This information answers many of the questions frequently asked by vendors or landlords selling or letting commercial property or businesses through our agency.
Why PF&K?
Our specialist commercial department operates from Penrith in Cumbria, selling and letting commercial and leisure property throughout the Cumbria area and beyond. As well as the sale or letting of shops, offices and industrial premises we specialise in the sale of freehold and leasehold licensed, leisure and lifestyle businesses including pubs, hotels, restaurants, guest houses and self catering complexes and we have an established track record of successful disposals. We try and provide a personal and efficient service and we are able to attract a considerable number of inquiries through our local presence and a wide breadth of local and national advertising and internet marketing, all of which can be tailored to the individual property/business.
I am thinking about putting my property or business on the market. What happens next?
If you contact our commercial department we will arrange a mutually convenient time to visit your property or arrange a meeting at our office to discuss value, asking price/rent and marketing. This initial consultation is free of charge and without obligation.
Who decides on the asking price/rent?
You will make the final decision on any asking price/rent but you need to allow the property/business to be competitive in the market. We may decline the instruction if the proposed asking price /rent is very unrealistic.
What will I pay for PF&K to sell or rent my property or business?
Commission rates for the type of property are normally based on a percentage of the achieved price or rent and is payable when contracts are exchanged or a lease completes. We indicate commission rates for the particular circumstances at the start. Advertising costs, boards, brochures and any other agreed marketing expenses are normally charged separately within an agreed budget but we can also offer inclusive commission rates. We can discuss all these matters during our initial visit. All fees and charges are subject to Value Added Tax at the prevailing rate.
What type of agency will I sign up to?
Lettings are normally on a Sole Agency basis and sales on a Sole Selling Rights basis. Joint Agency (two or more agents share the commission) or Multiple Agency (more than one agent but only the agent who successfully introduces the buyer receives commission) are other options. Commission rates may vary according to the type of agency. You should also be aware that you will be liable to pay commission according to the type of agency entered into with each individual agent. These terms will be defined in our terms of engagement and we can explain them in more detail during our initial visit.
Will I be tied in to a long contract with PF&K?
No. Our agency can normally be terminated on 28 days written notice. You would be liable for commission if an applicant introduced during the period of our agency subsequently acquires the property/business.
What information and documents will I need to provide?
We will ask you to complete a form detailing information about the property and/or business and requesting copies of any relevant documents and, in particular, copies of leases, planning consents, business rates bills etc and, in the case of business sales, the last three years accounts.
In addition, the Money Laundering Regulations 2007, which apply to all instances when estate agents act on behalf of client's selling or letting residential, commercial or agricultural property or land, require that estate agents establish the identity of any vendor or lessor clients by requesting certain documentation such as a full current passport, national identity card, driving licence, utility bill etc.
What Marketing will PF&K undertake?
Marketing of a property/business involves a range of tools including advertising, referrals, internet, callers at our Estate Agency offices, boards, mailing, and so on. We discuss advertising and marketing strategy at an early stage.
Will PF&K arrange boards?
Yes. For Sale/To Let boards can be erected at the property at your request and the cost would be re-charged at our supplier's current rate.
Will I need to approve/alter the particulars that PF&K prepare?
Yes. After the terms of engagement have been signed, draft particulars are prepared and sent to you for approval. Under the Property Misdescriptions Act 1991 it is an offence to make a false or misleading statement about a property and therefore draft particulars have to be checked carefully by you to ensure they are not misleading or inaccurate. Particulars cannot be handed out until they have been approved by you. If there are any subsequent changes in circumstances, which render the original particulars misleading or inaccurate, we would need to be notified. The cost of printing/re-printing the particulars is re-charged at our supplier's current rate.
Where will PF&K advertise?
We advertise in a range of local and national publications on a regular basis and we also place adverts from time to time in other publications. We will discuss the best areas to advertise the particular property/business and place adverts as appropriate
.Where will details appear on the internet?
Details of properties/businesses are listed on our well visited website www.pfandk.co.uk from which applicants are also able to download the full particulars. Details also appear on rightmove.co.uk and we also list businesses and properties on a range of other business/commercial property websites.
