Frequently Asked Questions

National-Level Commercial Experience, Local Tennessee Roots

FAQ

Why should I engage a Commercial Agent when selling my property?

While all Tennessee licensed real estate agents are allowed to list any property type, when buying or selling a commercial or investment property, a professional trained in your property type is always best to use. The agents at Goldman Partners Realty have specific skillsets tailored to meet your investment needs. This knowledge and experience brings added value to the transaction both before and after contracts are entered. Primary is understanding the current value of the property, utilizing appropriate contracts, strong relationships with lenders, insurance agents and specialized inspectors; and when challenges arise, knowing how these might be best addressed.

What is the best way to sell my multifamily property?

Start by talking to one of our multifamily specialists. We want to know your goals and to understand if there are any current frustrations. Sometimes we can help you eliminate those and you may choose to continue ownership.

But if selling is still the right choice, then we will review the current tenancy, rent levels and property condition as well as your needs. Options may include selling as-is or we may suggest improvements to result in a higher net to you. Also, there are times when offering seller-financing is in the owner’s best interest, and other times when a cash sale or exchange will best fit their needs.

Your GPR agent will assist you in compiling the necessary documents such as leases, a rent roll, security deposits, repair/replacement history and other details which are critical to having a smooth sales process and closing.

How can I find out how much my property is worth?

A “broker’s opinion of price” is essential and Goldman Partners Realty is happy to provide one at no charge. You will need to give us details such as the current tenancy, rents, expenses, and which utilities are paid directly by the tenants. It can also be helpful if you can provide the dates for capital replacement items such as roofs, HVAC, major appliances. Also, when rental units were updated and if any warranties can transfer to a new owner.

Your agent will then provide “comps” (comparable sales) and commentary such as whether they would suggest any repairs or cosmetic improvements before listing. When all that is done, the agent will suggest an “Asking Price” (the listing price) and an “Expect Price” (expected closing price).

How does Goldman Partners Realty market properties?

To reach all potential investors, we list your property on both local and national platforms including Moody’s, Flex, CoStar/LoopNet and Crexi. Some of these then “syndicate” (get copied) to other listing sites. In addition, we may send targeted emails and post cards using our proprietary database of over 20,000 owners and investors.

Sellers should be aware that not all real estate agents widely market properties they are listing, and some may not even cooperate with other agents. But the agents with Goldman Partners Realty agents both widely market and happily cooperate with all other real estate agents in our quest to find you the right Buyer in the shortest timeframe, while always keeping your goals in mind.

What geographic areas are served by Goldman Partners Realty?

Our agents are based in Knoxville and provide services throughout East Tennessee – and sometimes beyond!

While our agents are licensed only in Tennessee, we have successfully listed and sold properties in Kentucky by associating with a firm there. In those cases, we brought special knowledge and specialization which served the needs of the owners.

One of the special GPR commitments is that when we believe it to be in the investor’s best interests, we will partner with, or refer an investor to, another agent or firm. Contact us with your needs, and we will let you know if we are your best choice!

What types of commercial properties do you specialize in?

While all Goldman Partners Realty agents can handle virtually any property type, some of our agents are experienced experts in specific property types. Examples include multifamily, net lease, self-storage, office, industrial sales and leasing, land and more. We also have agents with extensive expertise in Residential, including HUD and VA (Veterans Administration) loans and even flips.

What makes your firm different from others?

The agents at Goldman Partners Realty are active agents who know what they are doing! They are focused on doing the right thing and keeping the client’s needs first at all times.

Each of our agents have earned an excellent reputation and can provide a list of satisfied clients.

If we are not the best brokers for an assignment, we will readily refer the property owner to the best broker, auctioneer, or even partner with other firms.

While there are many agents in Tennessee (over 41,000!), relatively few work full-time as an agent and even fewer are specialists. At Goldman Partners Realty, not only do we specialize, but our agents work hard to stay abreast of the ever-changing market so that you have the latest information to help you make the right investment decisions. And we are proud that, when it’s time to sell, our agents are often engaged by former buyers who say “Even though you were not my agent when I bought this property, I was impressed by your knowledge of both the property and the process. Now that I’m selling, I’m working with you!”

What records should a seller compile when selling a commercial or investment property?

The documents required when selling will vary depending on the property type. Here are some of the core details we generally need: a detailed rent roll (including any rents in arrears or held in advance), itemized security deposits; current leases (including any agreements such as repairs, and rights of first refusal); two plus years of operating expenses; and which utilities are paid directly by the tenants. It can also be helpful if you can provide the dates for capital replacement items such as roofs, HVAC, major appliances. Also, when rental units were updated and if any warranties can transfer to a new owner.

It is very important to know the list of people and entities on the deed to ensure that all legal documents are signed by the required parties. Additional documents will be needed if you are an Executor or Trustee or are performing under a power of attorney (POA).

If the property is owned by an entity required to be registered with the Tennessee Secretary of State (TN SOS), then make sure that the TN SOS website shows the entity is in “good standing” and then continue to file annual reports timely. Before closing, the title attorney will require that all parties provide copies of documents like Articles of Organization and Operating Agreements. The title attorney will prepare other documents to be signed such as the resolutions authorizing the purchase or sale.

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