Commercial Real Estate - Getting the Deal Across the Line

When the deal is done, it is not always completely done. It takes follow through and follow-up to bring it to settlement or occupancy. In commercial property sales and leasing, many things can delay, distract, or derail the process of settlement or closure on the deal. If you are responsible for the sale or lease in the first place, then you must follow through and be with the client all the way until the deal is totally done.

Do not ever be in the situation where the client rings you up to say the deal is off or that it has problems. Your ignorance of the events will destroy your reputation.

This follow-through mindset requires significant attention to detail and a recording of events and progress. It is well known in the industry that the intervention or involvement of solicitors in the process to final settlement is likely to slow or derail the deal. That can be for the right or wrong reasons, however you need to be there and understand what is going on so that you can respond to events and keep the client fully informed.

Making the deal happen really does involve critical stages:

1. Signing all documentation in a timely and correct way.
2. Giving copy of correspondence and documentation to the relative authorized parties in a timely way.
3. Checking the receipt of all correspondence and documentation with the relative parties.
4. Ensuring that the relative parties involved in the transaction agree with the documentation provided after they have reviewed it.
5. Agreeing with all the relative parties that the deal is moving ahead and on what terms and conditions.
6. Understanding any hurdles or subject to provisions to the deal which remain unsatisfied or questioned.
7. Know who is taking the next step in the deal process and then following them up as appropriate to ensure this next step is done.
8. Develop a mindset of questioning, checking, and qualifying all elements of information that are critical to the momentum of the deal.
9. Communicate to your client regards every step of the transaction and any delay process that is being experienced.
10. When any disagreements occur, document them and then start processing them or negotiating as appropriate.

Making a commercial real estate deal happen is not just about the final agreement and the signing of documentation. It is really about the attention to detail and follow through that is required following the final agreement.

Rarely will a commission in the lease, or sale be easily achieved without any problems. Your ability to follow through and protect the client and your income is fundamental to your success as a real estate agent.