Your real estate business will get a lot stronger when you perfect your listing systems. In itself, a listing system will help you with your pipeline of activity and results tracking. You can then focus your marketing and inspection processes for stronger and faster results.
What’s the problem?
Some properties and listings are far more complex than others, so the preparation work for taking the property listing to the market is extensive in some cases. More reason to have your comprehensive listing processes under control!
In saying this, also recognize that there are differences in the way that you should handle ‘open’ listings versus ‘exclusive’ listings. Most of your professional focus should be on the exclusive listings that you have now and those that you create into the future.
Make it easy with listings!
The conversions of listings to inspections, offers and negotiations will always be easier with the control advantage of ‘exclusivity’. Ensure that all your property presentations and listing processes are aligned to ‘exclusivity’.
Take this a bit further. While the locations and property types that you work on will dictate some elements of the listing systems, here are some key factors to consider and start your listing processes now:
- Get a full check on property ownership and title. Always start with the legal ownership facts of the property, who owns it, and what they are instructing you to do. Everything must be legally correct. Clear client instructions will put you on the right track to the marketing process for the client. When in doubt about the property ownership or the legality of your instructions, seek more information and hold off on any marketing activity.
- Assess the property facts, the improvements, and floor or tenancy layouts. In larger properties, this will take time to complete. The features of the property should be identified so that the marketing process can be established and focused on the most relevant and important design issues that match the target market. You can expand this approach by undertaking a full SWOT analysis of the property. The SWOT will help you with the marketing campaign.
- Review the lease detail and the tenancy mix. Look for discrepancies or unusual situations that are not formally documented. Legality of occupancy should be clear and without error. Get the property owners legal advisors involved if some of the tenancy situations seem unusual or in error. Ask plenty of questions about the leases and tenant occupancy.
- Choose the best method of marketing that will suit the property, the location, and the target market. When you know those elements, the promotion of the property, the inspections, and the negotiations get a bit easier.
- Be clear on your client instructions with the property and the method of sale. All issues of client engagement should be documented in a legally correct and enforceable appointment to act. That appointment should comprehensively cover all aspects of the property and the client’s instructions. From state to state, city to city, and property to property, some elements of the appointment will be special and specific; know what you are doing. Legality of ownership will be merged into the appointment to act. Don’t act on a property for a client without clear and legal instructions to do so.
Given these things, you can now create a ‘timeline’ for the marketing and promotion of the property. You can understand the best approach to attracting inquiry to the listing. Target marketing will apply to all ‘exclusive’ listings.
So, there is a ‘formula’ here to the perfection of a listing system. Understand your property specialty and then add your location elements to build a control system for all your superior quality properties. That is what ‘professionalism’ in commercial real estate is all about.