One thing that you don’t want in commercial real estate brokerage today is a poor quality listing system that drags you back in momentum. A perfect listing system is one that captures the facts of the client, the listing, and the marketing campaign in a timely way, and then helps you move ahead accurately into the promotional stages of activity. That listing system will then help you reach out into the targeted segment of buyers or tenants as the case may be. The client wants action and results; that’s what your listing system should help with.
Momentum with listings
Momentum is really important when it comes to staging the property campaign and converting the enquiry. That being said, you should really not go to the property market with the property unless you have all of the listing details under control and a defined method of market coverage. You can make errors if you do not cover off on all property issues at the very start.
So you need a perfect listing system to keep things under control and to set the momentum to the promotion. You only really have one ‘shot’ at marketing the property to get results Consider the following questions:
- What has been the history of the property over time?
- How is the property perceived in the property market today?
- What are the strengths and weaknesses of the property as you see it?
- What challenges will exist for the client as they move through a sale or lease transaction?
- What are the financial facts that you will need to qualify before you start?
- What can you do to support the marketing and inspection momentum?
- Are there any hurdles or problems with the property that could derail the property listing, the negotiation, or the inspections?
- How can you attract the best target audience to the listing in a timely and direct way?
A perfect listing system is something that can be designed for a property type and location. These questions are all need to be addressed within your listing system. If you specialise in a property type, these questions will help you drill down on the facts that matter.
What are the facts?
There will be certain factors in any listing and property promotion that are unique and special, and on that basis they need to be merged into every listing process. A checklist will help you stay on task when it comes to the property listing. That checklist will help you ask the right questions.
So let’s get your listing system started with perhaps the most important of facts. Check out these questions and concepts to merge into the very start of your listing checklist:
- Ownership – Some factors of ownership with any commercial investment property can be quite complex and sometimes misleading; ask questions to get to the real facts of property ownership. Full investigation is required into the title and ownership structure before you do anything by way of promotion or undertake any inspections. Many clients do not fully understand the complexity of property ownership and the required documentation behind title legality and processing. It is not unusual to find that the property title for a listing has not been modified for the client’s current business or ownership situation. That issue can then delay a sale or leasing situation. When you have any doubts about any property ownership, get the clients property attorney involved in providing the right answers and information.
- Property title – Inspect the property to understand factors of layout, boundaries, presentational issues, and improvements. Check the detail on the title and get copies of any relevant and associated documentation. It is common to have a variety of title issues to explore involving rights of way, easements, encumbrances, and leases. Don’t go the market with inspections or promotions without knowing and controlling the correct information about property ownership and legality of title. If leases exist as part of an investment property ownership, then drill down into the lease documentation and the tenant mix detail.
- Environmental concerns and structural factors – Check out all of the environmental factors as they apply to the listing. Differences apply across retail, office, and industrial buildings. With some industrial properties today this environmental or structural review can be an essential and important part of marketing preparation. You may need to commission or get copies of special reports such as soil assessments, chemical testing, hydrology reports, and building plans. Understand exactly where your listing is positioned relative to creeks and rivers, soil movement, and flooding issues. You will glean some important information from history of the property over time, so ask plenty of questions as to how the property been impacted by the climate and the environment. Also understand if there have been any special orders and notices set by the local council and or building authority that may be applicable to the property.
Within these three factors of investigation there are particular concerns and risks to be fully understood before you market any commercial property for sale or for lease. When you have this basic information you can then move into greater levels of property complexity and review.