Whether you are new in the real estate industry or you have successfully built a track record like the kenmorissteam, this question of how to get commercial real estate listings especially the exclusive right to sell or lease will always come up.
What is An Exclusive Right To Sell Or Lease?
An exclusive Listing (Sell or Lease) is just as it sounds. This is where one real estate broker exclusively lists a property for sale or rent. This is totally opposed to open Listing where the property marketing rights is shared between a property owner and the real estate agent, and the sales commission goes to whoever finds and sells the property first.
Without prior experience in this area of real estate brokerage (Commercial Properties) and solid knowledge of real estate lead generation, it will sometimes look difficult to get listings. This area of real estate brokerage is interesting, and it promises good returns in commission if you get a good grasp of it. This is because you stand the chance of doing repeat business in commercial real estate and less likely in residential real estate.
In this post, therefore, we will be sharing with you our 6 On-Demand Steps On How To Get Commercial Real Estate Listings even though you have never gotten a listing before.
First, let’s begin by reminding you what a commercial realtor does. This is going to be discussed under the following responsibilities:
- Responsibilities to the Property Owner
- Responsibilities to the Buyers
To The Property Owner
#1. Hold And Sell Analysis
A commercial realtor advices property owners on the kind of decision they should take after proper analysis of the market as well as that of the property. This analysis may include: cash flow projections and the internal rate of return.
#2. Asset Management
A commercial realtor manages situations that may arise from the real estate investment. As the asset manager, the commercial realtor must also suggest ways to create more value in the property.
#3. Property Marketing
Either for an outright sale or lease of the owner’s property, a commercial realtor ensures that the property price is maximized. For the outright sale of the property, the realtor finds the best possible buyer for the property.
To The Buyer
#1. Site Selection Advice
As a commercial realtor, you assist the buyer or investors to locate a site that best meets their business needs. The site selection advice may be made based on current government regulations, environmental conditions, down to the financial capacity of the investor or buyer.
#2. Return On Investment Analysis
commercial real estate agents provide investors or buyers with cash flow and return on investment projection analysis. This will help them to make informed decisions about their properties.
Buying Commercial Real Estate Checklist
Please note that the checklist below have been listed for idea’s sake only, and not as legal advice. So, therefore, For a comprehensive commercial real estate checklist, please reach out to The Kenmorristeam
- You will need to obtain the most recent title commitment on the property together with all related documents.
- Obtain the latest Association of Canada Lands Surveyors (ACLS) topographic study for the property and other related documents.
- Get the legal description of the property from the seller.
- Declaration of covenants, conditions, restrictions, reservations and easements for the property.
- Obtain A Copy of existing insurance policies and certificates and any pending claims against the property.
- Be sure there is no pending litigation, if any, affecting the property or owner’s ability to convey the property
For a more comprehensive and up-to-date commercial real estate checklist, contact the kenmorristeam.
On-Demand Steps On How To Get Commercial Real Estate Listings
#1. Scout For FSBO (FOR SALES BY OWNER):
As a commercial realtor, you might need to keep an eye on FSBO notifications. This is actually the most basic means of getting a real commercial property to list on your platform.
Although there is no guarantee that it is going to work out in your first meeting with the property owner, you’ve got to follow up on the property owner.
#2. Check For Expired Listings On Commercial MLS
Multiple listing service (MLS) provides a controlled platform or database for real estate brokers to provide data about properties for sale. With MLS, brokers can see one another’s listings of properties for sale. The singular goal of the MLS is to connect homebuyers to sellers.
An expired MLS listing is one that has been on the market for 6 months to 1 year and did not sell for whatever reason, and ready to be relisted.
#3. Network With Business Owners
Networking is a great avenue to come in contact with property owners who are readily looking for a commercial realtor to list their properties.
Referrals from your clients is also a great way to get more commercial real estate listing deals.
Ensure that you meet or surpass the expectations of your current clients, then ask them to refer you at every slightest opportunities they may have.
While this might seem out-of-fashion, it still works. We do not ask you to knock on every door you see, but only visit buildings close to the ones you currently list. Drop flyers and business cards and introduce yourself. Who knows, they might be contemplating selling the property or maybe they have other properties for sale.
#6. Use The Social Media
The social media reach cannot be sidelined in your bid to get commercial real estate deals. When done well, the social media such as Facebook, Twitter, LinkedIn, Pinterest and others can serve as referral platforms. This is because someone who sees your post, might know another person who has been looking for a commercial realtor to do business with.
Some Current Commercial Real Estate Opportunities To Embrace In 2021.
The covid-19 pandemic left the whole world shut down for months. This had its turn on the real estate industry. For instance, many hotels were shut down due to travel bans. Because of this, many hotel owners are currently out of business and are ready to list their commercial buildings for sale.
Since hotels have a similar structure and set up as residential properties, they will be easy to convert. So go do some drive around to discover which hotel is up for sale by the owner.
Apart from the opportunity mentioned above, another real estate opportunity that you need to study and embrace fast going into 2022 is the Proptech (Property technology).
Obviously, technology is changing everything in every industry, and the real estate industry in not exempted.
Not only is Protech making finding properties a lot easier which is a big plus to you as a realtor, it is helping buyers to acquire more properties which is also a plus to you as a realtor. This is because Protech makes the whole process of finding and buying a property less expensive and fast which were the problems these buyers encountered before now..
So whether you are looking to list your property with a reputable Commercial real estate team in Cochrane, Alberta or simply looking for Cochrane Commercial Properties For Sale, KenmorrisTeam is the go-to team.
We would also love to hear what you think in the comment box below.