Posted on Oct 01, 2020
Last month we described how a typical Expedio refurbishment is undertaken. If a building has good bones we can complete refurbishment to a high standard. This work adds value for us as the vendor/ landlord, but also for the end user.
The nuts and bolts and physical work is fairly cut and dried. But what about the soft skills that are in play behind the scenes that are integral to the structure of the deal? It’s the background knowledge and communication that enables us to do what we do best.
In our monthly mail-outs we often extoll the virtue of the agent who keeps us in the loop. The ones who have us front of mind and the ones who bring us the deals are invariably the ones who do the most business with us.
The project described in last month's newsletter is a case in point of how great communication results in a win-win-win for the vendor, the agent, the new occupier and the many other stakeholders involved.
In this scenario the agent, who likes to keep in regular contact with us, had been in communication with the vendor and knew the time was right for him to sell. Rather than go through an extensive campaign the agent recognised the characteristics of the building (in this case, 5 units) and understood that it was perfectly suited to the Expedio modus operandi.
While on site showing a potential tenant through another of our buildings, he mentioned this particular opportunity to us. We were able to drive past the building in question and make an offer based on our market knowledge. This offer was in keeping with the vendor’s expectation and the deal was concluded after a short 3-day DD period.
We started a complete reburbishment on the empty unit as soon as the deal concluded.
Again, being in regular contact and familiar with how we operate, the agent knew and trusted that our finished product (refurbished unit) would be up to a great standard. He was comfortable with showing a small number of highly qualified parties through the subject unit. He knew a local business man who was looking for our offering. The location, size, layout and equally importantly, the price worked for him. We were able to readily supply all the info required for a short DD and the sale was concluded very quickly.
Now that this unit has been completely refurbished to high standard and on sold at a very fair market rate we have set the bar to increase the value of all units in the complex and the area in general. We have taken a very mediocre unit and increased its outlook and given it a new lease on life. We have regenerated the urban area and contributed, albeit in a small way, to making the local area a little more respectable.
As ever, when buying we try to make the sale as easy as possible for vendors. And when selling we want the process to be as easy as possible for the purchasers. Real estate agents who work closely with us who understand and help us with our endeavours invariably make easier commissions. That’s Win #4…