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Setting up a commercial agency instruction
Outline brief
This project is designed to emulate the process of ‘taking on’ a prime agency instruction to dispose of surplus premises somewhere in the Midlands (further details will be provided by your Module Leader in class).
For this section of coursework, you are to assume that the subject property is let to a tenant, but surplus to requirements and that you are pitching for the agency contact to dispose of the property by assignment or sub-letting.
Each seminar group will be assigned into 'firms' (the number of students will depend on the size of the seminar group and may vary slightly).
Members of each firm will need to meet regularly. These meetings will be conducted in a businesslike manner, with written agendas and minutes which will be produced and appended to the report. Action Points and deadlines should be recorded as appropriate. From time to time the Module Leader will make time available in class for these meetings, but it is anticipated that your firm will also need to meet in your own time.
At a date to be confirmed, each firm will carry out an agency inspection of the subject premises, which will include a measured survey. Each firm will make inspection notes which should be typed and appended to the report. The building will need to be photographed both for the purpose of site notes and for use in preparing the marketing particulars. Each firm will have a maximum of 3 hours to complete their inspection under the guidance of teaching staff.
The firms will then make whatever other investigations are necessary to enable them to prepare an ‘agency report’ to the client. These investigations will include:
• lease synopsis
• planning consent and likely alternative uses • Ratable Value and Chargeable Amount
• Service Charge information
• tenant’s improvements
Firms will then carry out an appraisal of the local market, including an in-depth analysis of supply & demand and comparable evidence. The Module Leader will advise you about sources of information.
Under no circumstances should you contact local forms of agents, as multiple enquiries from students are likely to result in complaints. You must not contact any agents who are currently instructed to market the property.
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