For many, the intervening weeks will be filled with panic, frantically searching their paper-based files to check everything is ready for the sale. But for those who are well prepared and hold all information electronically, such as on a web-based property management system, it's easy. They simply provide a password to all parties involved, giving them access to the information needed for due diligence purposes. The smooth handover of information often paves the way to retaining the instruction. But where parties have fallen out, there can be a lack of incentive to provide the required information - especially if it isn't easily accessible. This is when problems start to arise.

The management of key information relating to a shopping centre can often be difficult and expensive. But doing so enables managers to track and record all core information to ensure statutory compliance. It is always surprising when people fail to understand the 'ready for sale' philosophy which is so important.

In my experience, the success and profitability of any instruction depends on the mobilisation and set up of information at the outset. Poor tenant records can affect initial cash flow and incorrect staff TUPE information is a sure way to start a new relationship on the wrong foot. The lack of completed service contracts or incomplete health & safety records also creates additional costs and delays.

If everybody followed the 'ready for sale' philosophy this would be a win-win situation. Centre management would be less affected by change, retailers would see a transparent service and owners would receive the quality of management they expect. And the agents' lives would be so much easier!

Don Lemen,

Partner, Donaldsons

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