When you are buying or selling your leisure property in London, it is vital that your agent offers you absolute clarity in the market. To ensure that you get the optimum choice and value throughout the process, we have assembled this list of questions to ask your leisure property agent.
Perhaps the agent that you are talking to is aware of active operators, vibrant trends and potential sites for you. However, is anyone in the market aware of them? Great deals and lasting relationships are built on knowledge, reputation and trust – something that is hard to achieve with an agent that doesn’t have sufficient exposure.
Do your due diligence on a number of leisure estate agents before making a commitment. The businesses and individuals that you are conversing with should be well-known and able to present a robust portfolio of relevant successes. To start, check the relevant testimonials on their site. How long have they been working with current clients? They must have an immaculate record and reputation.
There are both explicit and subtle regional differences in the leisure industry, and it takes an agency that lives and breathes your region to truly understand what’s relevant for now and the coming years. Also, if you have high-growth ambitions, you should be able to lean on your agent to present fresh and insightful opportunities in areas that you’re not familiar with, both in the UK and overseas.
Some agencies charge a flat commission fee for their services, while others charge a retainer if the work that’s needed to be done is extensive and goes beyond the ordinary. Retainers should never be charged for basic marketing and promotional activities – agencies should have a standard promotional package that’s sufficient to make a sale.
How many active operators and potential buyers does your agent have in their database right now? Also, what is the make-up of that database – does the demographical split match your target audience? Perhaps they have the largest number of niche contacts in your chosen style? A large and well-matched database should be an attractive agency asset.
What does the agency’s website and social media feed say about them? Social feeds, for example, may give you an insight into the people that you could be working with – a sociable industry should breed sociable people. In addition, if there is a lot of activity on their website, including an active blog, up-to-date news and and a frequently updated ‘recent listings’ section, it is clear that they have their finger on the pulse.
Your agency is only as strong as its support network and they should have a strong set of partners and contacts that they can reach out to. Does your potential agency offer a full service, such as leisure recruitment, financing and legal support? This level of support can help to consolidate your efforts in one place, and develop a relationship that’s built on more than sales.
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