As a commercial real estate broker, one has to breathe for the market and feel the urge to help businesses find space to lease or buy if they want that. Real estate agents are somehow different people, with a different view of the world, and that’s what sets them apart or sets apart good brokers from the “not that good ones”.
The one you need is highly skilled, with good social intelligence, and friendly to other residential agents and clients. He or she needs to be professional, especially in the way they speak and dress, especially today, when that first impression is very important for making the opponent believe you and consider you “in charge”.
These few tips are actually only “scratching” the surface on how to hire a good CRE agent and get the best of your needs for an office place, a home, or an industrial setting. Stay with us, and find out all the ways how to avoid mistakes when selecting a person this valuable for the future of your tenancy or property ownership.
Make a difference between commercial real estate agents and residential ones.
The first qualification you want your real estate broker to have is experts in his niche and in their asset type!
A commercial real estate broker, or agent, differs from the agent in charge of the residential buildings. The main difference is that a commercial real estate broker is business-focused! He’s a businessman. The job of a residential real estate agent revolves around the wishes and needs of a homeowner and/or his family. That means that CRE agents’ business excludes emotional attachment type of properties, that sometimes can not be avoided in the residential agent portfolio.
Pay attention to his referrals and professional connections
Referrals from the key personnel in the industry (property managers, lenders, attorneys, inspectors, surveyors, investors, etc) are needed as proof that your CRE broker is well-connected with relevant professionals valuable to the industry.
After you have gained a strong point of his strong and weak points ask yourself would you work with him at all. If their answer is yes, then proceed! If the answer is not affirmative, just move on. It’s that simple.
Up to date with the current information on the listings and market data
You have to always make sure that the person you put in charge of your home or business center is knowledgeable about managing broader market and industry trends and data. The commercial real estate industry is constantly changing, leaving no space for the uninformed ones, and agents providing ancillary services. Brokers should demonstrate a different perspective and knowledge about the evolving lease terms, amenities, tenant improvements, and cost-sharing,
A client relies on his agent to provide relevant data on sales and rent comparables, demographics information, and deals that are going to make you the most money! Bear in mind that online deals have already been picked over, basically made the left-overs so someone providing pocket listings and the off-market deals is your new best friend.
Someone that sounds and acts like a professional
Business relationships are always made upon professionalism, so when looking for a good CRE broker, you should pay attention to his manners, sounding, eloquence, and ultimately – looks. Poor vocabulary and tacky clothes won’t impress landlords and sellers. Also, imagine taking him/her a century to answer your phone calls and emails – that would be hell-like when investing large portions of money in someone.
Also, it is extremely important to thoroughly understand the contract between you and your commercial real estate agent before you sign it! Agreeing to the agent’s fees, length of the contract, and many other important terms have to be negotiated, established, and approved earlier by both sides.
A CRE broker has to understand your needs
The qualification of being able to listen and understand your client’s needs and wishes, but also his weaknesses is really important. Nobody likes being left with no answer if a commercial advisor does not understand your needs and objectives. If that happens, they may not be a fit for a job. Having an expert in a CRE niche and seeing that they understand what you need are the two most important factors guaranteeing success on both sides.
If you are looking to hire a competent commercial real estate agent to enlist a property, simply consider companies that have many happy clients in their portfolio and make sure you have looked upon these five tips before signing the agreement. They will help you choose a qualified individual that will maximize the value of your assets and save you time and money.