Commercial Agents – How to List a Commercial or Retail Property

When listing commercial property today for sale or for lease, it is important that you get all the facts relating to the property and the ownership. Failure to gather all the information can create significant problems later when it comes to negotiating sales and negotiating leases.

The due diligence process that is later applied to the property contract or property lease can easily find discrepancies and errors that can jeopardise the sale or lease. Many a commercial real estate agent has suffered the consequences of misinformation or missing information when working with a property listing.

Always take notes from your discussions with the property owner, ask questions, and always seek third party evidence in writing of any critical items. It is surprising how important this information becomes when difficulties or disputes occur as part of the property marketing and negotiation process.

As another note of importance, the listing of a property by the agent should be formalised with the client legally and correctly. It is surprising how many clients have avoided the payment of commission because they have found a loophole in the listing process. Solicitors working on behalf of clients are well versed in reviewing and investigating the legality of the listing process.

Do not take prospective buyers or tenants to the subject property without a legal listing arrangement or authority being established with the property owner. It is also a wise move to introduce the prospect by name and in writing to the client so that any other agent for the client cannot claim the same prospect for the purposes of obtaining commission or helping the client in avoiding commission.

Here are some important facts to explore as part of the listing process relating to commercial, industrial, or retail property.

  1. First and foremost, the property ownership and the property title detail should be fully investigated and obtained. You need to know that you are dealing with the legally correct and authorised property owner. Get a copy of the property title.
  2. You also need to know exactly where the property is in relation to its boundaries and its constructed improvements. The improvements as constructed on the property should be suitably approved by the local building authority. There should be no outstanding orders or notices that apply to the property or the premises. The occupancy of the tenants within the building should be legally correct.
  3. The property title or the property location could give rise to some encumbrances, rights of way, or other interests on the land. These should always be investigated as they can be frustrations to the marketing, selling, or leasing process. Get copies of the relative documentation and review it before proceeding further.
  4. The property history and the property usage will give you some important information. Ask questions about environmental matters, heritage matters, services and amenities, property operating costs, and tenant mix.
  5. If the property is being taken to the market for sale, you will need copies of the relative lease documentation for all of the tenants within the tenancy mix. All of this documentation is to be reviewed completely and thoroughly to ensure that it is current, enforceable, and not producing any irregularities. Look for leases that are due for a rent review, a lease option, lease expiry, and outgoings reconciliations. Make sure that there are no lease defaults current, and if there are, you will need details of the status of the default and the method of resolve. When in doubt, don’t proceed with the marketing of the property until you understand the impact that the defaulting lease could have on the sale process.
  6. Check out any vacancies as they apply to the property and find out what the property owner is doing about them.
  7. Ask about any current lease negotiations that could impact the sale in timing or price. Buyers for the property can be sensitive to high levels of vacancy.
  8. If the property is to be sold, the net income and the property outgoings will be important to the pricing process and marketing that you adopt. Get all the right detail here.

The listing of commercial property is complex process that can be significantly simplified with checklist documentation that is suitable for the property type.

Establishing Credibility As the Top Commercial Agent Today

There is a lot of difference between being a local commercial real estate agent and being the top commercial real estate agent in your area. The latter requires consistent effort and significant market share. Everyone aspires to the position of being top of their market and that is just fine, however if this is your focus, you really do need a plan to bring it to fruition and reality.

The top agents are really there at the top for one main reason and that is because they have driven their market share consistently. Their client services in commercial property are superior and clients want to deal with them as the top agent because they know that their chances of success are much greater and faster. That being said, the top agent has to consistently list quality property in a way that suits the current levels of enquiry and the prevailing market conditions. The top agent knows what the property market wants.

The best agents also know how to list property correctly and consistently to get the best results. When they take on a listing, they totally believe that the desired results of sale or lease at the price or rent are quite achievable. They then build their marketing process to suit the needs of the client and the prevailing market conditions. It is quite common for the top agent to refuse to take on listings that are incorrectly structured or of low quality.

