Changing the offering to maximise the price

Nichols Crowder was appointed to sell six properties which were held on one title. The properties were part of an estate and had not been well managed by another agent.

Due to the lack of tenancy rent reviews and management, the property value the owners were seeking was not going to be achievable if sold as is.

Solution

We sought to re-position the property and offer it with development potential which meant a buyer could subdivide the six units and sell them off individually.

This idea attracted a buyer who then appointed Nichols Crowder to manage the property on his behalf. This allowed us to go about getting repair and refurbishment works done to the premises, review the leases and bring the tenant’s rents up to a fair market value.

Outcome

Over the course of the coming months, the buyer obtained a land subdivision which allowed them to sell off the units individually. With the properties now prepared for sale, we ran a marketing campaign comprising a combination of auctions and private sales.

As the six properties differed, some were retail with leases, others vacant warehouses, each property was specifically marketed to the target audience who would pay the highest price.

Nichols Crowder managed this sale process, achieving a 20% price increase for each unit, when compared to the value paid in one lot.

All six properties were sold within three months of the start date of the process.

The NC Experience

The Vendor was pleased all six properties were sold quickly with excellent results, so that he could move on to the next project.