Challenge:
This iconic marina was previously listed for sale with another firm. The listing had not created any meaningful activity, yet the market had been aware of the offering. We identified that there was a perception in the market that the asking price was aggressive or there were challenges with the property that made it less attractive. Our goal was to establish an objective and defendable price that was attractive to the marketplace but also rewarded the owner for many years of development, management and community involvement. We also needed to ensure that the local market was engaged in the offering as it was important that we were not seen as “outsiders” coming into the market to sell a “community” asset.
Action:
The first thing we did was undertake an objective and detailed valuation and clearly communicated this to the owner. It was important to the owner that a familiar local representative be involved in the process and we were happy to co-list the property with residential realtor who was well-established and who already had an excellent and trusted relationship with the owner. We developed a multi-pronged strategic marketing campaign as it was critical to build market awareness with a larger buyer pool. This included:
- Produced high value marketing materials including High Res Photography and drone images
- Placed the offering on the Multiple Listing Service to ensure the with widest reach of local Realtors and prospects were aware of the offering.
- Created a comprehensive data room of relevant information to ensure all interested parties had access to the same information and could respond with offers seamlessly
- Canvassed the market with widely distributed materials and personally contacted top prospects.
- Executed a comprehensive direct reach digital marketing campaign
- Once the owner was satisfied that the local market had been fully informed of the offering and established the market demand, we identified a date for offer presentations.
Results:
The result of our process was that we generated four offers for the marina. All of the prospects knew that they were in competition and two of the four offers ultimately ended up at full asking price. Two offers came through other agents while two were generated directly. The successful offer came from a prospect that we introduced to the property.
Testimonial:
“I listed my home and marina with Mark Lester of Colliers after over 30 years of ownership. Mark, his team and Frances worked very well together and implemented an excellent marketing campaign and made sure that all of my concerns were always promptly addressed. Their efforts resulted in my receiving four offers, two of which were at full price. It was not always a smooth process but Mark and Frances provided excellent advice and guidance throughout the process. I am now fully retired but if I were to go through this process again, I would not hesitate to use their services.”
