EP. 1464 - Part 2: My Property Is a Development Site – Now I Want to Sell. What Do I Do?

In this conversation, Michael Burgio from Novak Properties outlines how to select the right agent to sell a development site. He explains that not all real estate agents are suited for this task, comparing them to different types of teachers—some specialize in residential properties, others in commercial, off-the-plan, or development sales. Burgio emphasizes the importance of choosing a commercial agent familiar with zoning regulations, feasibility studies, and specialized platforms like Real Commercial. He encourages sellers to verify an agent's track record, not just through claims, but by checking their sales history and public campaigns, ensuring they have real experience with development sites.He further explains the critical role of the agent during and after expressions of interest (EOI) campaigns. An experienced agent should know how to identify decision-makers, verify funding sources, and ensure contracts are exchanged quickly to maintain momentum. Burgio also highlights that the agent must understand resale values and construction costs, as developers base their offers on potential profit margins. He concludes by recommending a full-service agency—like Novak—that can cover all facets of property sales, offering a more strategic and unified approach to selling development sites.