Communication & Negotiation (L2M) Flashcards
What information do you usually display in tables of comparable evidence for end of option negotiations?
Land comps:
- Site name & address
- Title number(s)
- Planning reference
- Purchaser
- Vendor
- Purchase Date
- Purchase Price
- Gross acreage
- Net developable acreage
- % AH
- number of private units
- S106 costs
- S106 costs per unit
- Price per gross and net acres
Resi comps:
- Developer of scheme
- Date sold
- Sold price
- Property type
- Number of bedrooms
- Floor area (sq ft)
- £ per sq ft
How do you tabulate offers for sites?
- report all offers to client (Estate Agents Act 1979)
- Bidder
- Headline figure
- Gross price
- Net price per acre
- S106/CIL
- Abnormal assumptions
- Affordable revenue / units
- Conditions
- Payment terms
- Funding
- Timescales
- Approval
- Solicitor
- If phased payments, might do cash flow & calculate NPV.
Can you issue draft valuation reports to your client?
Yes, but it must be:
- Marked as a draft, subject to completion of the final report
- Marked for internal purposes only
- Stated that it cannot be relied upon and can’t be published.
How do you set out recommendations to your client in relation to offers?
I send them each of the offers, along with my offer analysis. I then write a recommendation report, weighing up the pros and cons of each offer, concluding with my advice as to how to proceed. I always state I am happy to discuss this further with a client and ultimately, it is their decision.
What goes into your heads of terms for a promotion agreement?
- Objectives - prime objective to get the site through planning and market the site for residential, as soon as reasonably possible
- Promotion term - 5 years, plus 5 years
- Promotion fee £20,000 plus £10,000
- Promoter obligations
- Landowner obligations
- Costs - surveyors, legal, accountant, agents
- Planning strategy
- Marketing strategy
- Minimum land value
- Ransom strip
- Local authority located in
Why is effective communication so important?
It enables good working relationships and provides a better standard of service.
What did you learn at the ‘Writing Readable Documents’ CPD session?
- Use correct, accurate and specific words
- Bullet points and paragraphs - new point = new paragraph
What is a key takeaway from the ‘Writing Readable Documents’ training session?
- Use correct, accurate and specific words
- Bullet points and paragraphs - new point = new paragraph
You talk about producing a table of comparative land transactions. Can you explain how you did that?
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