When it comes to you as the commercial property agent listing property, you have to be quite selective regards the listed property type and the clients that you work for. It is no secret that the property market today is more selective and difficult.
The deals take longer to put together. On that basis you need to be the top performing agent using all the right skills in your local area.
Here are what I consider are the top five listing tips that should apply to commercial and retail property today:
- When you find a potential property to be listed, meet the owner on site and walk through the property to discuss the owners thoughts and targets. It is quite important that the owner is fully briefed regards their property in the local area and how the property market is trending. It is likely that you will need some comprehensive compatible sale and rental information to support your discussions. If you find that the property owner is unrealistic, then it is probably appropriate to walk away from the listing. Your time in this property market is precious; there is no point wasting your time on overpriced unrealistic properties.
- Look into the history of the property through the title searches and the records of the local council office. As part of that process, include a review of the local planning regulations and development plan. All of this information will help you understand the legalities of the property and the way it is currently used. If any questions arise from this documentation, then it is appropriate to get subsequent information such as copies of encumbrances, rights of way, liens, and other interests.
- The supply and demand for property locally should be understood. As the local property agent you will know something of this given the levels of enquiry that come to your office. There will however be other factors stemming from newly approved developments or developments that currently on the drawing board. The availability of vacant land in the area together with property suitable for redevelopment will also have some impact on this process. You can get a lot of information from the local planning authorities regards trends in the region.
- If the property is rented to a tenant, then seek copy of the lease documentation for review as part of the property inspection. Every lease should be regarded as separate and unique. The terms and conditions of every lease can be specific to the single tenant and very different to other tenants in the same property. On this basis you really do need to understand the leases before you attempt to put a price on the property or recommend a method of sale.
- To achieve a successful sale or lease, the owner of the property is a significant part of the equation. You have to feel and believe from the outset that you have their honest cooperation in the process. Clients that will not accept the trends of the local market or take your recommendations on board are usually the clients that you do not need. The marketing of any commercial property today should include an element of vendor paid advertising. As to what amount you need is subject to the property and the location, however the principle applies and money should be sought and taken from the vendor prior to any marketing campaign commencing.
These five factors will allow you to prepare for the listing, promotion, and marketing process with selected commercial and retail properties. Your preparation and enquiry will always make the listing process more effective.