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Questions for Owners

Owning a commercial class real estate asset can be a great investment and source of cash flow. Whether you are working to build your asset or to maintain its current position, the job can be difficult and tricky. Below are some questions building owners should ask themselves before taking their asset to market. As always, the professionals at Colliers can help answer these questions and help guide you through the process to help your asset reach its full potential.

What can I do to make my property more marketable? Should I modify the existing interiors / exteriors? Should I take the space back to "shell"? How does my property compare to my competition?

How do I determine my asking rate? Do I know all the true comparables? Do I know what has leased in my size range this year and why? Do I know my primary and secondary competition? Should I hold out for a better deal?

Do I see all the prospective users for my property? If not, why not? Do I know why I am not making any of the deals? Does my broker explain that to me?

Have I completed a sell vs. lease analysis of my property? Do I know how long properties of my type remain vacant in this market? Should I sell?

Are the odds of leasing or selling my property increasing or decreasing?

Do I know how many users are in the market for my size of property?

Do I need a broker? Do I have the right broker? How do I calculate their fees? Why do I pay for a tenant's agent? What is meant by "full commission" to the tenant's agent?

Is it important my broker be employed by a major firm? Does the firm have a strong marketshare of the R&D listings? Is that important?

Do I know if my broker has a track record of successfully marketing my type of properties? Do I know the key elements of my brokers marketing plan? Does my broker make cold calls on my behalf?

Does my broker report back to me regarding his progress on a regular basis? Does my broker suggest changes and improvements to the marketing plan?

Does my broker have good references? Have I checked those references?

Does my broker work alone or as a member of a team? Is a team approach important? If so, why?

What is my objective for my property? Have I effectively communicated that to my broker?

What do I do if I don't have the answers to these questions and is it important to me to know the answers?

Does my building meet ADA and current codes?

What are the key elements of the lease document I need to be concerned with?

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