industrial property checklist book cover

In industrial property agency sales and leasing, the prospecting process can be quite specific.  In the main, you are connecting with business owners and property investors with a basic asset that will have elements of understanding and investigation.

You can and should have a checklist that you can use with your industrial property listings.  The checklist process will allow you to not only go deeper in the listing process but to also ask direct and relevant questions as you prepare to take on the property for marketing for sale or lease.

 

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The Career Kick Start Course in Commercial Real Estate by John Highman.

 

 

Industrial Property Listing Checklist

 

Get to understand the industrial property in all its complexity.  Your town or city may have different industrial precincts. Some will be better than others.  Rents and vacancies will change by precinct.

Look at the property from an ‘occupancy’ perspective.  Know the region, the precinct, the street, and the neighbouring properties.  Investigate everything and create your checklist of facts adn questions about the property.  That being said, you do need to know about things such as:

  1. Development costs for an industrial property will vary from location to location based on access to land, services and amenities, plus construction materials.
  2. Land costs for industrial development land will be based on the availability of land.  Get to know what prices have been doing locally over the last few years.
  3. Warehouse design for modern and convenient industrial property use will be specific to the industry and property.  Inspect a property comprehensively to understand the best target market of tenants or buyers that may be suitable for the property.
  4. Rents, lease types, lease terms and lease conditions for industrial situations will change between large, medium, and small industrial property.
  5. Prices and methods of sale for industrial property today should be studied and tracked.  The size and the location of the industrial property will likely have factors that should be considered in pricing and methods of sale.  Try to answer this question.  ‘What method of sale would best suit the property in the current market conditions?’
  6. Transport corridors for goods delivery and despatch.  That will include ports, seaports, airports, railheads, and highways.
  7. Transport costs for typical deliveries and raw materials supply will be special for a particular industry.
  8. Services and amenities for a local industrial property should be checked out including the communications capability such as the internet, data, and telephone capabilities.  A lot of industrial property business today is done remotely and industrial tenants or occupants must be able to tap into the client contact system that helps them make more sales and connect with customers.  Ensure that the services and amenities are clearly matched to an industrial business.  They will include power, water, gas, drainage, roads, and communications.
  9. Raw materials access points for manufacturing industry will be specific to your area and business type.  The mining industry is a case in point.  Understand what an industrial business needs by way of raw material and just how they will get access to it.
  10. Labour access and public transport so you can staff the business with suitably skilled labour force
  11. Car parking for staff and customers will always be essential to business function.  Ask the business or industrial property owner what they need and on what basis it will be accessed (all day parking, or customer short term access)
  12. Access and turnaround requirements for  deliveries and modern transport vehicles
  13. Ratios between office and warehouse layouts.  Typically most industrial property owners do not want to have an ‘office component’ of over 15% as a ratio to the size of the warehouse.  Too much office space will generally make an industrial property harder to lease and or sell.
  14. Hardstand for storage in industrial situations.  This is the storage area that many industrial businesses will require.
  15. Loading and unloading strategies for warehouse design.  This will involve the circulation of vehicles and the time it could take to unload and load deliveries.
  16. Floor loadings in warehouse design will have relevance if they store a lot of goods in the warehouse.
  17. Pallet storage requirements for the industry today.  Understand the methods of industrial goods handling and how a warehouse should be designed for efficient goods handling.

It can be said that industrial property is a unique property type requiring dedicated sales and leasing people.  Those special salespeople should have the industrial property skill to list, market, and negotiate comprehensively, no matter how big the shed or warehouse.

All of the above factors will be part of the skill mix and knowledge of the industrial property agent.

 

You can get the industrial property checklist right here:

industrial property checklist
Industrial Property Listing Checklist