If a listing is the lifeblood of a REALTOR®, then accuracy in a listing is the oxygen. If pertinent facts about a property posted on the MLS® are incorrect, you could be the subject of a complaint and a lawsuit.
The blog entitled Accuracy, Accuracy, Accuracy noted what to look for to ensure the information for residential property is accurate. Following are recommendations on how to ensure accuracy when listing commercial real estate.
1. Measure – Twice
Note and double-check key measurements of the following:
• the clear height of the building interior
• bay size (if applicable)
• door heights and widths for truck-level doors, drive-in level doors, and shipping doors
• the square footage or square metre measurements of the office, industrial, retail, or other applicable areas (and if these are divisible)
Determine if the property includes the following items:
• freight and/or public elevators
• rail access
• parking/parking garage
• electrical services
• unique features (if applicable)
3. Go to the source
Determine and review all financial and related information available, such as:
• financial statements
• franchise agreement(s)
• operating hours
• number of employees
• expenses (actual/estimated)
4. Four-step process
To minimize the risk of providing inaccurate or incomplete listing information, follow these four guidelines to assess material facts about a commercial property:
*Reference: The Commercial Real Estate Transaction, 2012.