YOUR GAS STATION VALUE
SELLERS
As an alternative to working with an experienced gas station Broker, you might consider selling your station yourself; however, if you choose this option, be prepared for a lot of work! It can and has been done, of course, but if you don’t have the time and energy to commit to it (or need to sell in a hurry), this option might not be for you.
If selling your gas station on your own sounds like too much work, you might want to consider assist-to-sell programs, which we offer and can include a 30 day selling period, a marketing strategy at a no cost to you. Nine out of ten times, most do not have the time or the resources that a gas station broker may have, so it is best to use someone that is fully committed to selling your property or Lease, has access to a wide variety of resources and is focused on getting the highest price possible for the sale of your gas station.
Whether you choose to use a broker or not, you still need to do your homework!
The following is a checklist to help walk you through the process:
KNOW YOUR PROPERTY
If you are not already, become familiar with such facts about your property as
property taxes, zoning, lot size, square footage, etc. Look at the terms of your
existing loan.
RESEARCH THE CURRENT MARKET AND
PROPERTY LAWS IN YOUR AREA.
How much are gas stations similar to yours selling for? What are the terms of the sales?
What property disclosure laws do you need to take into consideration?
SET PRICE.
Once you know the specifics about your station and have checked out what similar
properties in your area are selling for, set a realistic price.
DETERMINE FINANCING ALTERNATIVES.
Contact lenders in your area to determine what the options are for your prospective buyer. You want to be informed before they ask, or your lack of knowledge may turn them off from dealing with you?
PERFORM A “WALK-THROUGH” OF YOUR
GAS STATION.
Look at it from the perspective of both the prospective buyer or tenant.
Take notes on all items that need to be repaired or replaced. Things to consider include:
Does it need a new coat of paint (either because the old paint is obviously cracked or faded, or because of an uncommon choice in color that might turn off prospective buyers)?
If the station has a repair shop are the cars all over the parking lot, is the landscaping attractive and well-kept?
If it is a gas station with a convenience store is the decore up to date, you can’t do much about the building, but the storefront is everything , ( if there is one) is it appealing and inviting?
Are the windows and doors attractive and in good condition?
Are the roof (and parking lot) in good condition?
Are the pumps and card readers in working condition?
Are the tanks up to state requirements or do they need to be changed etc.?
OUTSIDE:
Are the interior paints and finishes in good condition (recently updated), or do they need to be freshened up? This is one area with the best ratio of least expensive to most desired. For a minimal investment, you could possibly make or break a sale by having your gas station convenience store look well-kept and inviting.
Are the appliances in good working order and of recent vintage?
Are the POS and refrigeration, heating and cooling systems in good condition?
Are they fully functional?
Are the tiles or other floor coverings clean and in good condition? Like the paint, are they attractive and well-kept? Floor coverings are worth paying for so that your gas station makes a good impression.
Are the sealants (sink, bathroom, windows) in good condition?
Are all light fixtures working properly, and is there good lighting in the store so that prospective buyers won’t think you’re hiding something?
Most prospective buyers will want to know about the local schools, shopping, parks, transportation, etc. Be prepared so you can knowledgeably answer their questions.
INSIDE:
KNOW YOUR NEIGHBORHOOD
OUR SCALE IS YOUR STRENGTH
With over $100 Million in sales in 2022 alone, Nationwide Brokerage Group has exceeded $500 Million in gas station sales. Jose and Marlene Pagan are the most connected, professional, and experienced brokers in the industry. Their global network, market knowledge, and dogged drive put them in a league of their own.
Backed by their international powerhouse brokerage, Nationwide, their resources
are unmatched allowing them to provide the best service possible to each and every one of their clients.
Sold in 2022
In Sales
Custom Marketing
SELLING YOUR GAS STATION
The Next Move Is Yours
STEP 1: DEFINING SUCCESS
Outlining Your Objectives
What is your motivation to sell?
What is your timeline to move?
Where are you moving?
What is most important for you?
