A client recently voiced disappointment that I had not introduced a particular party to his property. This party was made aware of the property by the previous occupant and approached the owner directly. We had represented to this owner that if I or one of my colleagues were working with someone whose needs aligned with the space we would present the property. I obviously had not properly communicated however what we would not do without an executed listing agreement in place.
Cold or warm calls
I explained to this client that ICR Commercial Real Estate has a large share of the Saskatchewan marketplace. With our Agents in both Saskatoon and Regina, we collectively speak to many prospective tenants and purchasers in a day but we simply cannot not touch everyone without engaging the many other tools of our trade.
Outside brokers
A listing agreement provides a written promise by the Vendor or Landlord that they will refer any interest from prospects back to the Broker. They just have no way of knowing for sure who originally introduced the property to the prospective Tenant or Purchaser.
It would therefore not make good business sense for anyone at ICR to promote a space to another brokerage firm without first having a signed listing in place.
Advertising
The Brokers Act places limits on our ability to advertise commercial real estate in Saskatchewan. It is very clear that we require written authority (wording which is typically found within a brokerage listing agreement) before we can place an ad in any media source.
Website and social media promo
We have many tools at our disposal to provide maximum market exposure. Although newspapers are still used to a certain degree, greater market penetration can now be achieved through postings on various websites and social media accounts appropriate for our business such as Twitter and LinkedIn.
Targeted email campaigns can also be highly successful. Once again however, we are unable to extend these services until the listing is signed.
I’ve provided only some of the key benefits of committing to contract a commercial real estate broker. In some cases it may make sense to try it on your own for a period of time. If however you are motivated to get the job done, why not pull the professional guns… why not give us a call?
Posted by Barry Stuart
