Experienced real estate agents have to wear a lot of different hats to get their jobs done, but few agents are able to shift between roles as easily as Annie Scott of Annie Scott Realty Group here in Indiana.
That’s never more apparent than when you look at the ways that her team clicks into action to market mixed-use properties that have a unique blend of residential and commercial elements.
Why Are Mixed-Use Properties Harder to Effectively Market?
Overall, mixed-use properties can offer investors an exceptional opportunity to diversify their portfolio and protect against losses due to downturns in a relevant industry or tenants.
Mixed-use properties are often located in areas with high demand for both commercial and residential uses. This can lead to increased demand for the property, higher occupancy rates, and potentially higher resale values. This, in turn, tends to generate higher rental incomes and provide a more stable income stream for investors.
They also have great potential for value-add opportunities, such as renovating or repositioning the property to increase rents or improve the tenant mix. This can lead to increased property values and the potential for capital appreciation.
But none of that makes them easy to sell.
Some of the challenges of selling these unusual properties include a limited market that can make it harder to find the right buyer, complex zoning regulations that create challenges when attempting to navigate the regulations governing the sale, and financing issues, particularly when the property is not fully leased or needs heavy work.
In addition, many of these properties have long been held in family ownership and have long traditions, which means that investors sometimes have to push back against emotional reactions to the changes they want to make.
For examples, you only have to look at the following three exciting listings that Annie Scott’s team has sold or is currently marketing:
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Indianapolis Motor Speedway
E! Lou Mobile (Mobile Home Park): For three generations, the same family owned and operated this manufactured housing community that is conveniently located near the Indianapolis Motor Speedway’s main entrance. For decades it has played host to countless RVs, tents, and vehicles during race week and at other times. Right now, the property has an average annual income of more than $427,000, but the potential for more is there once the common area amenities have been improved. After months of innovated marketing, this sale is pending.
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The Artists Colony Inn & Restaurant
This boutique hotel has become a veritable institution in Nashville, IN. More than 50,000 guests come there each year to stay in the cozy, Shaker-style rooms and/or experience the unparalleled dining experience the restaurant offers. Guests also love the fact that the inn is within easy distance of shops, galleries and Brown County State Park. It’s no wonder that it’s been featured as one of Southern Indiana’s “must-see” destinations in Midwest Living and Travel Indiana Magazines. Searchin multiple markets for the new owner has paid off and this unique property wll live on under new ownership.
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Batar
Located in the middle of a spectacular bucolic setting filled with pine trees, natural light and cultivated blooming gardens, Batar is a tea room and event venue that has been in family ownership for more than 50 years. It has three large houses and an event hall that are just begging to be transformed into a premier destination spot for wedding receptions, family reunions, bridal showers, birthdays and special anniversary parties – or just a place where people can get away from the daily grind and reconnect with nature. This latest passion project for the team is underway as they search for it’s new owners.
What Does the Annie Scott Realty Group Do Differently?
Remember how we mentioned that REALTORS® must wear a lot of hats on the job? Well, that means rising to the challenge of being a salesperson, a resource manager, a marketer, and an advisor all at once (just for starters).
In the case of mixed-use properties, it often means leveraging the power of social media and the latest marketing technology to create a competitive edge for their clients and reach potential buyers out there who are hungry for a new investment opportunity. Video plays a starring role in Scott’s marketing strategy showcasing the unique features and possibilities of each property.
Annie Scott’s team also has the skill to negotiate deals even when there’s a lot of money and competing emotions involved. This means understanding the needs of both buyers and sellers, identifying areas of compromise, and finding solutions to overcome any obstacles that arise during the negotiation process.
