EDSR INFORMATION 03-14-2011 - Laserfiche WebLink

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• What is the importance of being closer in to the metro area versus farther out? What draws them to your site versus others? They will always suggest your site is more expensive than the competitive site (yet inferior). Be ready with your response. • What is the importance of accessibility and visibility for employees, customers, and marketing purposes? What is their business? Are they a growing company? Can they afford to move?What is their credit worthiness? Qualify your customer before spending a lot of time courting them. Be Responsive and Flexible It is very rare for price to be the only consideration for a customer. As land seller and local government that provides land use approvals, you must be highly responsive. You must know, sell, and prove to potential customers that you can close and that they will be able to develop a site at the building costs they are projecting and under the timeline they need to meet. Uncertainty and surprises will kill a deal. You will need to convince buyers that there will be no major surprises if they select your site. If you know your site, know your competition, and know your customers, you will be able to make informed decisions quickly. Maintain pricing flexibility depending upon size and density of the development and, just as important, the quality of the customer in terms of their credit, the number of jobs they are bringing to your city and the quality of the building. Marketing Options The old method of doing RFP's in a hot market with a hot site does not work these days. You must market the site! The City can access real estate expertise and get daily access to the market by working with a broker and/or developer. Private land owners often list their sites with commercial real estate brokers. The City can enter into a contract for private development or redevelopment with a selected developer. In most cases, developers will want this contract to be exclusive, meaning that the City will not consider proposals from competing developers. To maximize the value of a site, consistently and clearly communicate your vision for the property through professional marketing strategis including signage, branding, conceptual site plans, brochures and a well-conceived and strictly managed multi-pronged marketing plan directed at brokers, developers, builders, and end-users. Pros of Working with a Broker Real estate is a relationship business and brokers are in the market on a daily basis, augmenting the City's efforts and relationships. They stay in contact with other brokers, are aware of all the opportunities and competition from other landowners, developers, and existing buildings. They help formulate and execute a marketing plan and are incepted to work with and market to other developers and builders and end