When a commercial property is to be taken to the market for sale there are 3 alternatives available to the property owner:Market and sell the property themselves without an agent involved
Market and sell the property using a specialised commercial real estate agent
Market and sell the property using multiple real estate agents on an open agency basisNow most owners would like to save marketing money and commission so it is tempting for them to sell the property themselves (or think they can). This will cut out any involvement of real estate agents and in theory saves on commission and possibly gives lower advertising costs to the property owner. If the owner finds a purchaser then the owner’s solicitor will do the contract of sale.Whether the property owner likes paying commission or not, the experienced commercial real estate agent will always bring high value expertise and market knowledge to the property sale process. Those two elements can help with the price obtained and the time on market.The single agent chosen to market the property should have a solid record with the following:History in the area as a successful agent in sales and leasing
Good staff that are experienced in the type of property
High level negotiation and documentation skills
Awareness of prices that have been obtained recently
Clear understandings of the target market for the property
Ability to tap into prospects immediately before local media marketing commences
A clear marketing method and strategy that taps into the target market
A database that reflects current local property enquiry and provides an efficient way to communicate selectively into the database the details of the current property
Complete awareness of other local property with which the subject property will compete
Internet and email technology that will support the marketing process for the property
Copywriting and word smithing skills that stand above the competition in drafting adverts and promotional material
Communication processes that keep the property owner up to date during the campaign
Methods of sale that match the property and the marketA property owner simply does not have this capability outlined in the list; a good real estate agent does. When all of these elements above are fully utilised in property marketing, a property can sell quickly and at the best price given the prevailing market conditions. That is worth much more than any saving a property owner thinks they can achieve by selling the property themselves.With regard to the owner that thinks that multiple agents (on a conjunction or open list basis) will sell the property faster, think again. When you list a property to sell in this way it is simply a disaster waiting to happen. Buyers are not attracted to property that is open listed, and agents do not promote the property with focus and strategy. The sale if it happens in this way is a product of luck more than intention. Property owners should do justice to themselves and their property at the time of sale; choose the best agent with the best track record.