Commercial Property for Sale Las Vegas NV – Commercial Realtors Las Vegas NV
Commercial property for sale Las Vegas NV have benefited greatly from an imbalance of supply and demand commercial Realtors Las Vegas NV. Too little commercial property for sale Las Vegas supply coupled with a healthy demand. Only one way for commercial Las Vegas real estate sales prices and lease rates to go – straight up!
Fueled by declining available commercial Las Vegas real estate buildings and record low interest rates, sale pricing’s steady upward march started in January of 2013 and, in my opinion, peaked in the first quarter of 2016. Lease pricing started the race to the top about a year later and probably has some track to run before reaching a checkered flag.
If you want to sell your commercial property for sale Las Vegas NV building, you should consider a pricing strategy that reflects today’s market. All those crazy numbers commercial Las Vegas real estate buyers paid a year ago don’t occur as much today – unless your building checks all the boxes – and still probably not. Buyers are savvy. Their advisers are well informed. Everyone knows we are at the top and are proceeding cautiously.
Commercial Property for Sale Las Vegas NV
Commercial Realtors Las Vegas NV recently sold a building in North Las Vegas, Nevada. An acquisition by the owner of the business and building created a desire to sell the existing building and move the combined operation into the newer acquisition’s location.
Carefully analyzed were the commercial Las Vegas real estate market comparables, the available inventory, the building’s amenities, and work that was necessary pre-sale. Our pricing recommendations were two fold – higher price with the seller paying for clean up, and lower price without seller paying for the clean up. Opting to sell without spending the dollars to re-condition the real estate was our client’s decision.
Commercial Las Vegas Real Estate
Commercial Realtors Las Vegas NV priced accordingly and sold the building in two weeks. Fortunately, our commercial Las Vegas real estate seller listened to us. Too often, a seller will take the high end of the range – in our case the recommended price if clean-up dollars were spent by the seller – and not accomplish the refurbishment. All while rationalizing with “let’s see what we get.” That’s a dangerous approach in today’s commercial Las Vegas real estate market. Buyers will pay top dollar, but the building better be perfect.
Commercial Realtors Las Vegas NV priced commercial property for sale Las Vegas NV higher and deducted the clean-up costs, wouldn’t we have sold for more? Fair question, but the answer in this case was no.
Commercial Realtors Las Vegas NV priced at the top, conducted buyer tours, explained the property was being sold in its present condition, and fielded offers – the requested refurbishment discount would have far outstripped our “discounted” asking price. A buyer’s perception of refurbishment costs always exceeds reality and they offer accordingly.
Commercial Realtors Las Vegas NV
OK, so you might say, “I can always lower my commercial Las Vegas real estate price, but I can’t raise it.” This is true to a point.
What commercial Las Vegas real estate sellers frequently underestimate is the message pricing sends to the market. Priced too high – commercial Realtors Las Vegas NV, that building must have solid gold toilets. Priced too low and a frenzy is created, multiple offers are generated, and the asking price is surpassed – in some cases.
Pricing an commercial Las Vegas real estate offering correctly – possibly a bit low – is so much easier than coming out with a super high price and later reducing the asking price. When you commence the retreat in pricing, the market crosses its arms, waits, and says – “See, I told you that commercial Las Vegas real estate building was overpriced.”
RE/MAX Las Vegas Ratliff Realty Group is a principal and commercial Las Vegas real estate broker at RE MAX Benchmark, Las Vegas. He can be reached at 702-508-8262.