If you are planning to sell, lease or buy a commercial property, hiring a commercial real estate agent can make a huge difference.
A commercial real estate agent will ensure that you get the best possible deal. However, before you hire, it is important to ensure that the agent can deliver. Here are a few questions to ask when hiring a commercial Realtor.
How is the Reputation of the Firm?
Before settling on a commercial realtor, it is important to find a company that has a good reputation. It takes a long time, and quality service delivery for people to testify that a commercial broke is backed by respected team.
To find out is a firm is reputable, ask the Realtor to tell you some of the clients that they have worked with and provide you contact information for reference. Also, you can gauge the reputation of the firm by checking reviews online and by getting online.
Alternatively, you can check the local business journal to find out how the broker ranks. Choosing a reputable commercial real estate agent gives you a form of guarantee that they will deliver. Besides, they have worked hard to build the reputation and wouldn’t want to risk ruining it.
Does the Firm Specialize in Your Property Type?
You will also need to find out if your real estate has the expertise required for your property type. Different types of commercial properties require different expertise. For example, a commercial real estate agent who is experienced in selling or leasing offices might not have the necessary skills to sell an industrial building.
Although many brokers try to widen their scope by dealing in office, industrial, and retail properties, they all have areas that they thrive in. To determine whether the realtor has experience in your property type, you can ask them to name some similar properties that they have successfully sold, bought, or leased before. Also, ask them to give you market insights for your property type and list a few things that other people buying your property type usually look for.
How Well Does the Real Estate Team Know the Market?
Every market is unique. Therefore, it is important that you hire a commercial real estate agent who has experience in commercial properties. If the commercial agent has expertise in the market, they will be in a better position to negotiate the best terms for you.
Also, if you are buying a commercial property, they will know where to look and provide you with the best options. And, if you are selling or leasing, the broker will know how to recruit the right buyers or tenants.
To determine how well your agent knows the market, ask them to provide the current market rates. Also, ask questions on how other commercial property owners are performing and the strategies they use to thrive. If they can provide such information, it means that they know the market quite well.
Is There Conflict of Interest?
This particularly applies to clients who want Realtors to help them rent or lease their properties. Such clients should check whether the agent is handling a similar property in the same market. If the broker handles a property that is similar to yours, it means that the properties will be competing for tenants or buyers.
However, commercial property owners should understand that there is no conflict of interest if the firm handles a similar property but the other property is fully leased or has already found a buyer. Therefore, always be sure to go through the Realtor’s listing to ensure that there will be no conflict of interest.
Is the Agent Certified? For How Long?
Clients should check whether a commercial real estate agent is certified and licensed. This will give you a guarantee that the Realtor has the necessary skills required in listing commercial properties. Also, you need to check for how long they gave been licensed.
This will help in determining for how long they have been in they have been dealing with commercial properties. Basically, you have better chances of success if you deal with a broker who has been in the industry for some years. Furthermore, experienced agents know what challenges to anticipate when buying, selling, or leasing commercial properties.
Also, they most likely have solutions to these challenges unlike newbies who might not know what to expect or what to do incase these problems arise. But, this is not to mean that you should completely dismiss newer Realtors. As long as they have mentors or work among a team of other experienced and reliable real estate agents who they can turn to incase they are faced with an unfamiliar situation, you can give them a chance.
How Are Their Rates?
Another question that you must ask before choosing a commercial real estate agent is how much they are charging. Most Realtors charge for projects on a commission basis. It is important that you enquire about their commission and compare with other agents. From there, you can pick the agent with best qualities and most competitive rates.
As a rule of thumb, avoid going for the cheapest brokers. Sometimes, cheap begets cheap. Also, you need to understand that some agents charge very high commissions but deliver same results as mid-priced agents. Therefore, you want to check that the broker meets other criteria and a good rate will be bonus.
Do They Have The Required Marketing Skills?
Whether you are buying, leasing or selling a commercial property, you want to be working with a commercial realtor that has great marketing skills. For example, they should be tech-savvy and technology to ensure that your property gets wide coverage.
To achieve this, they should maintain a professional website with high traffic so as to ensure that your listing gets to as many people as possible. Also, if you are a buyer, you want to deal with a broker who has access to a plethora of properties in your target market.
A Columbus Ohio commercial real estate agent with great marketing skills is also proactive. The Realtor should not just list your property and wait for potential buyers or tenants to come to him. Rather, they should will to reach out to people or businesses that they think could be potential buyers. Also, they should be well-connected so that they are the first to hear of new properties hitting the market. This is very beneficial, especially when you are buying a commercial property.
Are They Responsive?
The agent that you hire will be instrumental in you decision-making. Therefore, you want to work with someone who is interested in working for you rather than the check. Buying or selling real estate properties involve long and complicated processes and unexpected problems often pop up. Thus, you need to be sure that the agent will be available to guide you whether during working hours or off-working hours.
Asking these questions will ensure that you get the best commercial Realtor. The best real estate agent will ensure that your property gets as much reach as possible, thus getting you the best deal. On the other hand, if you are a buyer, the best agent will expose you to a wider number of properties and negotiate for you to get the best price.