# Brokerage Investment Sales Process Research

## Purpose

- Supports `knowledge/brokerage-investment-sales-process.md`
- Intended to establish the proper seller-side investment sales sequence from assignment intake through closing

## U.S.-Only Assumptions

- Focus is U.S. commercial investment sales brokerage
- The process is seller-side
- The knowledge base should be asset-agnostic by process while allowing asset-specific pricing and diligence inputs

## Source Table

| Source | Publisher | URL | Publish Date | Access Date | Source Type | Notes |
|--------|-----------|-----|--------------|-------------|-------------|-------|
| MLS Commercial Handbook | NAR | https://www.nar.realtor/sites/default/files/documents/2024-08-02-commercial-mls-handbook.pdf | 2024-08-02 | 2026-04-22 | Primary industry handbook | Listing contracts, seller authorization, offer presentation, status changes |
| 2026 Code of Ethics & Standards of Practice | NAR | https://www.nar.realtor/about-nar/governing-documents/code-of-ethics/2026-code-of-ethics-standards-of-practice#article12 | 2026 | 2026-04-22 | Primary industry standard | Competence and valuation disclosure baseline |
| Written Buyer Agreements Not Required for Commercial Transactions | NAR | https://www.nar.realtor/commercial/create/written-buyer-agreements-not-required-for-commercial-transactions | 2024-09-24 | 2026-04-22 | Primary industry guidance | Commercial representation environment |
| Commercial Real Estate Disposition: A Complete Guide | Trinity Real Estate | https://trinityre.com/cre-disposition-management-services/ | n.d. | 2026-04-22 | Practitioner process guide | Seller-side disposition flow |
| The Strategic Sale: A Guide to Maximizing Value in Commercial Real Estate Disposition | One West Group | https://theonewestgroup.com/the-strategic-sale-a-guide-to-maximizing-value-in-commercial-real-estate-disposition/ | n.d. | 2026-04-22 | Practitioner process guide | Structured sale process and call-for-offers |
| Building Sale Process | Kidder Mathews | https://kidder.com/wp-content/uploads/page/Building-Sale-Process.pdf | n.d. | 2026-04-22 | Market-participant process guide | Simple step map from launch to close |
| What Is a Call for Offers in CRE? | PropRise | https://www.proprise.ai/primer/glossary/call-for-offers | n.d. | 2026-04-22 | Practitioner process explainer | Process sequencing |
| What Is Best and Final in Commercial Real Estate? | PropRise | https://www.proprise.ai/primer/glossary/best-and-final/ | n.d. | 2026-04-22 | Practitioner process explainer | BAFO as a staged process step |
| How Long Does It Take to Sell a Commercial Building? | Lornell Real Estate | https://www.lornellre.com/insights/how-long-does-it-take-to-sell-a-commercial-building | n.d. | 2026-04-22 | Practitioner process guide | Typical pacing from listing to close |
| Work With a CCIM | CCIM Institute | https://www.ccim.com/choose-excellence | n.d. | 2026-04-22 | Institutional positioning | Transaction professionalism baseline |

## Key Findings

- A seller-side investment sales process is best treated as a sequence of controlled stages:
  1. assignment intake
  2. BOV / pricing recommendation
  3. listing proposal and engagement
  4. marketing package and data room
  5. buyer qualification and process control
  6. offers / bid date / BAFO
  7. negotiation and deal selection
  8. PSA to close coordination
- The process is strongest when the seller aligns on decision criteria before launch.
- Marketing, confidentiality, and diligence readiness are interdependent. A rushed OM with a weak data room undermines offer quality.
- The broker's role is highest value when they organize decision-making, buyer process, and risk visibility without drifting into legal practice or appraisal representation.

## Benchmark and Process Decisions

- The knowledge base should define the stage gates and required inputs / outputs for each stage.
- It should emphasize seller-side process control, not generic sales motivation or lead generation.
- It should distinguish:
  - marketed process
  - targeted process
  - confidential process
  - office-exclusive process

## Conflicting Source Resolution

- NAR guidance controls listing and offer-handling mechanics more directly than practitioner marketing articles.
- Brokerage process guides differ in formality, but the sequence is highly consistent across sources.
- Asset type changes valuation and marketing detail, not the overall seller-side workflow.

## Edge Cases and Red Flags

- Seller starts process without enough data for pricing and OM support
- Broker treats office exclusive as a default rather than a strategic choice
- Marketing launches before process governance, CA workflow, and seller criteria are set

## Open Questions

- Whether future versions should separate middle-market and institutional sale-process variants
- Whether later releases should include a portfolio-sale version of the same process map
- Whether future buyer-side brokerage packs should share the same downstream negotiation / closing playbook
