# Brokerage Investment Sales Process

> **What this is:** A U.S.-focused seller-side investment sales process map for commercial real estate brokers, covering the sequence from assignment intake through closing.
> **How to use it:** Load this with the brokerage assignment-intake, listing proposal, OM, buyer-process, offer-leveling, negotiation, or closing skills. Use it to keep each deliverable anchored to the correct stage of the live seller-side process.

This knowledge base is process-first. It is meant to support office, industrial, retail, multifamily, and other investment-sale assignments at the workflow level, while still allowing asset-type-specific valuation and diligence detail to come from the appropriate skill or knowledge base.

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## Seller-Side Sequence

### 1. Assignment Intake

Confirm:

- seller identity and signing authority
- representation status
- property summary
- document availability
- seller objectives
- confidentiality preference
- likely marketing strategy

Do not produce a confident pricing recommendation before intake is substantially complete.

### 2. Broker Opinion of Value / Pricing Recommendation

Build:

- comp-supported pricing view
- method selection by asset type
- recommended ask and process range
- required disclaimers and limiting conditions

Treat this as a broker pricing opinion, not an appraisal.

### 3. Listing Proposal and Engagement

Clarify:

- process design
- marketing strategy
- fee and scope framing
- reporting cadence
- expected timeline

The proposal is commercial and strategic. The legal listing agreement is a separate document.

### 4. Marketing Package and Data Room

Prepare:

- teaser
- OM / CIM
- buyer qualification workflow
- confidentiality and registration process
- initial data room

The process should define what information is released before and after buyer qualification.

### 5. Buyer Outreach and Process Control

Manage:

- buyer registration
- confidentiality agreement execution
- buyer vetting
- OM distribution
- tours
- Q&A
- seller updates

Controlled access is a core part of the process.

### 6. Call for Offers / BAFO

If running a structured process:

- set the date clearly
- keep Q&A centralized
- compare bids on economics and certainty
- decide whether to:
  - accept
  - level
  - run best and final
  - keep a backup buyer active

### 7. Negotiation and Deal Selection

Focus on:

- price
- deposit structure
- hard money timing
- diligence length
- financing risk
- closing timing
- assignment rights
- retrade risk

The broker's job is to organize business tradeoffs, not replace legal counsel.

### 8. PSA to Close

Coordinate:

- milestone timeline
- diligence responses
- title / survey follow-up
- contingency and deposit tracking
- buyer / counsel / title communication
- closing readiness

Keep one owner for each issue and date.

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## Process Modes

### Broad Marketed Process

Best when:

- exposure matters most
- seller wants maximum buyer reach
- the asset is not highly confidential

### Targeted Process

Best when:

- the likely buyer universe is narrower
- the property is specialized
- the broker wants tighter control over who receives deep data

### Confidential Process

Best when:

- seller identity, tenant detail, or transaction visibility is sensitive
- the asset or operating business needs tighter information control

### Office Exclusive

Use carefully.

This is a strategic choice, not a default. It may reduce exposure and is only appropriate when aligned with seller goals and authorized accordingly.

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## Required Inputs by Stage

| Stage | Minimum Inputs |
|---|---|
| Intake | Ownership, authority, property summary, seller objectives |
| BOV | Comp evidence, property facts, financial / lease support where relevant |
| Listing Proposal | Pricing view, marketing angle, process recommendation |
| OM / Teaser | Property facts, investment highlights, legal / factual caveats |
| Buyer Process | CA workflow, buyer list strategy, data room access rules |
| Offers / BAFO | Bid matrix, deposit, timing, contingencies, buyer quality |
| PSA to Close | Executed terms, milestone dates, diligence / title / escrow workstreams |

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## Broker Boundaries

Stay within the brokerage role:

- organize facts
- structure process
- compare commercial terms
- identify escalation points

Escalate to counsel or title when the issue becomes:

- clause drafting
- legal interpretation
- title-curative advice
- enforceability analysis
- state-specific legal advice

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## Common Failure Modes

- weak intake leads to a weak BOV
- over-marketing without buyer process controls
- omitting disclaimer and non-reliance logic in OM materials
- comparing bids only on price
- losing control of diligence deadlines after PSA

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## Last Updated

Last updated: 2026-04-22

## Scope Limitations

- U.S. only
- seller-side investment sales only
- transaction work only

Validate current local market conditions, brokerage policy, and legal requirements before relying on any process step as a hard rule.
