When it comes to commercial real estate, the people who make the best deals keep a realistic perspective throughout the entire process. Of course that’s easier said than done. Sometimes people are so in love with their property they can’t see it for what it really is.
It’s common for a property owner who inherited their great grandfather’s old factory to think it’s worth a lot more than it is. The more memories and feelings you have for a property, the less likely you are to have a realistic perspective of the property’s true value and potential. If you’re in love with your property too much you may very well be disappointed when you find out what it’s worth.
With Friends Like These…
Misperceptions about a property are also caused by other people. It’s possible your friends and family have been fibbing about the property. They may tell you it’s worth a lot more than it is or they may not understand the full implications of their brilliant ideas. For instance, you may have had friends say your building would be a great spot for retail stores, but would they also welcome the increased traffic, new parking lots, and all the other things that come with a retail space? Possibly not. It’s one thing to like the idea of something. It’s another thing entirely to like all of its realities.
The Outside Advantage
An experienced outsider can be both a breath of fresh air and deliver a painful reality about what your options really are. It’s fine to have strong feelings for the property but what you need most of all is a desire to know the truth about it. Perhaps it’s a winner with huge opportunity. Wouldn’t you want to know that from someone who’s available as an advocate for you? If it’s far less than a winner, you should know that too. At least you will be able to make realistic decisions afterward. Ignorance may be bliss sometimes but ignorance is expensive and painful in real estate. Set your feelings aside, if only for a moment, and find out what your options truly are. We’d be happy to help. We have a great plan to help you discover the truth.