The Real Estate Expert: Organizational Hat

Continuing my series about the different attributes of a commercial real estate agent, I want to talk about the organizational aspects of a transaction. If you remember, a few weeks ago, I told you about the marketing mind of an agent. We discussed the standard of care (if you will) and additional marketing features that might help promote certain properties.

This posts is about orchestrating a transaction. Notice that I used the word orchestrate instead of organize since looking at most realtor's desk the last word that comes to mind is organized. I used the word orchestrate because at some point the agent has procured a transaction to be placed under contract or under review (lease). At that time it is very important that the agent place himself or herself as the hub of information flow. During the contract and due diligence phase of a transaction, many new professionals enter into the picture. Those include architects, lawyers, title underwriters, surveyors, contractors, and bankers to name a few. All of which are vital to the closing of a successful transaction.

During this time of fulfilling obligations set forth in the contract and testing certain properties of the site, organization is key. The agent must be knowledgeable and equipped to gather and distribute information in a timely manner to the right people. The agent is also expected to understand what is required to satisfy the contract and reach the closing table without unnecessary delay.

In addition to the normal package of items required to close that are pretty much consistant in most transactions, some deals have unique or unusual items. For instance, investment properties require subordination agreements and estopples from tenants, or new construction needs certificate of occupancy before a tenant can move in.

In summary, it is critical to be organized during the contract phase of a transaction. I timely and satisfied contract makes it MUCH easier to reach the closing table with a win/win attitude from all parties involved.