Posted on 12 April 2012.
When it comes to inspecting commercial property today, it is critical that you as the agent gather all the information about the property, the precinct, and local property activity. All of these factors can have significant impact on the way in which the subject property is used and or marketed.
In preparation for the property inspection the following information will come in handy:
Get the plans and drawings relating to the improvements as constructed on the property. These plans should give you an idea of the age of the property and the original configuration when first constructed. If the property looks different today, then some alterations have occurred and it is up to you to ensure that the appropriate construction and building approvals were obtained. Marketing a property that is not legally approved for the configuration or usage currently can lead to significant problems in the sale and settlement process. The due diligence process undertaken by a property buyer prior to settlement will usually find any discrepancies in construction approvals. The local building authority or planning approvals board would have given their consent to any legal changes to the property. The property owner may have some knowledge here, but always make your own enquiries at the planning office in addition to what the owner tells you.
The title to the property will give you some idea as to where the boundaries are located. Ask the property owner about the property boundaries and any potential encroachments that may exist. If you have any doubts regards property boundaries, it is best to get a property surveyor to re-peg the boundary points. As part of the process you can also speak to the adjoining property owners to get some feedback on the local area and any relationship problems between properties across the boundaries.
The services and amenities to the property will be important to property purchasers and tenants. In many cases you can identify the services that are supplied to the property quite easily although further detail and information may be required; this is the case with energy capability and supply from the power grid within the street. This is quite relevant to industrial type tenants or building occupiers that need greater levels of energy for manufacturing. Continue Reading
Posted in Commercial Agents
Posted on 04 April 2012.
In commercial real estate sales and leasing, you get all sorts of people entering the industry thinking that they can make lots of money and commissions. Certainly they can do that although what they think and what they do within their career is really important to the process.
Far too many people start working in the industry thinking that the listings and the deals will come to them simply because they are ‘good at what they do’. Nothing could be further from the truth; rarely do things simply ‘come’ to you. The reality of the situation is that there are many ‘good’ people around the property market place that are just like you. They make some commissions and have some listings to work on, but the process is a bit of a struggle most of the time.
You can change this entire ‘struggle’ process by making your job a ‘hobby’ and living your ‘hobby’ on a daily basis. This simple change in outlook helps you do the extra things that really matter and have to be done every day. Those are the things that the ordinary salesperson just does not get to or avoids.
When you make your job a hobby, these things start to happen for you:
You can build a better base of customers and clients that know you as a real expert in selling and leasing commercial property
Your domination of listings in the local property market is easier for you to achieve
Deals seem to get easier to put together because of a mindset supported by growth and process
Repeat business comes back to you from people that experienced great service and positive outcomes in the deal undertaken
You work longer and harder and yet you do not notice the hours that you put in
In simple terms you start to live in your job and not ‘at your job’. The word ‘job’ is perhaps no longer correct because the activities you do every day are such an easy and pleasurable process. You develop a habit of doing the right things that really matter.
I have never seen a commercial sales person that is highly successful, and who works to another person’s rules and timetable. These great performers are good for one reason only; they control what they do and they take the right action every day. Continue Reading
Posted in Commercial Realtors
Posted on 03 April 2012.
When it comes to your career in commercial property sales and leasing, you can be a great salesperson or an ordinary one. Unfortunately there are lots of ‘ordinary’ ones around that fight over listings and deals with everyone else.
If you cannot stand apart as the best agent in the local area for the property type, then you will have to ‘fight’ for every listing. In many cases the listing will then only come to you if you offer:
Low marketing costs
Discounts in the fees raised
Accept the vendors rent or price
Take the listing on the vendors terms of method of sale or lease
Short listing periods to give them flexibility to move
Open listing alternatives
Conjunction arrangements with other agents
Here is a very important fact for you. The clients that are asking for discounts and those that will base their choice of agent on the discount availability are not the clients that you really need. They are the clients that you cannot really trust and they are the clients that make the whole marketing and inspection process so very hard.
Any negotiations with these clients are from a stage of difficulty and certainly without any commitment to you as the best agent to help them. All of a sudden you have to sell yourself and not just the deal to get the client to listen to you.
So the message here is for you to look out for these clients and decide whether you really want to get involved with them. Why not let another agent take on the difficult client if the terms of the listing are so bizarre?
In this industry you can be one of the following, but you cannot be both:
You can be an order taker, or
You can be an order creator
The difference between these two facts is that the latter is the best way to approach your career in commercial property sales and leasing. Creating your market will give you better choices when it comes to clients and properties. Desperation will not need to be part of your business model. Continue Reading
Posted in Commercial Agents, Commerical Real Estate