Inspection of commercial real estate for sale as a mediator, it is essential that the owners put a lot of questions before the listing is signed. The focus should be to major issues around the property and that the price and understand the impact on the target market. Those may include the following:
Title and ownership of the property
Energy consumption and Reviews
Environmental benefits and threats
Heritage and Native Titlematters
Occupation arrangements and leases for the property
Permitted uses for the property and zoning related to the location
History of the property financially both in income and expenditure
Nature of the improvements on the property and the functionality
Occupancy areas and boundary surveys
Plant and machinery ownership
Car park capability and usage
Air conditioning functionality and availability
Services and amenities that serve the property
Usage of the property today and previous history
Precinct and neighbourhood factors that impact the property today
Legal matters outstanding or ongoing
Notices and orders over the property that are current or yet to be discharged
Access points and roads to the property
Redevelopment opportunities and any planning approvals
Tenant business detail and future rent reviews and options
Comparable properties in the area
Details of any previous or current marketing campaigns relative to the property
These critical points give you a base from which to price the property. Ideally full disclosure by the landlord or owner of the property should always be encouraged and then documented. It is surprising how your notes of landlord comments and meetings will be of great value in any later disputes or negotiations.
The price of a property today is a balance of current performance, future use, and income potential. Astute purchasers of commercial property will do an extensive due diligence process before property settlement. To prevent problems the real estate agent has to fully check the property detail before marketing commences so the property promotion, negotiation, and settlement is not compromised.
In many ways the commercial property promotion is built around the target market. All adverts, brochures, internet marketing, and direct mail should be focused on that target market, their needs, their thinking and their timing.
So the right way to inspect a commercial property today is with an eye for problems, performance, and location. Record keeping and a checklist similar to the above will help you hone in on the key factors of concern before you price the property. Never price a property until you have all the detail to hand.
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Tags: Agents, Commercial, Estate, Inspecting, Property, Setting
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