Sales Process Overview

Initial Consultation

  • Broker and prospective seller meet to discuss their objectives, expectations, and any concerns they may have.

  • Review the property details, including its condition, location, and any existing leases or tenant agreements.

Market Analysis

  • Conduct a comprehensive market analysis to determine the property’s value.

  • Compare similar properties in the area, analyzing recent sale prices, lease rates, and market trends.

    • Beck-Reit Broker will create a Listing Proposal Presentation. The property will be given 3 Prices - High, Medium, and Low

Listing Agreement

  • Draft a listing agreement outlining the terms of your representation, including commission rates, listing price, and the duration of the listing.

  • Seller will review and sign the listing agreement.

Marketing Strategy

  • Develop a robust marketing strategy to promote the property to potential buyers.

  • Utilize various marketing channels such as online listings, social media, and networking within the commercial real estate community.

    • Signage on Property

    • Professional Photos

    • Drone Photos

    • Site Plans

    • Zoom Showings

    • Strict vetting of potential showing participants to ensure serious interest and financial ability to complete purchase.

Property Showings

  • Arrange and host property showings for interested buyers.

  • Collect feedback from buyers to potentially adjust the marketing strategy or listing price.

Offer Negotiation

  • Receive and review offers with the seller, discussing the terms and conditions of each.

  • Negotiate with buyers or their agents to agree on a sale price and other key terms.

Due Diligence and Inspection

  • Coordinate with the buyer for any necessary inspections, appraisals, or due diligence activities.

  • Address any issues or concerns that arise from these inspections or reviews.

Contract Preparation

  • Prepare or review the sale contract, ensuring it reflects the agreed terms and protects the seller’s interests.

  • Have all parties sign the contract, moving towards a closing date.

Closing Preparation

  • Work with a title company to ensure all paperwork is in order for the closing.

  • Communicate with the seller and buyer to confirm the date, time, and location of the closing.

Closing

  • Attend the closing with the seller, ensuring all documents are correctly signed and exchanged.

  • Confirm the receipt of funds from the buyer to the seller, completing the sale.

Post-Closing

  • Provide the seller with a complete set of closing documents for their records.

  • Offer additional assistance, if necessary, and thank the seller for their business, perhaps requesting referrals or a testimonial for your services.

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BUYER PROCESS OVERVIEW

PrE-Consultation

  • Buyer meet with lender to review financials and ability to purchase. Determine Budget. Beck-Reit Commercial will send you 3 Commercial Lenders if the Buyer does not have a current banking relationship with Lender.

Initial Consultation

  • Broker and prospective buyer meet to discuss their objectives, expectations, budget, and any concerns.

Signed Buyer Rep Agreement

  • This is the first formal step where the buyer signs a representation agreement with you. It outlines the terms of your engagement, specifying the services you will provide and the commission you'll receive.

Buyer Financial Lender Approval

  • Assist the buyer in obtaining a pre-approval from a financial lender to ascertain their budget. This step is crucial as it sets the financial parameters for the property search.

Identify Property

  • Based on the buyer's criteria and financial capacity, identify suitable commercial properties. This is where your expertise in the East Austin market can provide valuable insights.

Property Research

  • Conduct thorough research on the identified properties to gather all necessary information. This includes zoning, potential land use, and any restrictions that may be in place.

Determine Price Based on Property Research, Comps, Lease Rates, Pro Forma

  • Analyze comparable sales, lease rates, and pro forma financials to arrive at a fair offer price for the property. This step ensures the buyer is making an informed decision based on market realities.

Send Offer

  • Draft and send a formal offer to the seller or seller's agent. This is the beginning of the negotiation process and sets the stage for discussions.

Negotiate Terms

  • Engage in negotiations with the seller to agree on the price and other key terms of the sale. Your negotiating skills are crucial here to ensure the buyer gets favorable terms.

Sign Contract

  • Once terms are agreed upon, prepare and have all parties sign the sales contract. This contract will outline all the terms of the sale, including the closing date.

Apply for Loan and Appraisal

  • Assist the buyer in applying for a mortgage loan and getting the property appraised as required by the lender. This step is crucial for securing the necessary financing.

Due Diligence + Schedule Inspections

  • During the due diligence period, delve deeper into verifying the property’s condition, title, and other critical factors. This step helps to avoid any unforeseen issues later on. Proof all documentation being provided by seller.

  • Schedule necessary inspections of the property to ensure it meets all legal and quality standards. Address and plan for any issues that arise from these inspections.

Follow Through on Contract Terms/Deliverables

  • Ensure that all terms of the contract are met. Dates are tracked carefully. Buyer receives all information from Seller that is a contractual obligation

  • This step is about ensuring that everything is on track for a smooth closing.

Close

  • Schedule Closing, ensuring all documents are correct. Confirm all items required to close are in place - Loan, Property Insurance, 1031 Exchange paperwork, and funds. Leases and maintenance contracts are assigned to the Buyer. Confirm the transfer of funds and the handing over of property keys and property contacts

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