Because it’s a seller’s market it is even more important you have a good broker because you need high-level expertise to know how to deal with multiple offers. If you have one offer it’s simple with no forks in the road; but, if you have multiple offers on one building, the importance of picking the correct buyer to work with becomes much more difficult. A competent broker should be able to help you pick the right buyer from the start, as opposed to halfway through, when and if the deal falls through. You can have three types of offers. Buyers from our database that we typically know well; Buyers that we don’t know; and, Buyers from other agents. At ROCK our only objective is to get you the highest price for your building. We often work with cooperating brokers if they bring the most qualified buyer at the best price. Working with an experienced broker, an experienced buyer allows us to create a framework for a smooth due diligence process that will lead to a successful closing. When we get multiple offers it doesn’t always make sense to pick the offer with the highest price because that could come from it inexperienced buyer not sufficiently capitalized and who hasn’t done their research on the building. They may have just thrown in a high price to tie up the building. Their underlying motivation may be to tie up the building and then ask for an abatement on price during the due diligence process. So selecting a qualified buyer is a key part of the broker’s responsibility and we take this very seriously.
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