Whether you’re a property owner who wants to have a profit from your space or someone looking for a property to lease for your business, and you do not have an idea on what to do and where to start, you might want to consider hiring a commercial real estate agent.
Many agents are experts in commercial real estate, so you have to pick the one who will give you the best deal for the property that you want.
Here are some things that you should consider first when choosing a real estate agent before you make a deal.
1. Budget
Since you will be requiring the service of a real estate agent for property management, it will definitely cost you money.
Real estate agents get paid either with a commission or a fixed amount, so you have to determine which they prefer. Also, try to ask if the amount of money they expect you to pay is within the range of your budget for hiring. After all, you do not want to hire a real estate agent that you cannot afford.
2. Credentials
You should have a real estate agent that knows their way around the business and completed transactions with their past clients. You should not be blinded with their age or even if they work in the industry for full time or part-time.
Try to pay attention to their:
- Education
- License and certifications
- Years of experience in real estate
- Clients handled.
- Deals accomplished
3. Specialization
You just don’t want your potential agent to be the most successful in selling or leasing properties, but also to make sure that they are well adept in the specific type of property that you want to sell or rent.
You don’t want to make a mistake in hiring an agent that handles warehouses or industrial spaces when you like to put up a business in a commercial building or retail centers.
4. Personality
Everyone wants a stress-free transaction, so hire a commercial real estate agent that presents themselves well and creates a positive attitude between buyers and sellers. Nobody wants to be working with an agent that is rude and does not show any concern to their clients’ wants and needs.
5. Interpersonal skills
Make sure to find a real estate agent that is well connected with other agents in the industry.
Having great working relationships with their colleagues will make it easier for the both of you to find the right deal or offer. Real estate is not a big community, so properties that are up on the listing are known easily by agents and competition may arise. Having harmonious relationship with other agents as well can avoid conflict if there are two agents eyeing for the same property.
Also, make sure that your agent keeps their line open, so you can reach them anytime if you have some concerns. They should also be prompt in making responses and give you updates.
6. Dedication and competency
This factor is significant. You will know that they’re a good real estate agent if they ask you about your main reasons why you want to buy or lease a property before getting down to business.
A good real estate agent should know and understand your needs, your property and the market. You can ask him questions like:
- “In what ways can you successfully give both your client and the buyer a good deal?”
- “Are you straightforward and open when it comes to your clients about consequences or downside of a certain property they are interested based on the current market?”
These type of questions will help you assess if they are dedicated to help you land in a great property deal.
They should also be:
- Updated in tools essential to their job
- Well-accessed in market information for conducting property assessment and listing preparation and management
- Well-adaptive to the market trends and flexible enough to learn marketing strategies
- Precise and very detailed when drawing out a contract between property owner and buyer
7. Trust and loyalty
Since you will either be entrusting them to handle your property or they will help you find the real estate where you will be putting your money into, they should establish trust.
Hiring a commercial real estate agent from a high reputable firm does not automatically give you the most trusted agent. Trust is between you and your agent, and it does not come with their affiliation, but it should be earned in the right way.
During the interview, pay attention to your potential agent who seems to be truthful and sincere in helping you out, and not just thinking about the commission they will be getting once your transaction is finished.
Now that you already have a checklist on what you should consider in choosing the best commercial agent that suits your needs, go ahead and start looking for potential candidates. You can do this by asking referrals from your friends or colleagues, or you can search online for real estate agencies near your area.
