CORFACbid – Online Auction Program Proves Successful for Challenging Property

For more than two years, I had a listing for a ±20,000 SF building in  Long Beach, CA, previously occupied as a telephone switching station. Even after co-brokering with a data center specialist, we struggled to find a buyer.

Finally, I turned to LFC and the CORFACbid Accelerated Marketing Program. They thoroughly explained what they intended to do and how they intended to do it, realizing that it might take a while to find the right buyer. The seller advanced a modest advertising budget and 45 days later, after showing the property numerous times, we reached the initial bid deadline with bids that were not acceptable to the sellers. Understandably, we were disappointed but LFC suggested that we “roll” the campaign. The second time around, we again showed the property several times – the end result was the same. LFC didn’t give up, they proposed changing the format to a “no reserve” with a higher minimum bid. The third time was a charm. We found an owner/user buyer who closed “all cash” in 30 days.

I have nothing but respect for the team of advertising, marketing, and escrow professionals at LFC. When the property didn’t initially sell, they didn’t make excuses but rather presented us with options. If you list a challenging “property with a story”, regardless of where in the world, I strongly recommend that you talk to the professionals at LFC. Also, my co-broker partner and I kept 100% of the seller-paid commission; the buyer compensated LFC.  This was definitely a “win/win/win” situation for all involved.

Tony Gleason, Senior Vice President
Voit Real Estate Services/CORFAC International
Irvine, CA

For more information about the Accelerated Marketing Program, contact Carter Harrington – CORFAC Auction Representative charrington@voit.com or (949) 263-5396.