Level 3s Flashcards
(33 cards)
Ethics - conflict of interest. What did you do?
Ensured I act with integrity by carrying out checks internally using our database to raise anything that could hinder my professional judgement
Ethics - Marketing Particulars. What did you do?
When producing marketing particulars I always display the essential details relating to the property, I ensure all the information is correct and complies with the Misrepresentation Act (1967) and Consumer Protection Regulations (2008)
Ethics - Disposal, Kensington. What happened?
When disposing of a retail asset I was requested by an interested party to provide advise relating to the structural condition of the property he saw during an inspection. I was aware of my own limitations and advised that he speak to a specialist to get accurate advice. Avoided a conflict of interest with my client who I was acting for on the sale.
Ethics - Welwyn Garden City. What happened?
Awaiting formal instruction from a Landlord to market a property on his behalf.
An agent contacted me knowing I would be and expressed interest in learning more.
I let them know I wasn’t yet formally instructed and wouldn’t share any information until Terms of Engagement were signed. I advised the client to maintain the marketing process within the previously planned timelines.
Client Care - Acquisition Interest Schedules. What happened?
I am responsible for creating and revising interest schedules. I organise monthly client meetings to review and update these schedules. The monthly meetings allow me to understand the clients needs and serves as an opportunity to discuss strategy to progress with these instructions
Client Care - Acquisition Clapham. What happened?
Working with a new client on their acquisition strategy for this location.
We agreed to meet here and visit several surrounding areas that he highlighted in our previous communications. This allowed me to get a good understanding of the client requirements and I was able to accurately locate properties in these areas
Communication and Negotiation - Acquisition - Croydon. What happened?
I was instructed to negotiate for a property in Croydon. The Landlords agent refused to provide a 6- month rent free period because he needed stable income. My client was a national retailer and had the financial security to support a half rent period in replacement. This way the landlord would provide a consistent cash flow while maintaining the original structure of the agreement. Deal was agreed and I drafted heads of terms
Communication and Negotiation - Lease Disposal, Kensington. What happened?
I was instructed to dispose of lease in Kensington.
Shortly after marketing I received an offer who disclosed that they intended to establish a new business. This offer provided little financial security to my client. To address this I negotiated a 6 month rent deposit.
Health and Safety - inspection, Stratford. What happened?
Before inspecting a site under development with a client, we listened to a briefing that was given by the respective project manager on site. I followed Health and Safety guidelines and made sure both my client and I signed in and out and always wore PPE while on site
Health and Safety - Out of office procedure. What happened?
I consistently maintain an updated work diary to keep my colleagues informed of my whereabouts and anticipated timescales.
I always ensure my mobile phone is charged so that my colleagues can contact me when I am way from the office.
Inspection - Town Visit, Princes Risborough. What happened?
I was instructed to look for a suitable opportunity in Princes Risborough.
I visited the area and searched for any vacant, to let or available properties. I printed off a GOAD with any new vacancies or letting since the last visit. I was then able to compile this data to provide my client with the relevant comparable information and introduce properties that could be one interest.
Inspection - Vacant property, Kensington. What happened?
I inspected a vacant property in Kensington on behalf of a client who had instructed me to let it.
On inspection I noticed dark cracked parts on the ceiling which I suspected to be damp. I made sure to take photos and show the client, I advised him if it was damp it could cause long term structural damage and diminish marketability.
I advised the client to seek advice from a specialist and consider taking the necessary reflective measures
Inspection - Tooting
I was instructed to dispose of an existing lease on behalf of my client. Prior to inspection I completed a desktop search and reviewed photos provided to me by the tenant.
I then created a risk assessment.
Following this I organised to collect the keys from the client and inspected the property in line with the principles of surveying Safely 2018.
I made myself aware of the location and its nearby surroundings, capturing photos of the internal and external parts of the property so I could understand the layout and refer to it in the future.
I advised the client that due to the irregular layout of the property it would impact marketability and effect the achievable market rent. I advised the client that we should target marketing at restaurant occupiers.
Measurement - Acquisition Islington. What happened?
When conducting due diligence for a potential acquisition in Islington.
No available floor plans, however I measured it anyway. I used a laser measured to determine the areas of the property on a net internal basis making sure to exclude any fire exits, columns or any other relevant exclusions.
To ensure accuracy I checked my measurements with a tape measure
Measurement - Acquisition, Wokingham. What happened?
Measured a property in Wokingham on the basis of GIA. I took these measurements with a laser measure and recorded them on a scaled plan. My measurements included bathroom and columns. I then used measured plans to determine the area making the necessary deductions
Valuation - Acquisition, Wembley. What happened?
