Leasing and Letting (SAMPLE submission) Flashcards
Explain an example of when you have provided marketing/sale strategy to a client.
If we take the example from my case study I worked alongside the marketing agent to develop the marketing strategy which involved a marketing V board, listing on Rightmove and Zoopla, advertising in the agents shop window. Furthermore, I suggested advertising on local property websites as the property hadn’t appealed to the typical buyer of a national auction firm, possibly with a national audience.
Talk me through an example of when you have purchased/sold a commercial property.
- I inspected and measured
- I instructed and reviewed due diligence (Arbo)
- Reviewed local market and spoke to agents of similar sites.
- Recommended sale by private treaty (knowing I could use informal tender to bring negotiations to a close if I decided so)
- Approved marketing particulars
- Set the asking price in line with external valuation
- 2 offers
- I recommended accepting cash offer for quicker sale
- Completed legal enquiries
- Oversaw exchange and completion of sale
Talk me through your long LH disposal at Durham.
- Desktop Inspection
- Reviewed legal due diligence including RoT
- Oversaw tender process
- Selected successful agent
- Approved marketing particulars agreed marketing channels.
- Informal tender - invited bids.
- Proceeded to best and final
- Recommended accepted higher offer.
- Negotiated HoTs
- Progressed deal to completion
How did the lease terms affect value and marketability? (Durham)
The lease terms were generally consummate with a leasehold office property.
Why did you think the property had not sold at auction? (Durham)
I felt the marketing period was not long enough, nor did the property appeal to a national audience
Why did you recommend pursuing informal tender? (Durham)
I believed with a longer, targeted marketing period this would generate a sufficient level of interest in the property to create competitive tension. I felt the office market in Durham for a property in a retail park was quite niche, and may not have appealed to Allsop’s typical buyer.
Who was the likely purchaser? (Durham)
Owner/Occupier
How did you market the property?
Marketing on rightmove/zoopla and the agent’s website. Agent also send a marketing shot out to potential purchasers which they had already established a relationship with. I also recommended marketing on local property websites/blogs (businessdurham.co.uk)
What did you request with bids? (Durham)
Submit their best bid;
- Required date and time of the receipt of the written offer
- Name and address of the applicant’s solicitor
- Confirmation of finance arrangements
- Details of any conditions attached to the offer
- Confirmation that offers of a variable nature will not be considered
- The vendor reserves the right to not accept the highest, or any, offer made.
What key factors affected marketability? (Durham)
Any title restrictions/previous marketing success/lease terms
Talk me through your assessment of bids and selection of a preferred bidder? (Durham)
There was 2 unconditional offers in the best and finals stage, one was £15,000 higher than the other. The higher offer was also a cash offer whereas the lower offer required finance. I recommended accepting the higher cash offer.
How did you respond to legal enquiries - what issues were raised? (Durham)
Legal enquiries were generally made in the form of a CPSE form, this included information on physical condition of the property, asbestos report etc as well at utilities information.
What was the outcome of your disposal?
The property successfully exchanged and completed within my client’s desired timeframe.
What advice did you provide on marketing, quoting terms and sale method? (Kent)
- After gathering comparable evidence I advised on the method of sale, private treaty.
- After analysis of my comparable evidence I advised on quoting price in line with my client’s external valuation as per internal governance.
- I advised on the marketing channels to use for example Rightmove/Zoopla and local property websites/newspapers.
How did you report offers in line with the Purple Book? (Kent)
I detailed the offers as soon as was reasonably possible in writing to my client.
How did you carry out AML checks?
I didn’t personally undertake the checks the agent did, but I have familiarity with smartsearch platform which was used and I reviewed the smartsearch check to ensure the purchaser had passed.
