Getting the right the landmark condo market intelligence will help you come across and sell commercial property in any market. Your individuals and your prospects will expect you to know exactly what's going on out there in the marketplace. The more you know and can talk about will give you the particular edge in any negotiation to sell a commercial property. Conceivably this is the most important edge when you consider and compete against the stock offerings of various agents tendering or quoting for the same residence.
So let's look at what the market intelligence needs to be. Whilst you gather your market intelligence for pricing a business oriented property, know or question that the sources of your information are actually accurate and reliable. Many times you will have to support your decision regarding price by reference back to the source of your market details. The market information you use has to be today's prices in the prevailing conditions which are similar to the property you are about to list.
Ordinarily your sources of information will be:
Title records are essential to fully understand that you are dealing with the real owners of the property. Guarantee that there is not an immediate change of ownership going on such as a breakup that could limit the decision facility of the person you are actually talking to. When situations of divorce are underway, the discussion on commercial property becomes protracted and difficult.
Localized Council records are worthwhile to check if any instructions or notice exist on the property at the time of your critique. They can impact the price or the interest of buyers if you market the property for sale.
Town plans will tell you what's happening to the precinct and its future. Looking for zoning transformations or road changes that impact the property is the first of all big issue. Highway changes can affect deliveries, passing swap, access, and many other key property factors. Zoning differences can redirect the way the property could be used in the future. All these can frustrate the property use and limit buyer fascination.
Lease documents will tell you about the cash flow. This is very enjoyable if you are a property investor because you are buying the property for those cash flow and the advantage it brings you.
Survey strategies will tell you about the boundaries, the location of the buildings, as well as size of the property. Another concern will be any encroachments across boundaries. If in doubt get another investigation done.
Other agents active in commercial property should always have some feedback of relevance. Look at the number of signs or symptoms that they have up on properties and assess the time that the properties have been on the market without sale. When times will be tougher, the time on market extends. It is a good measure of buyer sentiment and finance availability in real estate purchase.
Valuers who are active in commercial property will probably tell you a lot about the current situation. They also need advice from you to support other valuations.
Sales listings in the community and their location or proximity to your subject building should be considered. They can delay or detract from your ability to market place a fresh property. Buyers will always look at the fuller advertise to assess comparable properties. The sale prices as a result of those properties will also be relevant.
Properties for Lease in the area and the vacancy factor will tell you about business sentiment and also interest of those businesses to be located in the region or place precinct.
Achieved historic sales and leasing deals in the market will always be of use. Every property is unique and different therefore any specific sale detail from any other property should be backed up along with a review of the property and an inspection of the location.
Designers and engineers are always helpful when you are looking at a home which has physical or structural challenges. Remember also that's not just a building that brings you these problems, as well as the geography and the demographics of the area.
Your own revenues records from past history are always useful. The run data of sales from other agencies should also be accrued where the information is accurate.
Tenancy schedules from other sorts of properties are always handy although they should never possibly be regarded as completely accurate. Many property and leasing administrators make mistakes on the tenancy schedules or do not continue to keep them up to date. When in doubt the only documents you possibly can rely on are the actual leases themselves.
Other owners in your precinct are well worth keeping in contact with. They are always enthusiastic about other property sales and activity. They will also reveal what they know about the market locally.
Other tenants from the precinct are useful points of contact. In the future they may need to have another property location and hence close contact is a intelligent strategy. It is however the awareness of the local area that tenants will share with you and give you the edge in markets intelligence. It is very wise to know all the major tenancies within your town and the decision makers therein.
To lift and step your commercial real estate business forward it is the background current market intelligence that will support your activities and negotiations. If you talk from your experience and complete market awareness, you will have the edge over any landlord and any renter; you have the edge over any property seller plus any property buyer. In simple terms you can convert more enterprise and more commissions.
John Highman is an expert in investment decision real estate strategy and performance. He is a keynote sub and coach that helps property investors, and real estate agents globally to improve their commercial real estate property opportunities and digs up.
John has specialised in major commercial, industrial, as well as retail property for over 30 years. He recognizes what works and what doesn't. He gives you typically the 'good oil' on getting active and achieving outcome.