In commercial real estate brokerage, the process of inspection of a property must be well controlled and planned. As a general rule, you should never take a buyer or tenant to a property until you completely understand the goods yourself.
A potential buyer to a property will have a lot of questions during an inspection. The size and nature of the property will expand and climb the questioning process. If in doubt, and if the required information is currently unavailable, look for more time before providing the reply to the buyer.
There have been many examples from which brokers and agents have misplays the questions that they are the subject of a future legal dispute and a complaint between the buyer and the owner. The golden rule is therefore that information relating to a list or property should only be provided if it is correct and accurate. On this basis, you must prepare for an inspection of the property well before taking someone as part of a presentation or inspection.
Here are some rules to help you with the process of inspection of the property:
Qualify the person exhaustively before taking them in one of your ads. Also understand whether they have examined other properties locally with other brokers and agents. Look for conflict or pressure situations that may occur other brokers and agents with this person.
Understand how they have localized you and the particular property they are trying to inspect. This information will be useful for assessing the effectiveness of marketing today with all your ads. The information will also help you understand how to respond with information about property, prices and location factors.
The nature of the commercial property varies considerably from an office to the retail industry. Sometimes you will deal with many complexities of the tenant mix, rental documentation, property income, improvements and the use of the property. All these things should have been verified as part of the list process. If weaknesses exist with the property, they will be identified by the Buyer as part of the due diligence process. Seeking to solve any weaknesses in the property before start marketing. You do not need unnecessary obstacles and obstacles as part of the promotion and marketing of the list.
At the time of the repertoire, take the customer via the property to explain your priorities and focus points related to future inspections. You can also establish a logical inspection process that properly involves the property and positively. With more important properties, this can be a very big strategic problem that will have a major impact on negotiations and inspections.
If the property needs to be promoted as an investment based on cash flow with the rental mix, you will need to go through the rental documentation, income and rental profiles, as well as the current use of the property. In many ways, leases will have an influence on the upcoming selling. Make sure you understand these leases and the benefits or weaknesses they bring to the marketing process.
Look for all risks and liabilities that may apply for property, ownership and occupancy. Ask questions about the owner as part of this process. Take notes to make sure that you have the factors needed to record if disputes occur in the future. Many owners will easily forget what was said earlier at the time of the list.
As you can see, there are many essential things to consider in the process of promoting the property. The preparation is the key to an inspection and a successful transaction of commercial real estate.