How are commercial agents handling long distance listings?

Question

I noticed some brokers are listing properties for sale or lease that are 5 or 6 hours away from them, or even in other states. What happens when a prospect wants a showing?

Thanks

Charlie McCurry · Answer

@Martin Z.  Usually, I would not list a property 5-6 hours from my office (and home market) because I think it is a disservice to the client's best interests.  However, in certain situations out-of-market brokers may partner with a local broker to handle showings, research comps, etc.  It is a similar circumstance to that of an attorney collaborating with local counsel on particular legal matters.  For me, it's always a question of what does the client want and what is in their best interest.

Joel Owens · Answer

Depends on what type of asset it is.

Retail the buyer as options could go drive the area,walk in and out of the businesses as a customer,etc.

They could not talk to the tenants in a buyer mode or disclose the property was for sale just be a casual observer or looker.

The property management company could coordinate a more intensive inspection with the buyer if they were under contract to purchase.

A lot really just depends on the circumstances. Brokers would generally not look at requests from buyers anyways until seeing financials and qualifying them.

You do not have to always be local to the asset to sell properties as a broker/agent. For leasing it could be a larger company with the lease contract from the owner and they designate and associate close by or the property manager if they do PM also to show the site.

Martin Z. · Answer

Thanks for your responses. I guess if it's a vacant space, a local property manager or such would work, if it's occupied retail space, occupant can go in as an observer.

I see some agents doing listings across 20 different states, they refer to a "broker of record" so i guess they give a cut to someone local to that area to be able to close the deal, so they don't have to obtain a license in each of the states.