After interviewing against the other major golf brokers for this assignment, Prudential selected Steven Ekovich to lead the pricing and marketing strategy for Ford’s Colony – a three-course golf country club and resort in Williamsburg, Virginia. Like any seller, Prudential valued the Strategic Analysis because it was transparent in presentation while fully articulating the value of the property in the current market. Understanding the trade range and data to support Mr. Ekovich’s approach, Prudential selected the Leisure Investment Properties Group for the assignment. For sellers, it is important to understand realistic pricing in the current market, otherwise properties can sit on market which can garner a bad reputation (i.e. overpriced and the seller is not serious, there are problems with the property, etc.). The other brokers competing with the LIPG suggested the property’s value was in excess of $10M, and one even suggested it could achieve $16M upon sale.
Prudential was treated how every client of the LIPG is treated – with honesty, truthfulness, and transparency. For Prudential, the Strategic Analysis was a valuable exercise and next step towards most effectively marketing Ford’s Colony. Working with a broker who knows the property, the industry, and the best strategy for most effectively completing the sale. Throughout the process Mr. Ekovich was constantly engaged with Prudential and prospective buyers, as well as the Member boards as questions arose about the sale. This particular deal process presented many challenges that Mr. Ekovich was equipped to handle, as the LIPG team usually is from hundreds of transactions and years of experience. There were survey problems, financing snags, and environmental issues, but through the process Mr. Ekovich’s guidance and suggestions helped Prudential navigate the sticking points with confidence and trust in Mr. Ekovich’s representation.
After a national and international marketing campaign that generated five offers from qualified buyers, and success with a Best and Final Round, Prudential selected the winning buyer to move forward…until he asked for a re-trade (ask for a lower price when Under Contract). Mr. Ekovich’s process is one of the many winning results of this deal, resulting in several back-up buyers, with the first back-up buyer ready to move after taking Mr. Ekovich’s call, and closing on Ford’s Colony at 98% of list price.
Key Highlights from Ford’s Colony:
1. While the price other brokers may tell you seems good on paper, it is not necessarily what will sell in the market.
2. The Strategic Analysis is a comprehensive valuation tool that can help owners/sellers better understand realistic pricing and how the trade range was established.
3. By accurately and credibly pricing, sellers stand a greater chance of having multiple, competing offers submitted, which not only drive the price higher, but keep back-up buyers at the ready.