What can you do to ensure you attract a serious buyer – as opposed to a flood of suitors who are unlikely to pan out?
Targeting your buyers, that’s one thing a lot of sellers aren’t doing. Sellers frequently distribute press releases and do not do due diligence. They’re not targeting private equity companies and family offices that may be interested, instead they go directly to the open market.
So what happens if a seller gets a thousand phone calls from people inquiring about information? Sellers are not targeting the right people, so they’re attracting a lot of "tire kickers" and eventually they give up on selling the property.
For us, we do it differently. We put together a pool of about 100 different potential buyers that meet all of the application standards. We do that first and then we market the offering. We then distribute press releases privately to the 100 potential buyers which basically states, “Hey, here’s this offering. If you’d like to get more information please sign this NDA (nondisclosure agreement) and get it back to us.” In essence, we're very strategic about how we market our offerings.