Received instructions for acquisition on Wembley. I used the comparative method.
I inspected the property to measure - NIA, calculated ITZA.
Examined PD, Costar and PIP NET for comps. Also communicated with local agents. Compiled a comprehensive schedule of evidence showing the hierarchy of evidence. Showing date of transaction, location, size, terms and type of transaction.
Obtained appropriate ZA, and multiplied it by the ITZA which gave me the ERV.
Valuation - Investment Sale, Northampton
Assisted a senior colleague to dispose of a high street retail asset portfolio.
My responsibility was to create a report presenting my opinion on value and I did this with the investment and comparative valuation method.
Firstly established property’s estimated market value, then collated comparable investments in the area and comparable locations. From this I looked at the varying factors such as date, size, location and covenant strength and lease length which assisted with my analysis of value.
I selected a suitable NIY and applied it for this valuation.
Leasing and Letting - Lease Disposal, Kensington. What happened ?
I was instructed to dispose of an existing lease in Kensington.
I conducted market research on recent transactions and formed an opinion on rental value. I agreed pricing with the client and proceeded to market the property.
I received interest from an individual looking to relocate his only existing store.
Before reporting the interest I requested details of the individual, and the nature of his business. This improved my understanding of their usage and presentation.
I reported the offer and he instructed me to negotiate terms.
The tenant only had one existing site so I negotiated a 6 month rent deposit. I reported the offer the client and he instructed me to proceed with heads of terms and then instructed solicitors
Leasing and Letting - lease disposal, Tufnell Park.
I was instructed to dispose of an existing lease in Tufnell Park.
I conducted a thorough inspection of the property and measured on an NIA basis and familiarised myself with the existing lease. I then put together marketing particulars adhering to the Misrepresentation act 1967 which were uploaded to several commercial property listing sites and circulated around Estate agents clearing house and in house mailing list.
This generated interest and I communicated with all party’s and arranged inspections. I negotiated terms with a prospective tenant that best suited my clients requirements.
With clients approval I agreed hots and instructed solicitors.
Leading and letting - Welwyn Garden City. What happened?
Instructed to market a property in Welwyn garden city.
Ensured Terms of Engagement were agreed and I had carried out conflict of interest checks. I then organised an inspection. I noticed the property was in poor condition, featuring possible damp and cracking on the ground floor roof.
Advised the client of the disrepair and highlighted I could impact marketability and achievable market rent. The client instructed I continue with the marketing and I received an offer from a strong covenanted retailer who offered a low rent and high incentive.
I spoke with the interested party and they advised they would increase the offer if the property was in good condition. The client received a quote to fix the disrepair which was lower than the incentives proposed. I advised the client to undertake the works and that we could agree to an AFL. The client agreed, and we agreed hots and instructed solicitors.
Leasing and Letting - letting Wandsworth. What happened?
I was instructed on a letting in Wandsworth.
The former fashion unit had been vacant for 12 months. Fashion retails had been hesitant to expand due to wider market conditions I advised the client to explore restaurant occupiers who had been keenly acquiring.
The client agreed and I proceeded to contact local authorities for planning permission to install extraction. I received positive feedback from the council, and extraction was installed.
Adapted my market campaign to restaurant occupiers. Received an offer from a credible restaurant occupier. I reported it to my client and advised that we should proceed with this party due to the lack of interest and strong covenant.
Agreed hots and instructed soli
Strategic Real Estate - New Acquisition Target Towns. What happened?
When working with an occupier client they advised they wanted to open 10 new stores this year. Instructed to search for new towns and opportunities for them.
I began a search which I divided between myself and a colleague. We identified potential opportunities and compiled a report. This report included location maps highlighting properties and a summary of benefits and challenges. Also details including size, availability and rent. Reported this to the client.
Strategic Real Estate - Letting Bromley. What happened?
Instructed on letting a shop in Bromley.
The property had been previously let across ground floor, first floor and second floor. Shortly after marketing I received an offer from a national retailer interested in only the ground floor.
I reported the offer and recommended to separate upper floors to the ground. Lease the ground floor and repurpose the uppers to flats and utilise the rear servicing yard as an entrance to the upper levels.
Upon completion the client could capitalise on the increased value by disposing of the asset. The client agreed and proceeded to agree hots and instruct soli
Strategic Real Estate - suitable occupiers for underlettings. What happened?
I was instructed to explore partnership opportunities to downsize a clients portfolio to reduce occupancy costs.
Advised we should focus on dividing the space with occupiers who would compliment the business to promote synergy.
I categorised the stores based on diverse characteristics such as pitch, location, lease permissions and size. I then created a list of suitable occupiers and created a report on how they might work and considerations. Reported this to the client.
