Broker BS or Good Salesmanship?
I had inquired about a portfolio of net leased reatuarants. The NNN deal is listed by "one of the big" firms and I received back an email with this below the property information:
As I stated earlier, if your clients like the deal it will be getting done at list price. Take a look at the comps, because they do a solid job of justifying our cap rate. Let me know, if you have any questions. They would need to have an offer in by this coming Monday at the latest.
In my eyes, at least 75% of it is BS. Yes, it could be called good salesmanship and trying to get the highest price for the seller; which is fine, he is doing is job then. However, in my experience, this is classic false urgency. It's like when I submitted an LOI on a Walgreens in Pine Bluff Arkansas in Dec 2012 and they say they have 6 offers above list price and it will close before end of 2012 all cash. Sure. It has been back to market at least three times since then and may even still be for sale today.
Yes, the net lease market is hot. But my clients are smart, know what they want and if they like it they will act fast and make an offer based on their underwriting. If we wanted your input we would ask.
More power to the broker if they have several offers at list price by Monday however I suspect I will see that deal at least 2 or more times in email blasts etc.