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.

Likability

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.

Trust

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

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

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.

Specialization

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.

Growing and Adapting Your Commercial Real Estate Agent Relationships

In commercial real estate agency the relationships that you have with your clients will shift and change during the year as their property needs change. Importantly, you should adjust your approach and make all your contact processes relevant and of high value.

There is no point in contacting the same prospect or client with the same information and strategy each time you call. Fresh market information and ideas will help the client relationship grow. So what type of information can you provide that will help the client connect with you?

Try some of these:

  • Time on market factors impacting the different property types
  • The levels of inquiry coming in currently through the local region
  • Price trends with properties on the market and those that have been sold
  • Rent strategies and results from recent leases
  • Yields and cap rates applying to prices and rents
  • Best marketing strategies that are getting better inquiries locally

In an ideal world you should be 'on top' of these facts as part of your daily market activity in commercial real estate. It is simply a matter of having the information available in a form that you can provide to the clients and prospects that you work with.

Here are some ways to distribute the information to the people that are in your database and that you regard as targets for more new business:

  1. Start a blog in your own name and featuring the local area and property type that you specialize in. Every week you can write a short article or two about current market activity and trends. Given this you can link your blog article in your emails and newsletters that you send out.
  2. Your database should be constructed and contained in a system where you can broadcast many emails and newsletters. It is best to send out a newsletter via email at least once a fortnight.
  3. The previous two points are 'electronic' and internet related. You will still need some more 'traditional' approaches to getting information to your clients and prospects. Direct mail once a month will be useful. Enclose a 'hard copy' of your newsletter in the mailing process. Always enclose your business card in every direct letter sent.
  4. Create what I call a 'one sheet'. It is essentially a single sheet of paper printed on one or two sides. It is a mini version of your newsletter and provides an update. You can conveniently copy the number of 'one sheets' that you need as the weeks progress. Black and white copy is fine for the process but always attach your business card to the sheet. Use the 'one sheet' in meeting new people or prospects, or in door knocking local businesses. Use the sheet as a 'leave behind' marketing tool. It is simple and yet highly effective process in getting the attention of the prospect.

Be sensitive to the growing and changing relationships with all of your prospects and contacts. Your marketing material can be adjusted to their ever changing property needs.