Selling commercial real estate is a service our LevRose advisors provide to our building owner clients. Before the initial engagement our advisors conduct client and property research, including comparable sales and other relevant information, to ensure they are prepared to market the property to the best of their ability. When putting your commercial property up for sale, here is an overview of what to prepare for.
During the initial engagement, a LevRose advisor will meet with you, the seller, to make sure they have a concrete understanding of what your needs are. This meeting will determine if the advisor needs to compile a detailed proposal outlining the property and its valuation.
Once a verbal approval is given regarding the proposal, a listing agreement is compiled by the advisor and sent to the seller for review and signature. After this step has been completed, the advisor prepares the property for showings and begins implementing a variety of marketing strategies including signs and brochures.
At this part of the process, your LevRose advisor is strategically marketing your property to create as much intrigue as possible. These strategies include cold calling, mailers, signage, e-mail blasts and broker connections. Throughout this time, our LevRose advisors communicate regularly so you are always up to date on the status of your property.
The Purchase Agreement (PSA)
Once a potential buyer makes an offer, the Letter of Intent is drafted by their advisor. If terms are agreed upon, the next step is to compile the Purchase Agreement. The Purchase Agreement is a legally binding contract that both parties must sign. After negotiations are completed and the document has been signed, it is time to move into escrow. This is when you, as the buyer, will need to prepare an earnest deposit and have it delivered to the title company.
During this period, a LevRose advisor will help to facilitate the inspection and any missing aspects of the due diligence. It is also a critical time to stay on top of any deadlines provided by the escrow company or stated in the Purchase Agreement. Once closing documents have been signed and funds have been made available, ownership of the property is then transferred to the buyer.
In 2021 LevRose became the official Phoenix affiliate of TCN Worldwide after joining this international real estate network in 2013. Comprised of independent commercial real estate firms worldwide, this organization serves over 200 markets with integrated real estate solutions. Affiliates of TCN Worldwide receive access to a plethora of global market information including transaction databases, investment listings, connections, and events that encourage further career development. Ranked one of the largest service providers in the commercial real estate industry, their platform was originally created to improve the overall performance of each firm and their brokers.