Investment property market intelligence is the foundation of your success in converting commercial real estate listings and then ultimately closing investment property sales and lease agreements. Property owners and landlords like to see a degree of competency in knowledge and market awareness in the agents and brokers they work with. This market intelligence can become your point of differentiation as an agent or broker.
Your focus should be on providing customer tools and tactics that they can use to shorten the sale or lease process.
So how do you start capturing key market intelligence?
When searching for and creating your sources of information on commercial property for value, rental or appraisal purposes, you need to know that the sources of your information are accurate and reliable. It is also advisable to regularly collect market intelligence from a diverse selection of sources and compare the information.
Collating the information in a spreadsheet is easy and recommended. Historical information can be properly archived and accessed as needed. Many agents use this information as a point of influence with clients and prospects.
Typically, your sources of information on commercial investment properties will be:
- Title records refer to ownership of property.
- Council records for the property itself along with the compound
- Urban plans for property zoning
- Road plans and road configurations
- Lease documents, including registered and unregistered documents
- Other property holding hours
- Information from investigating parties in other proprietary campaigns collected
- Topographic plans of the property and the enclosure
- Other real estate agents active in commercial properties locally
- Active appraisers on commercial properties locally
- Business brokers who are active in commercial properties locally.
- Area sales listings including properties being marketed, time on market and sales results achieved
- Area rental listings, including property being marketed, time on market, and actual rental rates achieved
- Supply and demand of space to lease or occupy at the local level
- New developments planned, approved or underway
- Reached historic sales and lease agreements in the area, including price per square foot and rent per square meter analysis.
- Outgoing costs by property type and location
- Architects and engineers who know properties locally
- Property-related professionals, such as lawyers and accountants.
- Your own sales records from past history and market intelligence
- Lease schedules for other properties that have been vetted for accuracy
- Other property owners on the premises
- Other tenants on the premises
- Other businesses on the premises
From these sources of information above, the data you collect will give you a powerful advantage in the commercial real estate market. Homeowners and tenants in the commercial real estate market always place great value on information that gives them an advantage. Can you help with this process?