The Great Rock 4 Step Retention Process

Step 1- Introduction - If you are considering  selling your property through Great Rock Real Estate, begin by calling us at 866-404-7586 or send an e-mail by clicking here. A team member will preliminarily assess whether you and your property would be a strong candidate.

Step 2- Physically inspect the property and initial presentation - If your property appears to be a suitable candidate, we will coordinate an on site visit to physically inspect the property and assess your needs and expectations. Our team will then discuss in greater detail our process as well as answer any questions you may have.

Step 3- Initial Retention & Proposal - Great Rock will be preliminarily retained to compose our comprehensive Marketing Strategy.  This strategy will contain our assessment of your properties’ fair market value, detailed marketing strategy, execution timeline, fees, etc.

Step 4- Final Retention, Sale Date and Closing - Execute Retention Agreement.  From retention until closing day, the process will take no longer then 90 days.


Benefits of the Accelerated Marketing Platform:

Market Generation/Expansion: In the absence of a market, the accelerated platform will create one.  In the presence of a healthy market, this platform will target, capture and engage an additional supplementary segment of buyers. The targeted marketing strategy engages the desired buyers in the market, many of whom may have never been aware of the opportunity to purchase these asset in the event that they were marketed through the conventional real estate sales process.

Market Freeze: The accelerated process freezes all transactions within your properties submarket until the day of the sale, solving the value decline dilemma. This freeze also enhances the market's attention on the subject properties above the rest of the available inventory in the marketplace.

Market Determined Value: In a conventional real estate setting, the seller and listing broker dictate to the market what they feel the properties are worth.  In the accelerated setting, the market of buyers determine the real estate's value through the competitive bidding process on the sales day, removing buyer uncertainty.

Market Excitement & Engagement: When using an accelerated strategy, the fear of missing an opportunity to purchase the real estate as well as the excitement generated engages the market and creates a sense of urgency  to investigate the assets and buy.  The accelerated process strongly communicates: "The Seller will sell these properties on a specific date and the highest buyer will own the property."

Buyer Trust: The current economic climate requires transparency to instill confidence in buyers to facilitate sales.  The accelerated process successfully provides transparency by aggregating qualified and informed prospective buyers who can bid with confidence in our open outcry auction format.  If you are the high bidder at the sale, you have the comfort of knowing you were only one increment above the next high bidder- eliminating the potential for buyer remorse.

Time and Liquidity: The sale of the properties can be conducted within approximately 45 to 60 days from the date of our retention. The sales can close within 10 to 45 days after the sale date.

No Contingences: An all-inclusive "Bidder's Information Packet" is made available and includes all the pertinent material to facilitate the buyer's ability to evaluate the properties prior to the sale. The "Bidder's Information Packet" provides them with a copy of the P & S contract, which is without an escape clause for the buyer. The contract is signed immediately following the acceptance of the winning bid, and there is no negotiation of the terms of the contract. The buildings are shown through several on-site inspections designed to show the assets at their best and to demonstrate that other parties are also interested in the properties.

Pre Financing: Great Rock and local lenders will work with prospective bidders to ensure they can secure financing prior to the date of the sale.

Structured Sales: The accelerated strategy is a structured sale and designed to require buyers to perform their due diligence prior to the sale. Prior to the sale, they must also acknowledge that they have reviewed the predetermined, seller-approved sales contract. Buyer signs that same contract upon becoming the highest bidder.


The Property

• Portfolio sales (seller can line up all offers at once and make an educated decision).
• Unique or hard to value properties (Schools, Churches, etc.).
• Properties with a small or dispersed buying pool.
• Accidental “one-off” landlord has lost its tenant.
• Primary and Secondary Residences.
• A building or shopping center that has lost major tenants.

Seller Circumstance

• The Seller seeks immediate liquidity.
• Seller needs to structure sale; i.e., property may have issue (environmental contamination, etc.) allowing seller to sell property “as is”.
• The listing is aging, and has been on the market for 180 days or more.
• Residential Development that has slow absorption.
• Developer or Builder owned properties.
• Property is still in “construction financing”.
• Property has been purchased in the last five years, and purchasers planned aggressive value add improvements and/or used aggressive assumptions (rental rate) increases on their pro forma.
• Mortgage is coming to maturity in the next 24 months.
• Banked owned properties.

 

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