Does PF&K produce a list of properties/businesses available?
Yes. A list of commercial property and businesses on the market is updated weekly and available at our various estate agency offices.
Does PF&K have a mailing list?
Yes. Full Details are emailed to applicants who have previously registered their commercial requirements with us as well as a range of other potentially interested parties.
Will PF&K issue a press release?
Yes, if appropriate. In some circumstance it may be appropriate to prepare and issue a press release about the sale or letting of the property.
Does PF&K provide a regular update on the marketing?
Yes. Some commercial property and business sales/lettings are slow and although we will speak to you and update you on any viewings or other interest as they happen, we will also send a brief marketing report to you by post or e-mail each month. This details activity logged onto our computer system relating to the marketing of your property/business.
Can PF&K sell my property/business discreetly?
Yes. We can make special requirements for advertising and marketing and, in particular, not including the name, address, price, trading figures or other information in adverts or any other marketing material. We can discuss these details with you.
Will I need to arrange for an Energy Performance Certificate to be available?
Yes. It is now a legal requirement for sellers and landlords of any property to have available an Energy Performance Certificate when marketing a property. It is the legal duty of the agent to ensure an EPC is in place and we cannot start marketing until the EPC has been prepared. We can arrange for our own EPC surveyor to contact you to advise you of the costs involved and prepare the Certificate.
How will viewings be conducted?
We will take all the details of the applicant and contact you to arrange a mutually convenient time for you to show round the applicant. We follow up viewings within a few days to ascertain the level of interest and any feedback and deal with any subsequent queries and offers, checking availability of finance etc. We can arrange to provide accompanied viewings in certain circumstances but due to the geographical nature of the area this is not always possible.
How will offers be dealt with?
Any offers received and any application for a tenancy will be reported to you. If more than one party makes an offer, we will discuss whether to invite best and final offers or to continue accepting offers until all buyers have dropped out.
What happens after an offer is accepted?
On acceptance of an offer, a Memorandum of Sale (or Heads of Terms) is prepared by us and sent to all parties, detailing the terms agreed, the name and address of the parties and their respective solicitors. Progress of the sale is monitored by us but you should also keep in regular contact with your solicitor during this period.
When do I pay PF&K's bill?
On exchange of contracts we forward our final account to the solicitor for settlement out of the proceeds of the sale/letting. If you withdraw the property from the market we will send an account for any outstanding costs at the time. We reserve the right to submit an account for costs at any time.
What if there is no interest in the property/business?
Most properties/businesses sell or let sooner or later but the marketing period for commercial property/businesses can be lengthy and will vary depending on location, type of property, market conditions and price/rent. PF&K arrange marketing and handle inquiries as efficiently and professionally as possible. If there is little or no interest in the property/business after a period of time, a change in marketing strategy, asking price/rent etc can be discussed.
When are PF&K's offices open?
Our normal office opening hours are 9.00 am to 5.00 pm Monday to Friday. Also, our Estate Agency offices are also open to take inquiries and arrange viewings on Saturdays from 9.00 am to 12 noon (3.00 pm in Summer). Our Estate Agency offices are in Penrith, Keswick, Appleby, Cockermouth and Kirkby Stephen. The Commercial Department is based in Penrith.
Our staff are here to help and are able to assist with basic inquiries including taking applicant details, sending out particulars, arranging viewings, taking and reporting offers. More detailed assistance or marketing advice and recommendations should be referred to your main contact at PF&K.
What if I have a complaint?
We aim to provide a first class service but if a client has any reasonable complaint about the way any matter is handled by PF&K, we would look into the matter. We have a complaints procedure for these circumstances.
What other services do PF&K offer?
PF&K Commercial offers a range of other services include valuations, rating appeals, rent reviews, lease renewals and property management. Other departments within the company offer sales, valuation, letting and management of residential and agricultural land and property, planning advice and auctions of antiques, furniture and equipment sales.
For further information please contact us as follows:
PF&K Commercial
Devonshire Chambers
Devonshire St
Penrith CA11 7SS
Tel: 01768 862135
Fax: 01768 892101
Email: commercial@pfandk.co.uk