When it comes to you as a commercial agent, selling and leasing commercial or retail property, there are certain things that you must understand so you can comprehensively attract the right type of property enquiry and negotiate effectively.
It is hard for clients and prospects to refute the real facts of the market. They will however have a real opinion regard prices and rental. Sometimes there is a real difference between their opinion and the real facts. This is where the professional commercial agent will use market evidence to effectively negotiate and close the listing, sale or lease as the case may be.
Here are some of the most significant facts and evidence that need to be tracked and controlled; when you do this, every listing and negotiation will be far easier for you as the real estate agent.
- Prices achieved and evidence of the local market comparable properties will always be important. The advertised price or rent has nothing to do with the final achieved contract price or lease rental. Real estate agents can generally track down the final terms of the deal through other agents or real estate valuer. Use this evidence in your discussions with your clients.
- Rents achieved in property leases will be variable and contain different elements or components that require analysis. For example the main ones are gross rental, net rental, outgoings, incentives, and rental holidays. Get full evidence of each lease transaction so you are not guessing about the final leases that apply locally.
- Other listings in the local area will be marketed at a price or rental. As part of that process, you should inspect these comparable properties to understand just how relevant they are to your listings. Get details of the asking rentals and the asking prices. Compare them to your property. Identify the best value and adjust your prices and rents if appropriate.
- Time on Market will always vary from location to location, and property type to property type. In some property markets the time on market can be extensive before a suitable contract or lease is achieved. It pays to track the time on market for all the quality properties in your local area. As part of that process, you will need to understand the best methods of sale or the best methods of lease that should be used in each case so your time on market factors are not excessive.
- Improvements deemed essential for occupancy should be understood. The buyers and tenants of properties today understand what they are looking for when it comes to commercial or retail property occupation. For a commercial property to be competitive be improvements should be of a suitable standard, type, and design.
- Best marketing methods should always apply to the particular property type available for sale or lease. There is no point marketing a property in a way which will not attract the right levels of enquiry. This is where the local agent can provide real value to the property owner with expert opinion on the marketing methods to be used.
- The best inspection processes should always apply when taking a property buyer or tenant through the building. Each property will have a special way to approach the inspection process. The features of the building and the property should be identified and incorporated into the property inspection.
- The best method of sale should be chosen relative to the property type and the prevailing market conditions. The local agent should understand the best way to promote the property and take it through the sale system.
- The best method of lease will apply to the commercial or retail property based on the property improvements and the overall configuration of the fitout and the floor plan. These factors will dictate the ideal tenants to occupy the premises.
- Services and amenities will apply for each and every improved property type. Importantly these services and amenities should satisfy the demands of a modern business. Ask questions about the electricity, telecommunications, water, gas, internet, the main roads, and property access.
When you really know your local property market, you can really negotiate well and bring your contracts and leases to a close more easily. You can get some more tips for commercial realtors and agents at our website http://www.commercial-realestate-training.com/