Benefits of Buyer Representation
UNDERSTANDING AGENT VALUE IN THE PURCHASE PROCESS
1. Your Trusted Real Estate Advisor
Buying a commercial property can be challenging. A trusted real estate advisor can act as your expert guide, negotiating on your behalf and navigating the multitude of disclosures, reports and contracts — helping you avoid costly mistakes.
Leveraging the Sotheby’s International Realty Brand
Sotheby’s International Realty is the globally recognized brand that lends credibility to your offers and elevates your representation. Our success is defined by our deep commitment to our clients. This trust has been built over a legacy of 280 years and counting, with the legendary Sotheby’s auction house representing its clients’ most prized possessions.
Navigating the Purchased Property
Having an experienced professional in your corner offers a competitive advantage when searching for your commercial property. An agent’s broad perspective, experience and market knowledge can provide a stabilizing force through what can be a challenging process.
2. Initial Consultation
The initial meeting is important to understand your buying needs and to develop a strategy to make a successful purchase.
Understanding Your Real Estate Goals
• Purchase timeframes
• Investment and return objectives
• Past experiences with purchasing/investing
• Risk tolerance
• Address any financing needs
Refining Property Search Criteria
• Best location within the city
• Best asset class
• Price range
• Specific requirements and non-negotiables
• Condition of properties
3. Benefits of Exclusive Representation
Our agents form partnerships with our clients, providing ongoing services that famously go beyond the deal. As true advocates, we are accountable from start to finish to ensure that you have the greatest outcome in any transaction.
Specific to a commercial purchase transaction, we generally follow several phases with established process flows to assist our clients through the leasing process, including:
Planning
• Define business drivers of user
• Identify location needs based on labor, existing employees, clients
• Identify type of space best suited for need (manufacturing, research and development, lab, data center, warehouse/distribution, office)
• Identify any special expertise required to execute (i.e. capital markets, site selection, environmental etc.)
• Perform demographic mapping to establish location criteria
Programming
• Determine number of employees for immediate and future needs of user
• Identify job positions and space needs
• Benchmark to best-in-class space use, including square footage per employee
• Evaluate business drivers which may impact occupancy requirements
Budget
• Identify real estate market conditions and range of pricing for areas in consideration
• Identify potential capital required for the project
Schedule
• Determine required occupancy date
• Build schedule with team to meet requirement goals
• Identify critical dates or potential problems in meeting proposed schedule
4. Locating and Viewing Properties
As your advocate, your commercial team will continually follow local market dynamics and are here to guide you in finding the best commercial property that meets your stated goals.
Real Estate Market Information
• High-level market overview highlighting key attributes of areas under consideration
• Long-list survey to identify all potential options within location criteria that meet the requirements
• Short-list best-suited opportunities that meet your needs and arrange tours
• Prepare market survey containing detailed information on each short-listed property, providing information about property, pricing, space available, ownership and amenities
• Identify incentive opportunities and compare/contrast each alternative
Tours
• Arrange tours of the buildings or sites with the project team
• Review tour findings with project team and develop list of options for your consideration
• Complete building or site evaluations for each property under consideration
5. Writing Offers
Once we have found the property that meets your needs, our commercial team will guide you through the process of submitting the appropriate offer and negotiating your preferred terms.
Offer to Purchase
• Customize RFP for each project
• Prepare detailed, non-binding letter of understanding, incorporating all business terms agreed to and outlining key issues that must be addressed and agreed to prior to contract
• Re-draft as necessary until acceptable document is produced and agreed to by both parties
• Present letter as basis for drafting the purchase agreement (to minimize potential deal-breaking issues from arising during drafting)
• Ensure swift turnaround times for agreement review, submission and responses from both parties
Purchase Review Negotiation
• Review and provide redlined comments on all purchase and sale agreement drafts and distribute to team
• Obtain input from team
• Coordinate and submit consolidated purchase and sale agreement comments to the seller
• Coordinate conference calls and/or meetings to discuss and negotiate open issues
• Provide you with concise updates and/or recommendations on unresolved issues
6. Documentation and Closing
Your commercial team will provide you with a closing summary for the transaction, including:
Transaction Documentation
• Prepare purchase summary, highlighting key attributes of purchase for delivery with executable leases if applicable
• Prepare purchase and sale agreement summary, including all economic terms and conditions for your review
• Monitor return of fully executed documents
• Provide a detailed closeout package, including purchase abstract
Nothing compares to what’s next.