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The proposed contract with a comm'l realtor seems ?
Recently had a commercial realtor walk thru my property which has business zoning on the main level with a 1 BR residential apartment upstairs. The contract, which I haven't yet signed, indicates that the realtor would have exclusive rights for a period of 12 months. I am concerned about making such a long term commitment. Realistically, what are my other options?
Asked By Eric R. | Batavia, IL | 225 views | Working With An Agent | 1 year ago
Answer(3)
Lisa and Greg Harris
eXp Realty, LLC
Commercial properties as a general rule of thumb take longer to sell. You might be able to negotiate a shorter term, but ask the broker what the average time of a property of this nature would take to sell in your market. This might help give you the answers you need to meet your real estate goals. There are also longer due diligence periods in commercial contracts. SO even if it went under contract quickly, it might take longer for the due diligence of what ever business is looking to buy the property. Just a few things to keep in mind.
- 1 year ago
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Kuwana Norman
Purvey Properties, Inc.
Eric,
You should discuss your concerns with the broker and request a shorter term. In my experience, commercial properties generally take longer to sell than residential, but there are always exceptions. Good luck!
- 1 year ago
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Justin Strohm
Circa Properties
You can negotiate a shorter term for the listing. Try for 6 months. Bear in mind that commercial properties can take much longer to market and sell than residential, so the agent does have good reason to push for a longer engagement.
- 1 year ago
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