Unlocking the Potential: A Guide to Conducting Investment Property Tours
Every commercial, industrial, or retail investment property will have differences and enhancements worth describing and displaying during a property inspection. This suggests that every agent should carefully consider the strengths and weaknesses of each investment property before conducting an inspection tour with prospective buyers.
Once you’ve identified a potential buyer for the property, it’s time to prepare for the inspection. Take the lead in establishing critical facts about the buyer and their needs. This includes understanding their background, preferences, and timeline.
Use this information to shape your approach to the inspection, guiding the buyer through the property and highlighting its unique features.
Agents Join Us Here
Let us give you more real estate ideas and solutions
If you are an agent or broker in commercial real estate, we would love to share our ideas and strategies to help your sales, leasing, and property management activity. Check it out.
What is Your strategy?
When listing a property, consider how you would inspect it in detail to ensure that all relevant issues are displayed to the inspecting party. Of course, this takes preparation and is a strategic approach to marketing and inspection.
Top agents always prepare their inspection strategies for any property listing and create a list of features and facts that will be displayed in the inspection.
Here are some ideas to help you plan and conduct your property inspections with your quality listings.
1. Inspection Planning and Preparation
Each property is unique, and these distinctions can be leveraged to enhance your inspection and drive favourable negotiation outcomes.
Conducting a comprehensive SWOT analysis before listing a property is a valuable step, as it equips you with a deep understanding of the market and your target audience.
Pre-research the property and the market to identify key selling points and anticipate potential buyer questions. For complex properties, create an itinerary to guide your tour and ensure you cover all important aspects.
2. Matching the Investors requirements
If you are selling an investment property, think about the facts of the property that would encourage or enhance your listing marketing campaign. Have those facts available to use as you walk through the property.
Generally, those facts will include rental, tenancy mix, lease documentation, highest and best use, vacancy factors, and the supply and demand of properties in the location. Those factors are easy to track and discuss if you specialise in a property type.
3. Using documentation and information
Having your documentation ready and taking it to you as part of the inspection process is wise. If you have done a complete due diligence process in listing the property and a detailed client (seller) interview, you should be ready to create proper documentation for the inspection.
That would include maps of the location and precinct, a list of comparable property listings and sales, plans of the property, a complete information memorandum for the listing, the history of the property, photographs (drone and still), the income streams, financial data, and a detailed list of leases and tenants.
Anticipate the questions as they will come as part of the inspection process. Indeed, it would be best to encourage questions and discussions from all inspecting parties.
4. Optimising Property Presentation
Given the property’s size, type, and complexity, do all parts of the property present well? That question is essential because if any negatives can be seen or experienced as people walk around with you, your response to those issues will need to be planned and ready to use.
Let’s face it: some property owners don’t want to spend money on their investment property; they would instead collect the rent and have the tenants upgrade the occupied space. If you are selling a property like that, be prepared for the questions and the answers from the buyers that will be needed.
Check off the property yourself
As part of any property inspection walk-through, go through the property yourself a few days before the real estate marketing campaign starts, and as you do that, take plenty of photographs. When you get back to your office, look through the photos and decide if the property presents well and is clean and ready for your inspection processes.
