When you inspect a commercial property in preparation for listing, there are many issues to look into and understand. Failure to investigate the property fully can be the start of an error or omission. Every property will have ownership and title issues to look into. A property negotiation can stall if all of the correct facts are not fully understood in preparation for the marketing and inspection process.
Explore the facts
Understand the property in a comprehensive way before you take it to the market. Look for the things that the client is not telling you about the asset or its history. When in any doubt, ask more questions. Look for the proof and the evidence to support any dubious claims made by the property owner or client. You don’t want a property listing to turn into a claim of negligence in the future.
It is better to explore the facts of the property before the marketing campaign commences. There will be plenty of questions asked in and as a result of any property inspection that you may hold. Get the facts of the property defined and detailed in a comprehensive way before introducing buyers and or tenants to the listing. Put the facts in a property information brochure or memorandum. Do your due diligence before others start the process.
So what can you do in preparation?
You can predict many of those inquiries and questions that are likely to come your way. Look at the property and ask the questions.
Look at the property from the perspective of a potential buyer or tenant. Either way in each type of transaction there will be plenty of questions and issues to explore regards ownership, occupancy, and property function. You should be resolving the questions prior to any documentation being created. When in any doubt, ask more questions. Document the answers provided to you so that you have the necessary evidence and proof should some dispute occur in the future.
In this special report about property inspection processes, John Highman shares valuable tips and ideas to help you inspect the property comprehensively and start the research process in preparing the listing for sale or lease.