Archive for May, 2017

Retail Survival Strategies

As about 4,000 major retail chain stores closed in 2016, and at least 5,000 more are expected to close in 2017, retailers are scrambling to remain relevant. Survivors recognize their continued success depends upon offering what the internet can’t — experiential customer engagement. Chains like Michaels now offer free classes and in-store events. Retailers like Best Buy now provide customer solutions in addition to products. Restaurants and malls have added entertainment components.  Some companies like Ross, Marshall’s, TJ Maxx, Dick’s Sporting Goods, Home Depot, Lowes, and Costco survive by consistently pleasing their shoppers.

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Regal Properties receives American Leadership Award

In May 2017, Regal Properties received an American Leadership Award based on annual surveys of the real estate industry. Regal Properties encourages other real estate professionals to join its commitment to “Invest in People & Property” by donating some percentage of all fees and commissions to charitable causes.

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Zillow Tests Instant Offers with Home Sellers

Zillow has just launched a pilot program in two cities — Las Vegas and Orlando, Florida — called “Zillow Instant Offers,” with the promise that a home sale transaction can be completed in as little as a week. The new Zillow product allows prospective home sellers to receive all-cash offers from a hand-selected group of 15 large private investors along with a side-by-side comparative market analysis from a local Zillow Premier Agent.  Home sellers who accept one of the offers are encouraged by Zillow to use an agent in the process, but they are not required to do so. Once offers are received from participating investors, the homeowner can choose one of three options: (1) accept an offer and sell directly to an investor, (2) accept an offer and use an agent to manage and close the transaction, or (3) reject the offers and list the property on the MLS with an agent.  The initiative promises a more streamlined and friction-free transaction, managed by Zillow-owned dotloop, and a process that may give the seller more certainty. Even though it is a two-market test, and Zillow will collect no money from the test, the move may jolt some in the real estate industry who are suspicious of Zillow’s every move.

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Regal Properties Closes $5,400,000 Retail Purchase at 8.5% Cap Rate in Phoenix

Regal Properties’ Senior Associate, Maha Odeh, represented the buyer in the purchase of Woodland Plaza at an 8.5% cap rate. This $5,400,000 retail shopping center in Phoenix, Arizona, located on the main retail corridor of West Bell Road, has 40,000 square feet of improvements leased by 15 tenants, including Mattress Firm, Dollar Tree and Domino’s. Escrow closed on May 5, 2017.

 

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