Non exclusive listings - how to best protect commission
New broker here looking for some advice. I have spoken with a property owner who has told me that while he isn’t motivated to sell he would accept any offers and pay a commission to me if a deal were to be struck. What is the best way for me to shop the property around without other agents going directly to the owner? Any good tips or things to make sure of? Can I make marketing materials about the property? Thank you
[{"id": "iio0919", "text": "Hit the phones, call people with similar assets. Probably a waste of time to put a lot of effort into marketing material, just a simple excel with a breakdown of the info would more than suffice. You should be verifying if the people you\u2019re calling work with a broker exclusively, but usually what will happen is they\u2019ll share some details to a broker they know and then they\u2019ll contact them directly.", "replies": [], "depth": 1}, {"id": "iion2sj", "text": "Could you solicit buyers and have them pay your Comp?", "replies": [], "depth": 1}, {"id": "iiopna8", "text": "Don't.  He said hed sell at likelly above market terms but other than that you have nothing.  Dont waste your time.  \n\nFollow up in a few months and if he tells you the same indicate you only take listings when a probable sale is indicated and marketing his property without a sales price you believe can be achieved and is acceptable to him is expensive to you and not something you are interested in.\n\nWould you rather kill a bunch of time on a deal the seller isnt motivated to do or finding other deals?", "replies": [], "depth": 1}, {"id": "iip1ch6", "text": "You\u2019ll learn over time, these types of relationships will end up being a waste of time and money for you. Go find and build stronger relationships. The situation you described is often how new commercial brokers feels they can make money quickly. Play the long game. Build the relationships. The deals come after that. A non-exclusive \u201cbring me an offer and I might take it\u201d is not a relationship. That owner has told the same thing to every single broker who\u2019s called. Best of luck.", "replies": [{"id": "iip63xh", "text": "When these properties do get listed some day and sold the broker who told them no until they really wanted to sell typically gets the listing too over the folks who were like \"omg a pocket listing?  hell yeah let me shop that around\".\n\nThey are just fucking with you", "replies": [], "depth": 2}], "depth": 1}, {"id": "iipd1k3", "text": "Get something in writing or pass on this", "replies": [], "depth": 1}, {"id": "iiqsq9f", "text": "Commercial broker here, so I\u2019ll share my 2cents with you based on my experience. \n\nIf you don\u2019t have a listing agreement, do not show it to 1) other agents 2) potential buyers who you think will turn around and bring this to their own agents. In short, only show it to buyers that you trust.\n\nThere is a high chance that it becomes a wild goose chase. I\u2019ve been there, done that.\n\nTypically, \u201cclients\u201d (I wouldn\u2019t really count them as clients since they\u2019re not really working with you. ), who don\u2019t give out listings, are high maintenance. I\u2019ve successfully done deals with these owners but it\u2019s a lot of work. Those deals all spanned more than a year. \n\nYes, you can make brochures of the property. Just make sure the owner is aware of it.", "replies": [{"id": "iirm2il", "text": "This is the off market game. You need to represent the buyer. If it's multi land there should be plenty of groups you can take it to. Typically I see 4-5% as a fee for off market stuff. I've seen this happen a lot and how they competitive areas/asset classes. In this scenario you're not making marketing material, you're calling a developer and doing some front end research on zoning, etc.", "replies": [{"id": "iisdb6d", "text": "You can and should get listing agreements even for off market deals. About 35% of the deals I\u2019ve worked on are off market deals.", "replies": [], "depth": 3}], "depth": 2}, {"id": "iiryl7j", "text": "&gt; If you don\u2019t have a listing agreement, do not show it to 1) other agents 2) potential buyers who you think will turn around and bring this to their own agents. In short, only show it to buyers that you trust.\n\nThis isnt just to protect your commission either .  depending on what all you do here when the other agent finds out there is no commission you are either going to ruin your reputation or potentially even get yourself sued.", "replies": [], "depth": 2}], "depth": 1}]