Seller Representation
Working exclusively with a Vendor
When a real estate market is as unbalanced as can be seen today, given the large price increases and the large demand from buyers, Seller Representation couldn’t be more important. Understanding what is for sale is equally as important as the negotiations that will take place once there is an interested purchaser. Yes, there is a service fee upon a successful paid out transactions although when prices have increased the way that has occurred there is no room for error and the marketing needs to be spot on to create the most competition possible for the most “desirable” property possible.
Nobody knows where prices will go or can go, but rest assured with the proper marketing and experience, I can comfort you in knowing that no money will be left on the table. There is lots of research and time that goes into every listing prior to making the property public, this assures you that the money offered is serious but also at the highest possible price.
My 7 years of experience in representing commercial clients has always started with the client’s interest above all else, yes the goal is to have a successful transactions although never about the clients interest.
I look at the sales process as a 3 step approach. First is to complete Researching the property that will be offered for sale. Second is to focus my attention on a Marketing Plan and acting on the detailed sales plan and lastly is to negotiate successfully on behalf of my clients interest to either buyer or agent.
Step 1: Research
The primary idea of researching what will be available for sale can be seen as one of the most important processes that is often overlooked. This process typically takes a minimum of 2 weeks, although depending on what is being offered for sale can take months. For instance, a parcel of land within the urban boundary can take longer to determine values when 3rd party officials and City officials are at our mercy. A large part of my initial role in the research step is to determine values by analyzing multiple comparables, having conversations with City officials and various 3rd party contacts and summarizing the findings to my client to discuss the next steps.
I understand that Sellers are all looking for that large unjustifiable offer although typically most buyers will overlook these listings and time will pass to allow for more eyes to determine their own value. Without the proper research and asset class experience, money and or time can be wasted on the sales process. I will always speak out and voice my opinion and recommend the same for my teammate/client as this sales process is only deemed successful once the transaction has been accepted and closed. I can assure you that I have had many happy past and reoccurring clients and my database of potential buyers with direct access to the MLS system will yield remarkable results.
Step 2 : Marketing Plan/Networking
All real estate salespeople can post your property on the MLS however; targeting potential buyers takes something that not all brokerages and salespeople can follow through with. Eric has hundreds of known investors and clients in his database, and focusing on the Multi-residential investment space and Redevelopment opportunity lands, Eric can keep a focused list of buyers who partake in the same asset investments or developments.
Once all the research has been completed a professional brochure will outline all the necessary details with the proper photography and or videography. Together with my experience, my pre-qualified database, Agent lists, MLS* and positive image in the market place I can be assured that your property will be marketed for maximum exposure.
Knowing that investors/buyers are always interested in properties that are officially on sale, I will use my entire marketing platform to attract all types of buyers and not specifically my clients directly as the goal of the sale is to maximize your price, thus exposure is the best and easiest way to attract the most interest.
Step 3: Negotiations
Is everything negotiable? Some buyers and sellers might thing so, although knowing when to start negotiating and when to stop is key to having a successful “win”. This begins with being familiar with the market although the market has been in an oddly fast pace to start a deal and slow pace to close a deal, sometimes 3rd party related although the negotiations can be more complicated on commercial assets with multiple tenants and various leases and assumptions.
With property listings so accessible online, some would be buyers and sellers may think that they don’t see the value in a sales representative as they don’t see the workings on getting the deal to close. A good agent, with market knowledge and negotiation experience makes a large difference in completing a successful transition. Given the size of the asset you will need a trusted party to negotiate on your behalf. However, there is a fine line when “negotiating” and being called a snake, jerk or even worse. I don’t plan to mislead people when negotiating my points or agent commissions or pull out the rug from under a buyer. My reputation is more important than a commission.
