When it comes to selling commercial real estate, there are many things to look for and check. Lack of information can mean a failed transaction or slower negotiations. That is where a good commercial real estate agent can add considerable value to the marketing and sale process.
It is no secret that many towns and cities are experiencing challenges with properties for sale and lease. Limited enquiry from qualified prospects means that many properties will stay on the market longer unless the agent packages the property correctly and drives a solid marketing effort to the correct target market of prospects. This is where exclusive listings and top agents are now more important than ever before.
So let’s presume you have the chance of listing a property for sale in your local area. There are facts about the property and the market that should be fully investigated as part of considering if you want to take on the listing. Don’t take on every listing that comes your way; take on the ones that show promise and are of quality.
Here is a key fact that should be remembered:
‘Quality properties will attract more enquiries in any market. With that enquiry you can do more with inspections and negotiations.’
Many top agents will only focus on high quality listings for this very reason. They know that ordinary listings can waste a lot of their precious time. You have a choice to list a property or walk away from it. Make that choice wisely.
Whilst every property is different, here are some of the key things to look into as part of the property investigation prior to listing:
- Who or what is the ownership structure for the property? Understand that you are dealing with the right people that are the legal decision makers.
- Get some history of the property from the owner. Why did they buy the property initially? What is moving them to sell it today?
- Are there any orders, notices, restrictions, encumbrances, or hurdles that will frustrate the marketing and sale effort? If you can find any problems in the property today, deal with them and develop a strategy to move those problems away from your marketing and inspection processes.
- What are the absolute ‘must haves’ if the property is to sell today? Question the property owner about the triggers that will allow them to close on a sale. Get to the real facts of what they are doing today and why.
- Comprehensively review the property improvements, leases, services, amenities, and land. Ask questions about the property today including why the property is to be coming up for sale.
- Check the property precinct for factors that could impact the sale and marketing effort. Look at neighbouring properties, boundaries, zoning, market conditions, sale prices, time on market, recent sales, and other competition properties.
- Given the price range and the target market for the listing, exactly how can you attract enquiry? What personal marketing efforts will be needed of you to create some inspections and ignite the prospects in the market to look at the property?
In this property market, the sale and marketing process is more specialised and focused. Top agents know how to create the enquiry with the right listings. They can do that in any market and at any time.