James, your best bet in the current market is either to owner-finance the property or to joint venture with a developer.
The real estate brokerage business, like the stock brokerage business, depends on cash changing hands. This model creates havoc with real estate because it increase the costs for everyone involved, for example, purchase price goes up for the buyer, and the seller has to pay capital gain tax.
With today's technology, and sites like Loopnet.com, you don't need a Realtor or CCIM or anyone else. What you need is to be very clear about the "must have" and the "nice to have" in your sale. As long as you are flexible to either let go of too many "must have's" or at least are willing to defer those "must have's" to the time when market comes back, you would be fine.
Please allow me to cite an example. I am working on my own commercial property sale. The agreed upon price in August, 2008 is the same. I have increased the income of the property, but I am still working with the buyer with the same sales conditions even though the contract is long expired. I have a choice of refinancing the property at a higher valuation, but I am giving one one month to this buyer to close. After that I will refinance and will see how it goes.
In summary, if you are able to eliminate bank from the equation, you will be able to sell the property in short period of time.
Mar 1, 2009