The Listing Broker, maintaining distressed properties...
Today's CRE Broker must take on additional responsibilities especially with distressed and REO listings. Understanding that the lenders have many decisions to make while working with distressed assets is critical and should be communicated with all parties involved. The broker must work closely with the asset managers to ensure they will make informed choices. Here are a few items I suggest adding to a listing checklist;
- Property recovery, will you need a plan and process of removing tenant, revieiwng leases?
- Securing the property, re-key, access, security, notifying tenant of rights.
- Property condition evaluation. Will a rehabilitation plan be required?
- Establish value and discovering the highest and best use, produce a BOV, BPO.
- Continued maintenance plan.
What is on your list?