The story, which is linked below, about a flower shop selling the building they have been in while announcing they are moving to another location brings up many points to discuss about real estate marketing. No one associated with the building or the business asked for my opinion, but my hope is that my valued clients, students, and connections will benefit from reading it.
There are several major pros and cons to the way it is all being handled. The pros include the needed publicity for the flower shop, which will have a “better” facility nearby to better serve new and long-term customers. It will also continue, and perhaps grow even more in the coming years. The cons include how the article points out how the building for sale “does not have” what the flower shop needs to operate as successfully as hoped. A developer or investor who might consider acquiring the building and its history has just been told it might not be a fit for some potential tenants.
My guess is that the owners cannot afford to withstand a long period of time waiting to sell their building, especially without its prime tenant. Consequently, they may be damaging their cash flow by doing their move in their chosen order.
The building has three rental units in addition to the storefront. According to the article, there seems to be flexibility in terms of how a potential buyer could approach the situation. As much as I appreciate willingness for a seller to be flexible from the start, the way the opportunity is presented may not be the best way to go about it.
Although the owners are focused on the flower shop operation, marketing the building the way it is being profiled is far from the best possible solution. Chances are there are other uses for the building which could have been presented without the negative connotation that it may have limited use.
I don’t know whether or not the sellers considered keeping the building as a rental property. They could have done their own research (such as what FIRST IN does) to create situations for possible use and what businesses to approach. Perhaps the neighborhood needs a phone store, a barber shop, repair shop, or child care center. Such a business could have leased that space. The positive publicity about a new business coming in and the flower shop relocating to expand and accommodate would have been a win for all concerned. Meanwhile, it would have been an added income source for the owners, who could utilize the revenue to further grow the flower shop.
There is a lesson from this, no matter how it plays out. Review your options before you make decisions. FIRST IN has been working with real estate professionals, investors, and small business owners and researching for decisions for nearly 34 years. You can afford our help a lot more than you can afford to make a very costly mistake.
https://www.washingtoncountyinsider.com/bits-n-pieces-floral-for-sale/