If you are seeking to provide a cutting edge service to your clients, while streamlining your own business processes, find out how you can work with Offr today.
Data & Information
Data is the cornerstone of well-informed commercial investments. We make available contracts, title, lease information and planning documents throughout the marketing period. Well informed, confident buyers tend to compete more willingly and close faster. Track activity and make accurate projections.
The Offr Vault
Until now, data room technology has been limited to only a handful of commercial properties, due to the associated costs. For the first time, Offr opens up the entire commercial property market to this technology by providing an online data room for every property, irrespective of value or method of sale, allowing the seller’s solicitor to upload full legal packs early in the process.
Faster Legal Process
Offr works closely with the agent, the vendor and the vendor's solicitor, prior to marketing, to help prepare the Contract for Sale. Using Offr technology, the seller is guided through the process of collecting and submitting key title and non-title information to their solicitor. This dramatically cuts the time it takes to make a contract available. Upon offer acceptance, Offr generates Heads of Terms and issues to both sets of solicitors, instantly providing the full legal pack to kick start due diligence without delay.
Time is Money
Time is money in the commercial investment market. Delays of several weeks or months can cost buyers and sellers tens of thousands of euro. For example, a delay of 3 months in the sale of a €6m investment property producing a rent of €50k per month costs the buyer €150k of missed rental income. The seller incurs the opportunity cost of the three month delay to receiving the €6m proceeds of sale. Offr safeguards against this, while also ensuring the investment agents and solicitors representing both parties get paid their fees months sooner.
Offr equips the estate agent with the tools to swiftly bring matters to a head with a secure, online version of the popular 'best bids' or sealed tender processes. The agent can choose an open or a closed online offer session. The buyers take comfort in the security and confidentiality provided, and the vendor can be assured they are now getting best possible price through multiple rounds of competitive tenders.
Offr allows buyers to nominate their Special Purpose Vehicle (SPV) or other corporate entity as the ultimate purchaser. By collecting KYC documentation and proof of funds prior to an offer being made, the agent and vendor can review offers confident of the financial capacity of the prospective purchasers.
Overseas buyers will now have even easier access to the Irish investment market. Key investment information is made available online in the Documents Vault. Solicitors can review contracts and title during marketing. Secure offers can be made irrespective of distance and time difference. Evidence of identity and funding capacity can be instantly provided at the tap of a screen. Documents can be signed using DocuSign and deposits transferred online to the agent using Stripe.
Life is now made a lot easier for the investment agent charged with buying on behalf of a fund or private client. They can quickly access information, secure a property through swift bidding processes, spot issues and deal with them quickly. The agent can provide a premium service to their client and ensure a speedier payment of their fee, which frees up time to handle more transactions each season.
Offr beaks down many barriers to quicker access to Commercial Real Estate (CRE) funding. The financial institutions and their solicitors can perform due diligence online before and during the offer process, delivering quicker term sheets for asset-backed finance to their customers. With shorter completion times, the time to draw-down is also reduced. Risk mitigation reduces the number of failed sales and the associated drop in conversion rates from approval to drawdown.
Vacant Commercial Property
The full suite of Offr tools is not restricted to income-producing commercial investments. Easily progress the sale of vacant commercial properties and development land with the same speed, efficiency and transparency as investment properties.
Off Market Investments
Offr provides a unique off market sales process for agents acting on behalf of sellers who do not wish to publicly market their property or portfolio of properties. Using their network of buyers and acquisition agents, the agent can manage a private, off-market transaction process, taking advantage of Offr’s fast-tracked legal processes, deposit payments, electronic signatures and 24/7 'always on' global accessibility.