I have recently stated working with a commercial real estate broker in The Woodlands, Texas and have been tasked with attempting to sell either partially or in its entirety 70+acres of a continuous lot and/or raise infrastructure funds for partial development. Being new to commercial real estate, I want to ask for general advice on BP regarding methods used for finding an audience big enough for this larger, less-liquid property? The land itself is in an incredible location, directly along a developing highway that has been anticipated for years. This makes me think that the land itself will spark a lot of interest for the right people, I am simply asking for advice on best practices for getting in touch with these individuals and the differences (if any) from methods used in residential properties.
Thanks for your help in advance!
Check out commercial real estate meetup groups in the area, make a BP Pro account and post to the marketplace, ask the commercial real estate broker you work with for some tips.
@Theo Hicks Hey Theo, thanks for the advice!
BP has a Marketplace section. You can post your property for sale there.
In general I think you will have to do a lot of cold-calling. Generate a list of local developers and start calling them. Expect a lot of "No's".
Best of luck!
Hi Alina, thanks for the advice!
@Jordan Prentice I recommend this to almost everybody, however I believe it would be particularly beneficial in your position. Attend as many real estate meet ups as possible in your area! These groups are home to all kinds of investors and you can almost guarantee there will be at least one person that will be interested in what you are offering!
@Jordan Prentice check out these websites you to help you sell the land:
I hope this helps.:)
@Matthew Baltzell That's perfect! Thank you for your help!
Hi Jordan - For this type of project you will not have much success raising funds without any experience or track record with development. It's a whole different animal.
You need to seek out experienced and sophisticated developers for this project. You will not have much success finding them at local REI meetups or groups like that. The best way to find them is to research developers and development projects in your area and contact them directly. Make sure you have a complete package to present. You can also talk to other commercial brokers in your area that represent the developers.
@Greg Dickerson Thank you very much for the advice, Greg! I appreciate you taking the time to respond. The common consensus I've gotten is exactly what you've said so I am in the process of getting everything together in a package.
If you have someone close to you that does what you do, just pick their brain. Invite them to lunch or coffee. Would be the best education you can pay for during that meal. Always be ready and eager to learn from others. Lastly, just try what you can and build that confidence within yourself once you gathered some tools from others.