Bradley Company had an 84-acre land listing near the intersection of US 25 and US 31 in Rochester, Indiana. The listing was set to expire at the end of September 2016. Renewal was in doubt because of minimal interest and activity. For perspective, Rochester is a small city of approximately 6,000 people, 45 miles south of South Bend. It is an area not typically served by Bradley Company. While there is already a good mix of retail near the listed property, the surrounding market had not been active, particularly for land development projects.
Vacant Land – Rochester, Indiana
Location
Rochester, Indiana
Property
Vacant Land near US 25 & US-31
Services
Brokerage
SOLUTION
The end of the listing term happened to coincide with the creation of the Bradley Company Land Group. The Land Group was designed to be a concentrated team effort from a collection of experienced brokers to better serve each other’s land listings. The Land Group currently consists of six brokers across four of our offices (Elkhart, Fort Wayne, Merrillville, and Warsaw) and it covers land listings all across northern Indiana. The formation of the Land Group was expressed to the owners of the property. The owners were very receptive to including their property in the group’s portfolio of land listings. The promise of its exclusive focus on land properties and increased market exposure played a pivotal role in securing the listing renewal.
RESULTS
The listing was renewed for another year. Since then, the combined market coverage of the Land Group has indeed spurred more serious interest in the property than there was before. With each partner in the group sharing an interest in the success of the listing, the property has a better chance than ever to be sold.