So what makes a top agent consistently better than the rest? Here are some ideas to help:

  1. They continually prospect into the local area so that they have a growing database of businesses and property investors looking for change or opportunity. They also understand the needs of those particular groups regard timing and property type. They track this opportunity through a personally maintained database.
  2. You will usually find that the top agents list only or in the main, the best properties in the local area. This is because they make choices as to what they will take on and market; they know what works and avoid what doesn’t. They believe that they can bring about the results that the client requires given the prevailing market conditions.
  3. Top agents will have more signs in the local area on quality properties. This gives the perception of market coverage and agency success. The majority of those signboards should be specifically designed for the particular property. Feature signboards always have greater impact when compared to the generic signboards of other agents.
  4. The listing of property on the Internet is a common factor and strategy in marketing. You can improve your chances of enquiry when the adverts are specifically written to the target audience using keywords that search engines prefer. You can also enhance the listings through some premium placement and ranking. This will cost extra money but most top agents have no problem in obtaining vendor paid marketing funds.

Top agents know that they are selling a concept when they pitch for a listing; they are selling the concept that they are the best agent in the area and on that basis they have the tools to help the client.

Are Apps Killing The Traditional Way We Communicate Between Ourselves?

If you ask anyone from the older generations about how the methods of communication have changed, the chances are they could talk for hours about how things aren’t like they used to be.

To be fair to them they may have a point. As we move into a future full of sophisticated gadgets and technological change, it must have an effect on society.

If we take the mobile phone as an example, we can see the rise in its popularity and the way it has developed over the years has led to some drastic changes in the way we lead our lives. Everything a person needs in their day-to-day lives is right there at their fingertips. Who needs an alarm clock landline phone or personal planner when they can be found right there on your mobile phone.

It is no surprise that if this new technology makes our lives that bit easier, then people will strive to make improvements. But we don’t know what the long-term effect this may have on the way we communicate with each other.

Many of the older generation, even if we give them a new smartphone, the chances are they will soon revert back to their old ways because that is what they are used to. Could we see ourselves in a few years time looking back and saying how much the way we communicate has changed? Maybe in ways we have not thought of yet.

Mobile phones have obviously benefited our lives in many ways, from individuals to the entire population. The ease of access to the internet from your phone and the increasing demand for mobile friendly websites has seen a rise in the need for quick and up to date apps to help us. The question is, could these apps be adversely affecting us and we don’t know it?

Go to any social gathering and it seems everyone is using their phone. Everything they need or enjoy is there on their phone, condensed into easy to use applications. Facebook, Twitter and Instagram are all massive social media sites and people are becoming addicted to constantly checking their phones for news or posting updates on what they are doing. This is never more apparent than in a group of friends out socializing.

Again, if we go back a generation, going out with friends meant exactly that. You would be there to enjoy their company. Nowadays it seems we are more interested in seeing who is doing what on social media rather than simply socializing.

Anyone would struggle to find a group of friends who could spend their entire evening talking to one another without being interrupted by someone using their phone or app at some point during the night. The traditional idea of communication between friends in a social situation is being replaced by constantly checking and updating your status. A far cry from living in the moment and enjoying the company of others.

The way we communicate has drastically changed, and not just when people are out and about. Instant messaging is now a massively popular method of communication and with so many different apps out there offering a new take on it, the old-fashioned method of just speaking to a person seems like the relic of a bygone era. Whether it is sending pictures, ‘selfies’ or anything else that your app lets you do, it is getting harder to talk to someone if you don’t have access to all these popular methods.

Could we see a fall in these classic methods of communication? Simply talking to people you know or when meeting new people is not the social norm. Think about when you meet someone; the chances are they will ask you if you are on Facebook or suchlike. Not being a regular user of these social media apps could make you seem out of touch with what is considered normal.

Are we heading towards a world where the simple act of talking to a person face to face is seen as old-fashioned? These new apps may make our lives easier in one way, but we run the risk of changing the idea of what it means to communicate with one another.

Or do you think the old ways were more fun and enjoyable?