselves for what a developer could do. Should we start our own website for the property, and then place an ad in the local finance and commerce magazine, to attract developers? Would it help to share our ideas with developers? The county and city were going to send out a joint “request for proposal” to developers for the property on either side of us, but have decided to wait.
JONATHAN
