When it comes to finding the right commercial real estate agent to fit your specific needs, it can be a surprisingly difficult task. After all, unless you are well versed in commercial real estate yourself, how do you know what qualities you should be looking for in a CRE agent, in order to best meet your needs?
While some people may feel comfortable foregoing the services of a commercial real estate agent to sell or lease their commercial space on their own, the majority of building owners choose to employ the services of a commercial real estate professional. But what should you look for in a commercial real estate listing agent? Let’s take a closer look.
Experience and expertise in commercial real estate
While this may not seem like a deal breaker, it actually should be. There are tremendous differences between buying and selling commercial real estate versus residential real estate. You will want to make sure the listing agent you choose is someone who is experienced in helping commercial property owners sell or lease office, retail, and other commercial spaces — and NOT someone who works primarily with houses or condos.
An established business in your area
While it may seem obvious, we still think it is worth mentioning. Be sure to look for someone who has been in commercial real estate long enough to fully understand how various commercial deals are carried out, as well as how tenants or buyers and their brokers work.
What’s more, an experienced and successful listing agent will also have the financial stability to truly put your best interest at the forefront of any and all potential transactions. Think about it — in most cases, a listing agent gets paid once the deal is closed. A listing agent who isn’t hard pressed for a big commission check will be less tempted to rush through negotiations or settle for an offer that doesn’t reflect the true worth and value of your property.
A thorough and precise individual
While the personality of your listing agent may seem like something that is more of a nicety than a necessity, it’s important to understand how several key characteristics can have an impact on the success (or lack thereof) of your commercial real estate transaction. You will want to work with a listing agent who has excellent communication skills that include a unique combination of persistence and tenacity — with politeness.
Further, you will want to look for someone who strives to be a creative peacemaker, but one who is also determined to overcome all objections, challenges, and obstacles that may stand in his or her way. These characteristics can all assure you that you are working with the right agent, who will ask all of the right questions and will anticipate any number of unknown factors that may arise throughout the sales process.
The truth is, quality listings agents will often seek you out through network connections, word of mouth, a referral, or even cold calling. But if you’re in the market for a CRE listing agent, you have some choices. You can ask someone that you trust, such as a friend or a colleague, or you can also talk with someone who has a relevant involvement in any particulars that you may require, such as a contractor. Doing a little due diligence up front to make sure you find the right listing agent can go a long way in helping to ensure a smooth sales process.
