Investment Property – Systems for Property Agents to Follow With Sellers of Commercial Property

When you work in commercial real estate sales or leasing it pays to have a system of handling listing and marketing matters with sellers or owners of property. If you do not control them, they will control you, and that is not the way to market property for sale. Remember that you are the property experts here.From the very beginning it is the element of control that you implement as a real estate agent that can make or break the relationship with the sellers that you deal with. You can and should create a personal communication system to use with your sellers that moves them through the listing and sales process effectively, and comfortably, so that they are informed in every stage of the process. At the end of the day they simply want to sell their property at a fair price given current market conditions; getting there should be a controlled event. They expect you to control them and their sales needs. They do not want to be the subject of a property marketing experiment.Here are some tips on working with sellers of commercial property:
Identify the property pain that they need fixed and the timing of the matter. Every property owner will have a property pain point that they want resolved. The question is whether the property in today’s market can solve that pain.
Find out why they purchased the property. Get them to tell you the selling points that were important to them at the time of purchase.
Ask about any outstanding key issues in the sale process such as orders or notices that will impact sale or be a hurdle to the marketing or negotiating process.
Get them to show you in and through the property and tell you what they think of the features and functions of the building. Their interpretation of the property is always closer to the mark than you think.
Create a marketing proposal that identifies the target market that the property should be focused on, and how you are going to tap into it.
Be very clear about the property ownership structure and the harmony within it. If there are multiple owners in the one property, you do not want disagreements and disputes frustrating the sale or lease.
Tactfully find out about the history of the property, and the relationships with the tenants in the property. It is remarkable how quickly any bad stories from the tenants can escape from the sale process and upset a potential buyer or your well planned marketing.
Speak to the owners and occupiers of nearby properties about the history of the street and any locational issues that impact the property or region. Given that they are in the area every day they will have many more observations than you will.
You could say that this is market intelligence. When you do it well and comprehensively you will tap into the opportunity and the right decisions to take the property forward. That can only mean one thing; a better and faster sale.