Tips to Hire a Commercial Real Estate Agent
If you don’t want to handle your relocation project or commercial lease renewal yourself, you can go to a commercial real estate agent. All you have to do is choose the right professional for your needs. Given below are 6 things you may want to consider during your evaluation. Read on.
A relocation or lease renewal is similar to a construction project. The difference is that it takes a bit longer than expected. So, it’s a good idea to go with someone who you like. This way you will enjoy throughout your journey and the process of negotiation may also go well.
Make sure the professional agent that you are going to hire can be trusted. It may be difficult to find out who can be trusted but it can be done during the interview. By asking a few relevant questions during the interview, you can get a pretty good idea as if they are trustworthy or not.
Conflicts of Interest
What does a conflict occurs? Actually, the conflict may occur when you go with an agent who already is a representative of many property owners in the same area. Now, the agent wants to serve you despite that the fact that they have given their word to the property owners that they will find a way to earn them the highest rate of rent possible. So, you may want to get a clear idea of the conflict severity and its importance for you.
Experience of the agent is of utmost importance as far as choosing the best professional is concerned. Ideally, it’s a good idea to go with a commercial real estate agent who has over 10 years of experience in the field. Their grey hair may be a sign that they have been in this business for years. You can ask about their experience during the interview.
Age of the professional should not be taken as an evidence of their experience in the field. The million dollar question is how long have they been actively involved in the business. You need to keep in mind that commercial real estate is on the list of those businesses that people do part time. So, make sure you choose a professional who has been working full time as an agent. What matters is experience not the age of the agent. After all, age is just a number.
Typically agents specialize in two ways. They can do it by industry vertical or location. As far as importance is concerned, location specialization carries more weight. An agent with location specialization has a pretty good idea of what is happening in the market. They know about the best deals and best property owners. Aside from this, their negotiation style is pretty impressive.
Long story short, if you have been thinking of hiring the services of the best commercial real estate agent, we suggest that you take these factors into consideration. This will help you choose the best service provider.