Working with a buyer that wants commercial property

[dejaniera]

Hello SWS Family...

I have been really working my SOI and talking to people about my new business...I'm so excited!!!  Anyway, while at the gas station that I usually frequent, the cashier was asking me about my dogs and I talked about that but before I left, I casually mentioned that I in the real estate industry and he asked me to assist him in locating a up and running gas station.  He apparently wants to venture out on his own along with 3 other investors. 

I researched the MLS in various counties and really can't find too much.  Short of going to high traffic area gas stations and asking to speak to the owner and developing a relationship that way...do you have any other suggestions on how I can find gas stations for sale?

Thanks in advance!
DeJaniera

[Jennifer Allan]

I have no idea whatsoever! That's a whole different market. In Denver, there's a separate MLS database and board for commercial and very few agents do both residential and commercial. But I know that in smaller areas, this isn't the case.

My best advice is to ask your broker. That's all I got...

[Jennifer Allan]

But, duh, GREAT JOB!!!!!!

[Perky]

That is a tough one.  I foolishly took a commercial listing and can't wait for it to expire.  I would suggest finding a commercial agent to refer to?

Commercial is a whole other animal....

[Chuck Capan]

Ditto to the whole other animal.  There is a pretty clear division between commercial and residential.  There could be a lot of unknowns with gas stations.  EPA regulations, zoning issues etc.  The inspection and disclosure process is vastly different.

Refer this one out...take the referral fee but keep an eye on things you may just get paid to learn something.

[ChicagoSoul]

I would definitely refer this to a commercial agent. If your company doesn't have a commercial division, ask your managing broker for a recommendation if you don't know of anyone.

[dejaniera]

Thanks for all your comments..I think we do have a commercial division in our office.  I will check into that and speak to my mentor.  I will see if I can work with the commercial agent for learning purposes and take the referral.  Heck, I'm just learning residential...commercial will probably take my hair out!!

Thanks again guys!

De'Janiera

[Susan Haughton]

Ditto, ditto, ditto.  With commercial, it's what you don't even know you don't know that will kill ya. 

Through my SOI, I had the chance to pitch for a commercial listing a few months ago and I RAN to find a commercial agent with whom to work.  Because of market conditions, the seller ended up not selling for the time being, but we did put together a terrific presentation and I learned tons in the process.

I would NEVER have attempted to even co-list this, however, if I were new to residential, even with a very helpful co-listing commercial agent.

[dejaniera]

Thanks Susan,

The property is already listed...I was on the buyer end of the deal...regardless, I am going to take everyone's advise and refer this one out...

I appreciate all of you!

De'Janiera