When you as a real estate agent list commercial or retail property, it is important to capture all the critical factors that have an impact on the existence and function of the property. Given that each and every property by very nature can be complex, you have a few challenges to go through to ask the right questions and explore. When a property is listed well, it makes the property easier to market and sell or lease (as the case may be).
So what can you do to make the listing process easier and more accurate? The simple answer is to make a checklist for each property type.
Each time you use the checklist you can make improvements to it and add critical factors relative to a property type. The listing process for each property thereby gets simpler, and you as the agent show a high degree or thoroughness in processing the listing and asking the right questions.
As you would expect, the property types of office, industrial, and retail, will all be different. The improvements and functions of each property are unique and should be handled appropriately to identify the elements that a buyer or tenant to the property would find important. To help here, every property can be broken down into a number of central topics. Here are some of the main ones:
- Improvements in the property –these will be associated with the occupancy, design, and usage of the property. The improvements will have attraction to a particular target market and it is your job to identify the market. In reviewing the improvements of the property it will also be necessary to look at matters relating to structure, access, and property usage. Importantly the property has to be compliant with the required building codes and safety codes. Ask the property owner to give you details regards any outstanding occupancy notices or orders that have not yet been satisfied.
- Legal details associated with ownership and title –these are the items that impact the property ownership on the title, and the structure of the ownership identity. In this case you should always search the title for a property before completing the listing. It is also necessary to check out any encumbrances or easements that may have an impact on the property function or the boundaries; get details and copies of the relative documentation as any buyer or tenant to the property will require information before making a purchase or tenancy decision. The local municipal council should also be consulted regards orders and notices that may apply to the property itself.
- Zoning and property usage –the local council will apply property or zoning limitations and usage factors. This will be part of the normal planning regulations for the property precinct. Get a copy of the local development plan and the regulations that apply to the particular property listed.
- Matters of the environment and heritage –today we find an ever increasing awareness of heritage and environmental matters. They create limitation and restrictions on the function of commercial property. As part of the listing process, every property should be checked out for any environmental or heritage orders and notices.
- Energy consumption –the energy supplied to and consumed by the occupants of a building will form part of the occupancy costs and have an impact on the net income. Importantly each and every property should comply with economical energy consumption rules and regulations in the local area and precinct. A building with high energy consumption and energy inefficiencies will have limited interest to tenants and buyers.
- Financial aspects –in every property there are financial aspects to be reviewed and considered. Most particularly they are the matters of income generation, expenditure and outgoings costs, and the net income. As part of the listing process, take time to review these numbers and check the accuracy. Any discrepancies should be identified and qualified prior to any Property Marketing campaigns.
Given the above matters, every commercial or retail property listing is a complex process and issue. Capturing the complete detail at the time of listing will assist the marketing and inspection process for the real estate agent. In simple terms this makes the property negotiation much easier and avoids any unknown questions or problems the buyer or tenant could raise in the negotiation stages of the property transaction.
If you need help with issues of commercial property listing then you can get free tips and ideas at our main website http://www.commercial-realestate-training.com/
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