A sincere and robust relationship between vendor and agent is crucial for a successful sales campaign. Whether having open dialogue regarding price expectations or being guided by an agent on the most appropriate method of sale, this relationship can make or break a transaction. Here are 4 ways which this relationship can affect your sale price.
1. Trust is crucial
Whilst you don’t have to like your commercial real estate agent (mind you, it helps!) you do need to trust them, in 2013 Forbes went as far as saying that trust is the most valuable commodity in business.
An ethical and professional business relationship is built on a foundation of honesty and integrity, without which neither party can be truly effective.
2. Setting expectations
Undoubtedly in strong markets expectations quickly rise alongside (and not always in correlation to) sale prices and clearance rates.
Any respectable agent will ensure a vendor is adequately educated about market conditions and has realistic sale expectations.
If the relationship is strong and built on trust (don’t forget point 1) then a vendor should be guided by their agent and have faith in the accuracy of their advice. In turn, avoid at all costs agents that overstate potential results to gain listings - no one wins in that situation.
3. One size does NOT fit all
Every property, owner and transaction is unique and deserves a bespoke, well considered sales and marketing strategy.
Great agents undeniably learn from past listings and campaigns, however the generic ‘tried and tested’ approach to property transactions rolled out across a variety of asset classes in different locations simply doesn’t work.
Your agent should offer detailed recommendations and strategic advice on optimal positioning and marketing of the asset throughout a campaign, culminating in the ideal method of sale.
4. WHAT you sell impacts HOW you sell
Choosing the most appropriate method of sale for an asset is an art form in itself, and the impact this has on the end result should never be underestimated.
Factors influencing this decision include: supply and demand for similar assets, length and quality of lease covenants, length of lease tail, economic factors of industry likely to purchase and the timeframe in which the transaction should be completed.
Your agent will guide you through their proposed method of sale and explain why they have made this recommendation.
Cushman & Wakefield deliver a fresh approach to the commercial real estate and are committed to achieving the best result for clients’ properties by taking an entrepreneurial approach to each and every transaction.
To discuss your commercial property needs contact one of our team today.