# Offering Memorandum and Teaser Writer Research

## Purpose

- Supports `skills/brokerage/offering-memorandum-and-teaser-writer.md`
- Intended for seller-side U.S. investment sales brokers preparing marketing materials for buyer outreach

## U.S.-Only Assumptions

- Focus is U.S. commercial investment sales marketing
- The broker may use teaser-first or confidentiality-agreement-first sequencing depending on the assignment
- The OM / CIM is a marketing and diligence-launch tool, not a legal guarantee

## Source Table

| Source | Publisher | URL | Publish Date | Access Date | Source Type | Notes |
|--------|-----------|-----|--------------|-------------|-------------|-------|
| 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 contemplated-interest disclosure baseline |
| 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 data accuracy and seller authorization context |
| Confidential Brokerage Agreement | Spectrum CRE | https://spectrumcre.com/confidential-brokerage-agreement-27433/ | n.d. | 2026-04-22 | Quasi-primary brokerage process doc | Confidential OM distribution and receiving-party restrictions |
| Confidentiality Agreement - 3301 Boston Street | MacKenzie Commercial Real Estate | https://www.mackenziecommercial.com/confidentiality-agreement-first-national/ | n.d. | 2026-04-22 | Quasi-primary brokerage process doc | OM access, independent verification, no reliance |
| Industrial Sale Leaseback - Confidentiality and Buyer Registration Agreement | Matthews Real Estate | https://www.matthews.com/industrial-sale-leaseback-confidentiality-and-buyer-registration-agreement | n.d. | 2026-04-22 | Quasi-primary brokerage process doc | Buyer registration and OM distribution controls |
| Offering Memorandum | Matthews sample | https://cms.matthews.com/wp-content/uploads/2024/07/559-W-22nd-Street-OM-v2.pdf | 2024-07 | 2026-04-22 | Market-participant material | OM disclaimer and non-reliance language |
| Confidential Offering Memorandum | CommercialMLS sample | https://www.commercialmls.com/Media/PDF/photos/pdf/fs/631915_1.pdf | n.d. | 2026-04-22 | Market-participant material | OM disclaimer, confidentiality, no obligation to proceed |
| 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 | Data-room and buyer-process linkage to marketing package |
| 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 marketing and diligence-prep process |
| 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 | OM distribution as the opening step in a process sale |

## Key Findings

- The teaser and OM serve different jobs:
  - teaser: attract interest without overexposing the asset or seller
  - OM / CIM: present the deal story, facts, and process while preserving non-reliance and verification language
- Confidentiality controls are a core part of marketing, not a side document.
- OM drafting must balance:
  - persuasive positioning
  - data completeness
  - accuracy
  - disclaimer and non-reliance expectations
- Common marketing package elements:
  - investment highlights
  - property overview
  - location and market context
  - rent roll / tenant summary
  - financial overview
  - process and offer instructions
  - brokerage disclaimer / buyer verification language

## Benchmark and Process Decisions

- The skill should support two sequencing modes:
  - teaser -> CA / buyer registration -> OM / data room
  - CA / vetted outreach -> OM / data room
- Required outputs:
  - teaser
  - OM structure
  - process notes and disclaimer language prompts
- The skill should never imply that the OM replaces due diligence or legal review.

## Conflicting Source Resolution

- Brokerage confidentiality agreements vary widely, but the common principles are clear: restricted use, limited distribution, independent verification, and broker non-liability.
- OM samples are useful for structure and disclaimer logic, but each firm's branding and counsel-approved language will vary.
- Listing accuracy requirements from MLS guidance are more authoritative than marketing examples where the two conflict.

## Edge Cases and Red Flags

- Seller wants a highly confidential process but also wants broad branded marketing
- The broker only has partial financial or tenant data but wants to market aggressively
- The OM contains forward-looking claims without clear basis or disclaimer
- Property-specific legal or operational issues are omitted instead of framed carefully

## Open Questions

- Whether later releases should include off-market teaser templates separately
- Whether future versions should split institutional CIM style from middle-market OM style
- Whether a virtual-data-room launch checklist should be its own shared artifact
