How do I best advertise a property to a developer?

jodijackson

New Forum Member
Registered
Hi , I am looking for some advice and hope someone here can give me some insight.



I have a positive cash flow property in Edmonton (Ritchie) which I am considering selling. It is a nice property, great lot, with excellent long term tenants. However, it has a lot of deferred maintenance issues and while we have tackled many of them, it will soon be in need of significant funds for roof, garage repairs, etc.



My thoughts are that this property would be better off sold to a developer rather than repair and hold. We did place it on the market briefly last year however, it did not sell because of issues found on inspection (foundation $$).



It appears that I cannot advertise on the REIN forum because I am no longer a member, and I would rather not list on MLS if I can find a developer another way. Any suggestions on how to find one would be appreciated, as would any alternative ideas about how to deal with this situation in the most profitable way possible.



Living in Calgary, I am also out of touch with the current nature of the Ritchie neighbourhood. I know a few years ago it was not doing so well in terms of crime, but I am not sure if that is changing or if there are any other properties being developed in the area. If anyone has insight on this I would appreciate this also.



Thanks for your time!!

Jodi Jackson
 

brentdavies

Inspired Forum Member
Registered
Please describe the property? Why is a good property for a developer? Ritchie has a lot redevelopment property. Some good and many not.



I work with several developers and they are in the buying mode.



For example, RF3 zoning, end of block with 475 m2 lot size.



RA7 land, 15,000 sq ft or 1400 m2.



Or is the property just another small infill site?



IF you are interested in getting the property sold, please call.
 

Thomas Beyer

Senior Forum Member
REIN Member
Four suggestions:



a) Advertise a LOT FOR SALE, with a free house, via a realtor.



b) Estimate repair costs. Then double that and deduct from a repaired house price. List house with a competent realtor for that price.



c) ask tenant to buy it



d) do a rent to own



Likely your price is too high for a developer to make any money.



Many folks look for a cheap house they can fix themselves ! But the price has to be low enough to compensate for the time, work and risk involved !
 

RedlineBrett

Senior Forum Member
REIN Member
If your land is truly valuable for redevelopment purposes developers will come to you. Either privately or through their agent.



Make sure your owners address is correctly described on title to the property so that you can be easily found. If not, make sure your PM or tenant knows to contact you if someone goes to the property directly.



If you want to make it easy on yourself you should get educated on what a developer would be looking for in your area - for example - what zoning would be best. Then go and apply for that zoning. The less work a developer has to do the more attractive your lot will be.



If it isn't "really valuable" then you should hire a professional if you need to move it. They will know how to market the property and will make this much easier and likely more successful for you especially if you are operating from out of town.
 

WadeFenner

Inspired Forum Member
Hello,



I'm working with a builder client who just bought a property in Richie and is looking for more.



Please call me directly or email me through the forum or Wade@WadeFenner.com



Thank-you
 
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