The commercial real estate industry is evolving rapidly, much like the residential real estate market. These changes highlight the importance of collaborating with a realtor who is experienced and actively involved in the apartment building sector.
Most buyers are familiar with the Ontario Real Estate Association’s (OREA) website (realtor.ca), which is fed from the Toronto Regional Real Estate Board’s site. These websites attract many buyers, receiving several thousand hits per month and hundreds of thousands of hits per year. This exposure, combined with a private database of suitable buyers, is incredibly valuable. Full cooperation with agents and a commission structure suitable for full cooperation will always yield the best marketing results.
The Toronto Regional Real Estate Board (TRREB) is in the final stages of releasing its newly updated platform, which will offer buyers more opportunities to manage their searches. The new platform will provide a more interactive experience and the ability to access additional information not previously available to the public. It is always recommended to maximize exposure to achieve the highest price, including listing on the Toronto Regional Real Estate Board Multiple Listing System (MLS). Even when working with a brokerage that has a large database of buyers, the listing should still be displayed on the Multiple Listing System. Unless there are privacy issues or other concerns, listing your building on the Toronto Regional Real Estate MLS will achieve the highest exposure to buyers and other sales representatives.
On average, apartment building owners typically own about 2.5 buildings. Active buyers in the market may not be immediately obvious among sales representatives who are not in the apartment building industry, but the MLS will help uncover them. It will be you and your representative’s responsibility to select the offers that you believe are worth considering.
CoStar and LoopNet are valuable listing tools for maximizing exposure. CoStar is the top provider of commercial real estate information, analytics, and online marketplaces. It offers listing services, sales, and lease comparable, and property-specific information. LoopNet is the most heavily trafficked commercial real estate marketplace online, with over eight million registered members and five million unique monthly visitors. Its primary business is to provide commercial real estate listings.
The accurate estimation of a property’s current value is crucial for a successful marketing plan. This estimation determines the quantity and quality of offers received, provides a strong basis for negotiation, and finalizes transactions.
A successful marketing plan and a compelling valuation strategy are crucial for attracting potential buyers to any property. When positioning a property, it’s important to carefully assess potential opportunities and risks associated with the proposed transaction. This involves tailoring marketing efforts to appeal to a specific type of buyer or investor based on the size of the building(s) being offered.
“Setting below-market pricing has become common in the Toronto real estate market. Pricing your property below the current market value may or may not attract multiple offers quickly. Many buyers are interested in negotiating the final sale price. Being prepared for this by slightly increasing the asking price can provide room for negotiation and help you reach an agreement at your desired amount. However, it’s important to keep in mind that overpricing can affect the response from the marketplace. The purpose of a slightly higher asking price is not to receive an offer for more than the investment may be worth.”
I will optimize the market visibility of your building by liaising with external agents, brokerage companies, multiple listings, and my database of institutional buyers. Networking with a large segment of the investment brokerage community will enable my team to fully leverage an extensive network of brokers and investors who are active in the apartment building market. will maximize the market visibility of your building by communicating with outside agents, brokerage companies, multiple listings, and my database of institutional buyers. Networking with a large part of the investment brokerage community will allow my team to take full advantage of an extensive network of brokers and investors who are active within the Apartment Building Market.
Communication is crucial in any relationship, and we believe in maintaining constant contact with our clients. We regularly communicate with our clients regarding all activities, including marketing efforts, brokerage, and investor response.