Both commercial real estate buyers and sellers should have a trusted, experienced, and knowledgeable commercial real estate agent working with them throughout the process. There are several factors to consider when choosing a commercial real estate agent and taking the time to find the best professional can save you significantly as a buyer and increase your revenue potential as a seller.
Starting Point
The first step in finding the right agent as a buyer or seller in the commercial real estate market is choosing a professional specializing in commercial real estate. It is not uncommon for some real estate agents to handle residential and commercial property deals, but it doesn’t mean it is a wise choice just because it is possible. In choosing a commercial real estate agent that exclusively works on commercial deals, you have experience, knowledge, and market awareness. Commercial real estate is all these professionals focus on as their area of expertise. These are also professionals that are aware of trends within a city or neighborhood and assist in determining the feasibility of properties on the market based on past sales, leasing data, building types, and property potential. When meeting with the CRE agent, consider how willing he or she is to listen to your needs. The best agents work for the customer, but they also provide information and recommendations that are of benefit to their clients.
Ask the Real Estate Agent for References
The top commercial real estate agents have current and past clients who can speak to the level of service they provide. It is not uncommon in commercial real estate deals for the buyer or the seller to request references before hiring an agent. Take the time and follow up with the individuals by email or phone to get their impression of the agent and the process.
The Real Estate Agent’s Expertise and Experience
One of the reasons that expertise and experience are such critical factors in choosing a commercial real estate agent is the network of buyers and sellers they bring with them. Many of the top CRE agents know about listings or buyers before the information is generally known in the area. This is an advantage to both the buyer and the seller and can ensure a fast sale at a favorable price. In addition to a network, experienced CRE agents can effectively market property through digital platforms. They understand how to maximize their reach through promotions, events, social medial platforms, and reaching out to a wider market. For buyers, these agents are able to quickly identify new or existing properties on the market or make suggestions of potential properties based on your requirements. Finally, a top commercial real estate agent anticipates your needs as their client. This includes assisting both buyers and sellers through offers, negotiations, and even in support with financing and managing the complexities of these types of contracts.
