When you have a commercial property listed for sale, the feedback system you develop for the client will be critical in several ways especially in presenting offers.
First, you want them to be fully briefed on what you are doing and seeing. Secondly, You want the client to trust you as you proceed with their property listing.
Every property marketing campaign is unique, and the feedback you can provide to the owner will underpin any offers or negotiations that would be happening as the marketing and inspections continue to happen.
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Third Party Feedback
So, inspections at the property and discussions with buyers can give you valuable ‘third-party’ feedback and you can use that.
That feedback becomes a statement of market evidence for the client to consider as they move through the campaign. That market evidence would be helpful for both you and the client when considering an offer from an interested party.
Priorities for Buyers and Sellers
Many sellers of commercial property initially want more from the sale than the market could provide. But on the other hand, buyers are aware of what they can afford, and generally, they are ‘tuned’ into the prices.
They know the offers that should be made for any purchase. So, you can have an ‘unbalanced’ base for negotiating prices and any contract. You have to bring the negotiation together between the seller and buyer.
Know Your Clients Instructions
Remember who your client is and what their instructions are for selling the property. Don’t act outside of the client’s brief and instructions.
It is also incumbent on you to help the client fully understand the property market conditions and the prices or levels of enquiry.
So, it pays to have a feedback process to apply to all listings and client activity. Whether you have any offers or even zero enquiries, the listing feedback system should apply through the marketing campaign.
When you get a new listing, start your communication and feedback ‘loop’ so the client knows what is happening. An informed client will be wise when it comes to any upcoming negotiation.
Feedback Loop for Clients
The feedback cycle in commercial real estate can be shaped and changed based on the marketing campaign duration and the types of buyers looking at the asset for purchase.
Here are some elements to apply to a feedback cycle for your client with your following listing.
- Regular updates throughout the week from any inspections
- Detailed inspection reports from qualified and genuinely interested parties
- Regular telephone conversations at the end of each day throughout the campaign
- Written reports detailing the third-party feedback after the inspection
- Reports giving details of other listings nearby and comparable properties
- Inquiry updates that can apply from the different media channels such as newspapers, the Internet, direct marketing, telephone calls, and brochures.
So a mixture of all of these marketing strategies will be helpful when it comes to marketing your exclusive listings and moving those exclusive listings to a positive outcome.
The message here is that you can qualify all offers, get any sensible offer in writing in contract form, and then supply that information to the client who has been fully briefed through the campaign up to that point.
An informed client is a client that will be open and receptive to a negotiation when the time comes.
You could say that this strategy or approach would apply between any top agent and their clients with exclusive listings. Therefore, control your clients, the feedback, and the negotiations.