When listing commercial or retail property today it is important for you to get all of the necessary facts on paper, and for you to completely understand the property and the property owner. (NB – you can get plenty of commercial real estate listing tips in our free Snapshot program right here)
Whilst this may sound logical, the fact of the matter is that every property is unique and different and can therefore present you with special challenges in gathering all the facts and information. For this very reason you should have some form of listing checklist to direct the listing conversation with the property owner. The clients that we work with today are looking for real estate experts; position yourself accordingly.
Get the facts
When this listing process is undertaken correctly, you can proceed with the marketing process in an effective way and know that you will not have as many hurdles and problems to deal with later. Many a property owner will forget key facts when it comes to listing their property. Only a dedicated questioning process will help you getting clear information and with the outcomes that you require.
Here are some tips to merge into your listing checklist. You can add to this list based on your location and the property type.
- KNOW THE PROPERTY: The legal description for the property will always be important as the first factor to look at. You will need to describe the property legally on the listing form. Pay special attention to the factors that may restrict the method of sale or the method of marketing.
- WHO OWNS IT?: Correct property ownership detail will be required on the listing form. Know that you are dealing with the property owner or owners. The property owners should be in agreement with the method of sale and the method of marketing. Resolve any issues when they arise, as you want the marketing and sale to proceed effectively and directly.
- TITLE DETAILS: Encumbrances, restrictions, rights of way, liens, interests, and any other factors that impact the ownership of the property or the title should always be questioned. If you can find any factors of this nature that impose a restriction or a liability on the property owners, then search out the document and the particular situation. You need to have all of the details and the answers ready. Solve the problems before they hit you later in the campaign.
- PROPERTY USE: Zoning and planning regulations will impact property use and occupancy. Take a look at the local planning regulations as part of the marketing any property for sale or lease. Make sure that the property clearly complies with legal use and the local property zoning.
- LOCATION AND ACCESS: Location factors including transport, freeways, services, amenities, and access will impact your property. Take a good look around the local area so you can observe just how a buyer or tenant may see the property. Can they occupy or use the property with convenience and comfort? If not, you should understand why and have your answers ready.
- PROPERTY DETAILS: Improvements in the property will vary from office, to industrial, to retail property. You should have listing forms for each property type. You should also have listing forms for situations of sale versus lease, given that the property marketing processes are different.
- WHAT ARE THE OTHER LOCAL LISTINGS: Comparable properties in the local area will have impact on your property listing in many different ways. Ensure that you know the local area and the other properties so that any marketing or price conflict can be handled. Some of those properties will have been on the market for some time. You do not want to repeat any problems that they may have so check out what they have done or not done in their marketing.
- DETERMINE YOUR MARKETS: Target marketing is part of any property listing today. Determine what the target buyers or tenants may be for the property and factor that into the marketing of your property. This will help with your marketing choices. It should be said that the correct marketing effort should always be structured for the property and the location. Generic marketing is a waste of time; get specific in all respects when it comes to communicating the property information to the local area.
- CASH FLOW: Review the income and the expenditure for the property. If the property is to be sold as an investment, those factors are really central to the price and marketing. The income and the expenditure should be tuned for the best result at sale. The only way to do that is review what you have and ensure that it is in parity to the other comparable properties in the market today.
- BEST STRATEGIES: The right method of sales or lease should be chosen based on the property and the location. Local property industry trends will have set some rules or benchmarks that will have an impact on your property marketing campaign.
- BEST MARKETING: Local property enquiry today will come from one or more specific marketing efforts. Understand what works in property marketing and do more of it. Do not waste your time on a ‘generic’ marketing method of sale or lease; be specific in every way. That’s how you get results.
- INVESTMENT DETAILS: Tenant and lease details will be relevant in the sale of an investment property. Check out all of the leases thoroughly before you take the property to the market today. You may need to fix some lease issues or vacancies before the property is taken to the market.
Attention to detail in the listing process is really important in this sometimes tougher property market. Preparation is the key and that will then help your marketing efforts.