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What to ask your potential commercial real estate agent

commercial real estate agent

Investing in or leasing out commercial space requires a significant investment of time and capital. Hiring the best expert in this endeavor is, therefore, just as important as choosing the best commercial real estate in Missouri.

Ask these questions to find the commercial real estate agent who will work to increase your chances at lucrative returns or land prime property in a promising location.

1. Have you had clients like me before?

Hiring an agent based solely on their success rate is not enough. An agent’s answer to this question confirms if they’re a good fit for you. Having a history with clients whose profiles are similar to yours makes an agent more capable of realizing your goals and foreseeing possible bottlenecks particular to your case. Each step of the process—from looking at properties all the way to final negotiations—will be tailored to your specific needs and interests.

2. Which areas and commercial spaces are your specialties?

Real estate agents have their respective specializations, built on years dealing in specific property types and locations. Looking into this previous experience can help you in your decision-making. Extensive dealings in office buildings are valuable only if you’re planning to invest in office space, not retail centers. You will benefit more from hiring an agent who specializes in the area and property type you want to invest in because they will know the details and peculiarities of investing in that particular district or commercial property.

3. How is the market developing?

Thorough knowledge of the local area is a requirement for a commercial agent. Ask this question to get a better idea, not only of the agent’s expertise but also of properties in prime locations and the potential developments there. An agent who is up-to-date regarding local developments can help you make decisions that could spell significant returns and early entry into untapped markets.

4. How long have you been active?

While years of experience isn’t the sole criterion for evaluating a potential commercial real estate agent, asking about their years in the industry gives you, the client, a concrete number for comparison. This number can serve as a baseline when weighing your options among agents who are active in the same location and area of expertise. However, don’t let this number obscure other factors. More experience isn’t necessarily synonymous with better performance, so follow up with the next question.

5. What are your success stories?

Success stories not only provide solid evidence of an agent’s abilities, but these also give clients a clearer view of the agent at work. Ask agents to walk you through their strategy and the steps involved in turning past transactions into successes for their previous clients. Use these stories to decide if their style and approach complement your needs. The kinds of success stories they tell will also let you know the kind of client they work best with—investor, landlord, or tenant.

6. What questions did I miss?

A truly valuable commercial real estate agent can always point out aspects in the investment process that you hadn’t considered before. They should also ask you questions of their own. If your time with a potential agent is spent on a fruitful back-and-forth, it shows great consideration for your needs, not just your business.

Learn more about options to invest in commercial real estate in St. Louis, Missouri. Reach out to the Cardinal Realty Group, an established and active leader in commercial real estate with more than 35 years of industry experience. Call 636.225.0385 or send an email to Hal(at)CardinalRealtyGroup(dotted)com.