Jan 5, 2017

Listing Your Commercial Property with a Commercial Real Estate Agent

You have your commercial property and want to list it with a real estate agent.  Choosing the correct real estate agent will define the success or failure of your venture.  Take the time to research on the ability of a potential real estate agent to negotiate and close a deal on any given property.  What should you look out for? 

1.    Length and Depth of Experience
Nothing beats experience in the real estate industry. Find out how long the real estate agent has been working in commercial real estate. Over the years, what type of designations has he/she earned?  Additionally, has the real estate agent previously worked with commercial real estate such as yours? If yes, does he/she have any testimonials from previous clients?  This will help you gauge if he/she has the skills and expertise you are looking for and whether they will get you the best deal out there.

2.    Is the Real Estate Agent Listed on a Professional Website?
Whether buying or selling a property, you should ask the agent whether he/she is listed on a professional network. Success in the real estate business depends on the marketing plan the agent has for your property. A glimpse into their commercial networks will expose you to the type of deal to expect. It will show you the kind of exposure that your property will receive which should be in your favor.

3.    Area of Expertise
Specialization comes with a higher level of knowledge, skills and competencies in whichever field. When listing your commercial real estate with an agent, you are looking for one who knows the nitty gritty of the commercial real estate industry.  If your agent majorly handles residential real estate yet you need them to manage your commercial real estate; chances are they are not the best choice. Even if they dabble in commercial real estate, they may not be able to get you what you are looking for.  The simplest way of finding this out is by doing a quick online search.

4.    Know the Real Estate Agent
To get the best deal, you not only need to know about the real estate company, but you also need to know more about the agent handling your property.  In most cases, the real estate agent is an independent contractor working on a commission for the real estate company. Having a good relationship with them will contribute significantly to you getting the best deal there is.

5.    Ability to Communicate 
As in any other profession, communication in the real estate industry is key.  While interviewing the agent, take a keen interest in how they are selling their services to you.  This helps in gauging whether they will correctly communicate your property in the market and to the right target audience.  You can also pick on their communication skills by factors such as if they kept time for your meeting, if they appear organized, whether they are appropriately dressed and if they appear trustworthy. Take your time in considering all these before settling for a particular agent.

6.    Understand the Fees
You need to understand how much commission the real estate agent will be earning from you.  Find out if it is fair and competitive.  Remember that the real estate agent will most likely be marketing other properties too.  You need to get the best deal by ensuring that your property is allocated enough time.  Find out if any fees apply to you.

7.    Engagement Period
The listing period should give the real estate agent enough time to fully and appropriately market your property.  Find out how much time the agent needs with your property and ensure that you have a termination date of your agreement. 

Written by the experts at Columbia Real Estate, the most knowledgeable agents for real estate in Columbia, MO.

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