Leasing & Letting (L3) Flashcards
What are some of the different ways your agency fees can be structured?
Fixed rate, % of annual rent, % of costs saved, hourly rate
The RICS UK Commercial Real Estate Agency Professional Statement sets out 12 core principles. Can you tell me 4 of them?
• Act in an honest, fair and transparent manner • Carry out work with due care and skill and ensure staff have necessary skills to carry out tasks • Do the utmost to avoid conflicts • Not to discriminate unfairly • All communications with clients are fair, decent, clear, timely and transparent
You have let several offices. Do you include a disclaimer on your particulars? What does the CBRE disclaimer say? What piece of legislation are you aiming to comply with by including a disclaimer?
Particulars are set out as a general outline only for guidance and do not constitute any part of an offer or contract.
Details are given without any responsibility and any Parties should not rely on them as fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.
When undertaking leasing and letting instructions can you tell me 2 pieces of legislation that you are mindful of?
Misrepresentation Act 1967 and Consumer Protection from Unfair Trading Regulations 2008
What impact do you think Covid 19 is having on the Glasgow office leasing market?
Occupiers considering a ‘flight to quality’ e.g. if they are taking less space to account for WFH, they will take better space.. same outgoings, trying to attract the best staff with the best space
Can you tell me the difference between a lease and a license?
Lease is a contract in law, that gives the occupier exclusive occupation. Will have a defined term and rent. Cannot be terminated unless break or expiry.
Licence is the right to enter a property. Licence can be terminated at any point. Cannot be assigned.
You agreed HoTs to renew on an office in Glasgow city centre. Can you tell me what clauses were covered off in your HoTs?
Term, rental figure, service charge, break option, rent review, alienation, repairing obligations, concessions,
What marketing strategy did you advise your client to follow on the St Vincent Street property you were marketing?
That we separate the marketing campaigns for both floors as they appealed to different markets. For the smaller suites I recommended we use an all inclusive rental and provide furniture, suitable for smaller businesses and more appealing.
Which marketing tool was most effective in your opinion, and why?
The CBRE internal email campaign. It allows us to monitor the activity and then we can take a more targeted approach with tenants that have shown an interest.
How did you communicate with your client throughout this instruction?
Telephone and email. Also a monthly video call with the wider marketing team too, discussing enquiries and general marketing updates.
The managed suites were let within 6 months. What happened to the larger traditional floor plates?
Marketing is on-going and we are seeing an increase in larger requirements now as we businesses ask staff to return to the office more.
When negotiating HoTs on the Glasgow acquisition what was the agreed alienation provision?
The client could sub-let or assign their lease in whole only, not in part.
Can you give me an example of a negligent statement?
declaring the wrong information to an interested party, or the wrong information in marketing materials.
What are the 3 types of negligent statement?
Foreseeable
Proximity
Fair
What are the main headings you would find in a brochure?
Description, location, sepecification, size and availability, terms
