Commercial Real Estate Agents – Property Inspection Rules You Must Set

boardroom in commercial office
Undertand the commercial property and how to inspect it.

When it comes to listing commercial and retail property today the listing process is perhaps one of the most important things that will have an impact across your entire marketing campaign and property negotiation.  As a commercial real estate agent it is a matter of gathering all the correct information, and preparing the client for the upcoming inspection process, marketing effort, and negotiation.

Here are some listing strategies that can be adopted in your commercial real estate agency:

  1. From the outset, it is important that you understand the client and their current motivations.  There will be reasons behind their actions in marketing a property today.  Those reasons will impact the pricing, the marketing, and the eventual negotiation.  It may be that they have certain challenges relating to property ownership that need to be satisfied.  Discharging a debt could be part of that process.  Ask the right questions and get to the real facts.
  2. Comprehensively inspect the property so that you really understand the target market that will be relevant to the marketing campaign.  Review all of the improvements within the property, the layout of the property, services and amenities, the precinct, and the property zoning.  All of these things will align to some form of strategy when it comes to property promotion.
  3. The prevailing market conditions should be assessed relative to the property type and location.  You need to know exactly how much enquiry is coming in for a property of that particular nature.  When it comes to people making property enquiry today, what are those people looking for when it comes to property purchase or property occupancy?
  4. Check out all of the other properties locally that could be competing with your listing.  The assessment should include improvements, time on market, pricing, services and amenities, agency marketing strategy, and client motivation.  Some of those listings will give you hints as to what works and what doesn’t in today’s property market.

As a priority, your listings today should be on an exclusive basis wherever possible.  That exclusive listing process should include vendor paid marketing funds.  In only this way can you comprehensively connect with the buyers or tenants in the local area.

An exclusive listing with a satisfactory marketing campaign will always shorten the time on market.  In most cases, that is what the client will require.  Show them the advantages and the differences between open listing and exclusive listing.  In many respects, it is not unusual for some top agents to walk away from open listings.  Open listings are generally a waste of time unless you know that the property is well positioned for potential enquiry within your database.

Author: John Highman

Commercial Real Estate Broker, Coach, Speaker, Author, Broadcaster.