A client recently voiced disappointment that I hadn’t 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 that we would present the property. I obviously hadn’t properly communicated, however, what we wouldn’t 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 Saskatoon and Regina, we collectively speak to many prospective tenants and purchasers in a day. But we simply can’t touch everyone without engaging the many other tools of our trade.
A listing agreement provides a written promise by the vendor or landlord that it 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.
The Brokers Act places limits on our ability to advertise commercial real estate in Saskatchewan. It’s 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 promotion
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’re 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’re motivated to get the job done, why not give us a call?