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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