Commercial Real Estate Agent
5 Important Things To Consider While Choosing A Commercial Real Estate Agent
Real estate has become one of the biggest investment options, with even billionaires heavily investing. The world of real estate is not that complicated when you take your time to know the market. It is also important to choose the right people to work with. There are many people who have ended up regretting because they did not make the right choice when it came to the people to work with. It is a good idea to invest time and effort in finding the right people to work with. One person you will need in the process is a commercial real estate agent. An agent will play a big role, and it will pay to spend some time choosing the right option.
Many usually have a hard time when it comes to choosing a commercial real estate agent because they don’t know what to look out for. It is important to know that there is a very big difference between residential real estate agents and commercial real estate agents. Commercial real estate agents focus more on business and will rely less on emotions. Their main focus is on facts and figures. It is also a good idea to understand your goals. Why are you looking for a commercial real estate agent? Below are some of the tips that will go a long way in helping you choose the right commercial real estate agent.
1. Experience in commercial transactions
You should always choose a commercial real estate agent with experience in commercial transactions because you don’t want to hire a person who will not be well versed with the process. You should see how much of their transaction is commercial. This is why it is a good idea to go with a real estate agent who has specialized exclusively in a commercial real estate. They will be able to bring in more value in terms of marketing and selling/leasing a property. When choosing an agent, you should try finding out whether they have access to property databases. This is important because it will not only help in the negotiation of a deal that will give you the most profit but also an expedition of the process.
2. The size of their office
There will be times when you will be faced with the choice between a broker in a smaller office and one in a larger one. If you are interested in modest space needs, then you will have a harder time dealing with a large firm that has clients looking for 10,000 square feet of space. This can easily result in having to settle for a less experienced broker since the more experienced ones will be focusing on the big tenants.
There are many people who have ended up with the wrong option because they did not factor in communication. You will find that there are some clients who complain about the agents they choose because they don’t return phone calls and many others. Communication is one of the most important things when it comes to the world of real estate. You want the clients to feel like they are being heard, which will end up working in your favor.
4. Well connected
This is another thing that is often overlooked. Finding a real estate agent who is connected can be one of the best things because they will be able to connect you with other valuable industry professionals. You will hear people talking about how their broker ended introducing them to other sellers who they made deals with. A well connected commercial real estate agent will be one of the best tools to have.
5. Understand the fees
You should always find more about the fees before you can work with a commercial real estate agent, instead of waiting until you start working together. You should find out any fees that will apply. There are times when people have been forced to pay for fees they did not know about before. You should find out the commission rate and you should make sure that the rates they have in place are fair and competitive. You should try to find as much information as possible so you can make an informed decision using as many facts as possible.
Once you find a commercial real estate agent you are interested in working with, you should ensure you have signed a written contract with the agent so as to cement the new relationship. The contract is important because will shield both you and the agent. The contract will cover payments to the broker, whether the arrangement is exclusive or non-exclusive, the details of the legwork to be done by the agent, and how a conflict of interest will be handled if it comes up, etc. Investing time and effort in the process will be one of the best decisions.
Looking for buying/leasing commercial properties/ office spaces in Cincinnati? Get in touch with 3CRE for best options of commercial real estate in Cincinnati and around.
Also read in our next article: How to get affordable insurance for Commercial Real Estate Company?.