88 ½ - 90 Exchange Street - Portland, MEPortland, ME Portland has seen a recent spate of commercial property sales that have occurred as a result of a “call for offers.” This method has been recently employed in the sale of 88 ½ - 90 Exchange St., a mixed-use property. Joe Malone and Jennifer Small of Malone Commercial Brokers, Inc., listing agents of the property, determined together with the Seller that this technique was right for this property for a couple of reasons.
“There are times when the traditional process of listing a property, promoting it on the company website and various industry Internet sites, is the best alternative. However, utilizing the call for offers process provides the advantage of having a reasonably good expectation that a property will sell within a predetermined timetable,” said Malone. “The best scenario for this method is to know that there will be sufficient interest in the property to have multiple prospective purchasers.”
By having multiple buyers, there is an expectation that the property will receive legitimate offers. Call for offers works very well in a heated market such as we are seeing now.
Small said, “We utilized as many means as possible to get the property into the hands of the most qualified buyers. We marketed the property to a wide range of developers and investors. There were specific dates that were made available to brokers and buyers to view the property with a date by which any and all offers would be considered. We analyzed the seventeen offers that came in and were able to facilitate the best deal for our client.”
While neither broker anticipates that the call for offers will replace traditional brokerage as the norm, they each believe that this technique worked very well for this particular instance.