Give an exclusive right to sell the attention it deserves

A client has given you a search assignment to look for investment property. Their criteria are specific as to property type, cap rate, occupancy, cash-on-cash return and location. Armed with this information you earnestly begin your search, however, your enthusiasm starts to diminish as you scour the various listing services. The properties listed do not provide the necessary information your client needs. Now you must start the arduous task of trying to contact the listing agent. You hope they can be reached immediately, however; if you don't, you hope they will call you back in a timely fashion. When you do speak with them, you hope they have the information you require, however, you may hear "I'll have to get back to you on that." Exclusive right to sell listings (exclusive listings) gives a broker the exclusive right to sell or lease a particular property. Regardless of who purchases or leases the property or how the transaction comes about, the listing agent is entitled to a commission. Property owners sign exclusive listing agreements because they have the confidence in the real estate firm and/or agent they engage. They expect the agent to market the property in a professional manner, provide pertinent information to all interested parties and to be accessible. Real estate professionals owe it to their clients to make every effort to sell or lease their property. Posting the property in the Multiple Listing Service (MLS), LoopNet and other listing services is essential. The listing should include a description of the property, current occupancy, status of current mortgage, up-to-date financial information, key ratios, true taxes and most important photographs. When you meet with your client to discuss an exclusive listing agreement, bring along examples of marketing collateral your firm has created, print out some of your MLS or LoopNet listings, ask questions and get feedback. Inform them that you will provide financial information within the listing or ask if they would prefer a signed confidentiality agreement before financial information is released. Now is the time to impress your client, show them you truly are a professional and give them the confidence that they selected the right individual to represent them. As real estate professionals, we are bound by a code of ethics and standards of practice. Our primary obligation is to our client, providing them highest quality of service and demonstrating that we have their best interests in mind. If we provide accurate and comprehensive information when we market a client's property we begin to fulfill this obligation. Remember, exclusive listings are great to have, however;providing a level of service that exceeds your client's expectations is the real challenge after the ink on the agreement dries. If you require more information on selling, purchasing or leasing commercial property, contact a real estate professional. Gregory Oehler, MBA, is a branch leader of Hunt Commercial Real Estate, Rochester, N.Y.