City to pay realtors to tout underdeveloped areas
Special to The Chronicle
The City of Winston-Salem has created a new program to promote commercial development on a number of major commercial corridors across the city.
The program, the NRSA Commercial Real Estate Listing Service, will pay a fee to real estate agents to actively market properties for sale or lease in areas of the city that have not experienced the same growth as other major retail destinations such as Stratford Road and Hanes Mall Boulevard. The program also provides incentives to Community Development Corporations (CDCs) that substantially help a business to open in an available property. For example, through showing a property, assisting with negotiations or providing technical assistance.
Eligible properties must be located along major thoroughfares such as Martin Luther King Jr. Drive, New Walkertown Road, Liberty Street, Waughtown Street and Patterson Avenue. These thoroughfares and several others included in the program are located within the Neighborhood Revitalization Strategy Area (NRSA) which has been identified by the city as being in need of economic investment.
The program allows realtors and CDCs to list their properties on a listing service similar to the Multiple Listing Service that is utilized by all realtors. This listing service will be housed on the city web site and will include important property information such as square footage, price and representative contact information. In addition, when listed properties sell or are leased, a vendor fee is provided to the realtor or CDC. If a business opens in the space within a year of the contract date, the representative may receive a one percent commission of the sales price or one percent of the value of a three-year lease value. The minimum vendor fee granted is $1,000 and may be provided up to a maximum of $2,000.
The program aims to boost the marketing and showing of properties located in the NRSA with hopes of promoting new development and sparking the interest of business owners and investors looking for available space to locate a new business or business expansion.
This program is provided through the city’s Community and Business Development Department.
For more information on the NRSA Commercial Listing Service program, contact Ruben Gonzales, Business Development Projects supervisor at 336-747-7474.