Try presenting to him a really good cap rate analysis. I'm not sure what market you are in, but up here in Boston a solid 8% is still a good predicted sales price number. I try to list between 8.5 & 9, that is of course factoring good vacancy, management & maintenance numbers. I'm not always successful in achieving that, but at the same time I am not at all afraid to walk away from marketing a property at any time. Time is just too valuable in this marketplace to waste on a property that simply isn't going to sell. Good luck with it and shoot me over the listing and I'll see if any of my guys are interested!
May 7, 2010