This is a protocol sheet explaining how Off Market World Realty, LLC conducts business. The protocol sheet will include the following:
1. An overview Off Market World Realty, LLC 2. Questions for selling agents on any deal. 3. Questions for buying agents on any deal. 4. Non Disclosure and Non Circumvent Agreement. 5. Broker/Agent Referral agreement.
Protocol questions for any Selling Agent
These questions are designed to ensure that an off market asset is properly vetted, verified and available for sale. We don't expect every question to be answered, but we do expect at least 75% of the questions to be answered for Off Market World Realty team to move forward. Our experience tells us that not being able to answer most of these questions is an indication that we are not dealing with a person or group that is direct or very close to the direct on the asset.
Selling Agent Asset Questions (This is what we ask in regards to the asset for any Brokers/agents connected to the seller side)
* What type of commercial property is this? * What is the general location? We do not need specifics necessarily? * What is the asking price? * What is the cap rate? * How many units does the property have? You can answer this in square footage for office building and retail.. * Is there any other value add information that we could use? * Would you be able to provide at the appropriate time, the contact information for the sellers rep if you are not that person? * What paperwork is needed for us to get the Offering Memorandum/Financials from the seller?
Note: If we provide the necessary paper you require to get an OM or financials from you, then we expect to get the OM/financial on the same day Note: We do not sign NDAs with specific fee agreements unless previously discussed.
Selling Agent Deal Questions (This is what we ask of Brokers/Agents who represent to the sell side)
* Are you direct to the seller, seller's agent or mandate? If not explain. * When (month/year) was the asset placed in an "off market" status? (Was it previously online) * Have you googled the property address to see if it shows up as a listing anywhere? If so, did you inquire why? * Why did the seller decide to place the property in an off market status? * Why didn't it sell if it was previously on market? Did they reduce the price or was there some other value add? * Commission structure? Is the seller offering any commission to all parties involved? If yes, how much? * Is the buyer responsible for paying the buy side? * How are you getting paid? Buy side or sell side? If you are getting paid on the buy side, then explain why?
Questions for Buying agents
Note: We will properly vet, verify and ensure availability of the off market asset for sale. We are NOT always the direct on the asset, but will be able to get a direct to the seller agent or seller. This will ensure no daisy chains.
* We will confirm the co-broke fee on assets we are direct to the seller on. * We will negotiate a referral fee and send an agreement to the buying agent if we are indirect to the seller. * Buying agents will provide a specific description on their clients needs and wants. * Buying agents will initially receive a teaser on all available and vetted assets. * Once the buying agent has indicated interest on a particular asset, then the buying agent will need to submit the specific paperwork needed to receive an Offering Memorandum/Financials will be outlined (i.e. NDA, Letter of Intent or Proof of Funds). * Once an introduction of both buying and selling agent is made on any deal, there is a reasonable expectation that all parties will be included on all communication, usually by email. The buying agent CANNOT circumvent the referral agent on any future deal with said selling agent without first engaging with referral agent for a period of 2 years.