When you are looking to exchange to a new building or just purchase a building, where are some good places to look for a good deal and what should you do to make sure you are ready to make a move in case the right opportunity comes along?

HAVE YOUR POTENTIAL FINANCING IN PLACE It is always a good idea to be prequalified by one or more lenders who are active locally in the multi unit market. This will allow you to appear more serious to potential sellers who want to be assured that once you make an offer and approve the physical and financial aspects of the new building, that you will be ready to move forward to closing.

KNOW THE MARKET If you are planning on selling to exchange into a new property, are you realistic about the value of your building? Are rents at market? Is the building being marketed to the right potential buyers? Do you know what you are seeking in an upleg? Are you ready to make an offer in a day or so or do you need to review with family, partners etc. Do you know the values for the type of property you are looking for? Are you looking for the “deal of a lifetime” and making offers well below value which will, ultimately, waste everyone’s time.

PUT THE WORD OUT We are contacting sellers on a daily basis and we know the ones who are close to or ready to sell and those who are holding on to their building for the foreseeable future, maybe for the duration. Do you have a current rent roll and profit and loss statement that we can use to justify the value of your building?

IS YOUR PROPERTY READY Make sure you have your property cleaned up with good curb appeal, which could involve painting, trash removal, towing inoperable vehicles so that your building looks great to a potential buyer who drives by. After a potential buyer has looked at your profit and loss and rent roll and is interested enough to take a drive by, you want to get them to the next step- submitting an offer!

What we at PRS PROPERTIES CAN DO. We may know of some off- market properties that would fit your criteria if you are looking to exchange. We can also recommend qualified contractors who we have worked with, who can provide excellent building improvements for a fair price. We can also look at your building for other changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45 day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.