Understanding the Market
Market Dynamics: Macro v. Micro
Market Forces: Supply & Demand
Market Forces: Supply & Demand
Analysis of Active, Pending, & Sold Transactions
Personal Timing & Seasonal Considerations
Your Gas Station: Strategic Planning
Outline Features & Benefits
Determine Key Differentiators Based on Active Inventory
Termine Key Differentiators Based on Active Inventory
Termine Key Differentiators Based on Active Inventory
STEP 2: LISTING DETAILS
Finalize Documentation & Contractual Agreements
Complete Any Property Improvements
Engage Staging Consultant
Engage Photography and Media Professional
Organize Trusted Advisor Meeting
Define Launch Timeline
Marketing Preparations
Property Launch Collateral
Traditional Advertising
Digital Marketing Plan
Social Media Strategy
Broker Network Exposure
Showing Strategy
Cross Marketing
International Buyer Strategy
International Buyer Strategy
STEP 3: INTRODUCING THE GAS STATION
Launching the Marketing Plan
Creating the Perception of Value
Attracting & Qualifying Potential Buyers
Safe Showing
Monitor Interest
Weekly Reports, Updates, & Communication Strategy Respond to Changes in the Marketplace
Procure Written Offers
Qualify & Analyze the Merits of Each Offer
Strategically Respond to Offers
Negotiate to Optimize Price & Terms
Multiple Offer Process & Back-Up Offer Strategies
Negotiating Strategies
STEP 4: ESCROW PROCESS
Complete Disclosures
Complete Disclosures
Transitioning from the Gas Station
Final Documentation
Closing & Celebrations
Staying in Touch & Keeping You Informed of new Investment Properties Providing Resources
Feedback, Testimonials, & Referrals
Closing
Working Together Again
Step 4: Escrow Process
ESTABLISH A MARKETING BUDGET.
Brokers commission if you use an agency to sell.
Advertising costs, signs, other fees if you plan to sell by owner.
Attorney, closing Brokers and other professional fees.
Excise tax for the sale.
Prorated costs for your share of annual expenses, such as property taxes.
Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
Gas station brokers that deal with transactions every day and can give you a very close estimate of seller closing costs.
How much are you willing to spend to sell your Gas station?
INVESTIGATE THE REAL ESTATE SECTIONS OF LOCAL NEWSPAPERS AND OTHER PUBLICATIONS
What will get you the most “bang for your buck?” Are there “throwaway” (i.e., free) real estate publications in your area that accept ads from individual sellers? In the local paper(s), is it better (in your area) to run a text-only classified, or do they have “photo boxes” where you can run both text and a photo of your property?
DON’T FORGET THE INTERNET
As you have probably noticed from the website you have found this article on, most brokers have their own website, which includes their clients’ listings as well. If you work with an broker, your property will most likely be placed on their website and on the internet search as part of the services they will offer you. In addition, some newspapers automatically (or for an extra fee) offer Internet advertising tied in to their traditional print ads. Learn the rates and deadlines for each publication, then decide which one (or more) is best for you and your market.
PURCHASE AND INSTALL A “FOR SALE” SIGN
This should be well-designed, attractive and weatherproof. The sign must be placed where it can clearly be seen from the street. If you are working with an agent, he or she will most likely provide the sign to you.
PREPARE A FACT SHEET
Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.
SET UP A SCHEDULE TO MEET POTENTIAL BUYERS
While most meetings are held on the weekend, this is not convenient for all buyers. Make sure that you coordinate the time and place with your potential buyer for a meeting during the week.
GET YOUR FORMS IN ORDER
ESTABLISH A MARKETING PLAN
Now that you know what advertising will cost, create a plan on how to best (within your budget) reach prospective buyers, both local and out-of-town. Since many people do relocate from a distance, be sure to include Internet advertising in your plan. If your town is large enough, the “local” newspaper might have a national edition that you want to place your ad in, at least periodically.
WRITE THE TEXT AND/OR DESIGN YOUR AD
At the very least, you will need a well-written few sentences that will run as a classified ad or a photo box ad. In addition, you might decide to run a larger, custom-designed ad in the paper and/or to use as flyers to hand out at (or anywhere else you might meet prospective buyers). Don’t skimp on this. A professional, well-crafted ad can attract buyers while a poorly designed and executed one can turn buyers off to your gas station. Even if you do not have full service broker representation, you may consider assist-to-sell, which some brokers offer at a lower commission.
A number of forms are required for the legal sale of your gas station. In addition to the contract of purchase and any counteroffers, there are approximately 5 other forms that the seller is required to provide to the buyer. It is necessary to review the contract carefully to determine when these forms/documents are due and what the buyer’s rights are once they receive the document. The form and content of many of these documents are prescribed by state or federal law and must be adhered to in their entirety. The proper forms may be obtained from your attorney or from your broker who is representing you.
NEGOTIATE FINAL TERMS OF THE SALE
Buyer(s) need to come to an agreement (in writing) regarding the following:
Price
Inspection contingencies
Financing terms
Date of closing
Date of possession
It would be prudent for you to have an attorney review any and all contracts before the deal is finalized
FINAL WALK-THROUGH
Heading When both the buyer(s) and a witness can be present, schedule a final walk-through before you complete settlement in order to determine that the gas station being conveyed meets the expectations of all parties involved.
FIND AND MAKE ARRANGEMENTS FOR THE INVENTORY TO BE COUNTED
After the closing the seller must hire a company that specializes in Financial,SKU,UPC counts for convenience stores and specialty retail.
LOOKING TO SELL
YOUR STATION?
ARE YOU
