The confident closing of commercial property deals doesn?t depend on dumb luck. There are no ?hail Mary? passes or saved-by-the-bell moments in commercial real estate. When you?re arranging to buy commercial property for a client or sell a commercial property for an owner, your success in closing the deal will have already been set in stone by your willingness to do the necessary amount of due diligence required to ensure everything dovetails to an equitable and timely resolution for all involved.
This involves the completion of Cardinal Real Estate Partners? 221 Point Due Diligence Checklist(TM). Although none of the 221 points are dispensable, one of the most important items in that checklist requires for you to arrange meetings with all of the key stakeholders involved in the sale. The goal here is to create a clear, unambiguous ?success vision? that will serve to build a consensus and iron out all issues that may end up delaying or, in a worst case scenario, derailing negotiations.
Creating this vision is accomplished by establishing key performance indicators (KPIs) and defining clear cut objectives. But simply stating these as a matter of record is often not enough. As a real estate agent, you?ll be in the position of having to ensure that all parties acknowledge their responsibilities and communicate their willingness to adhere to them as a basic condition of the negotiations process.
As a commercial real estate agent, it?s imperative that you not only view yourself as the point man for all negotiations, but that you take ownership of that critical role. Doing so is an essential element of seeing commercial property deals through to a resolution.
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