10 Questions to ask your prospective Broker when selling your property
Are you in search of a broker to sell or lease your commercial property? Like any business relationship, there are certain in-roads that one should take before signing on the dotted line.
Galetti has taken the guesswork out of the equation. Here’s a list of 10 questions to ask before partnering with a broker:
1 | Do our values align?
While this might sound trivial, partnering with a like-minded broker who understands the end goal, buys into your business, and can help realise your investment is crucial. Ask the business what their values are and how they live them.
2 | What is your track record like?
There is no shame in asking for references and information on previous sales (of a similar nature) to ensure that you are in good hands. Time in the business means an extensive networks of buyers and information that will be a necessity when concluding a deal.
3 | Describe your marketing strategy.
A good broker understands the importance of a customised, carefully planned marketing strategy to assist in the sale of your large-scale property. Some even have a dedicated marketing team on-hand to assist!
4 | Show me the data
Historically people used companies like Lightstone to get ownership information on properties, but we are aware that there is a need for a strong CRM and geolocation system to categorise data. In the past, this was a ‘nice to have', now it’s non-negotiable. How will you target buyers for this property?
5 | How big is your database?
A good broker would have spent years building up, updating, and refining their databases. They know who is looking for property in your area and have established relationships.
6 | Do you have the time?
A good broker prioritises each client and provides a bespoke service approach. Ask how many mandates the broker is currently working on. Too many doesn’t necessarily mean that they don’t have the time it means that they are very active in the market.
7 | What are our options?
There shouldn’t be a ‘one size fits all’ approach to selling your asset. New-generation brokers can offer online auctioning as well as a curated sealed bid process or private treaty depending on the level of confidentiality and demand for the property.
8 | Legalities and T’s and C’s
One of the most important things to do is to carefully comb through the mandate prior to signing up with the broker.
9 | Tell me more
Ask the broker to take you through the entire process – from signing on as a client to concluding the sale. You can also ask for projected timelines.
10 | Recommendations
A good broker may have constructive ideas to help improve your property. These may even increase the likelihood of selling or leasing and can help to increase the value of the property.
Want a good broker? Contact our team to get an edge in the market.