Like every relationship you need to find a match that fits you and your needs. It is no different when you are looking for a Commercial Real Estate Agent. It’s one of the most if not THE most important step for anyone interested in investing in commercial retail space for lease. Whether it be commercial property for lease in St. Louis or any other city across the nation, commercial real estate tenant representation is important and sometimes required. We’ve collected a few key things to look for when looking into Real Estate representation that best fits you and your goals as you take a step forward into the world of commercial real estate.
Local Expertise
In the example we mentioned St. Louis, but wherever you so choose to invest in land, it’s best to find a Real Estate Agent who is familiar with the area. Markets differ across the United States so it’s advantageous to the investor to look at someone who understands the market in that particular area. The Agent that you select must have a competent understanding of the history of that particular area’s market and what pitfalls to avoid or to capitalize on.
Business Accountability
If you haven’t figured it out by, words like expert and expertise have been thrown quite a lot already. Now is not the time to select an up and commerce especially considering that your investment is on the line. You want an Agent who judges themselves on their losses because they have so few. You’re going to want someone who is proactive and intune with times and is able to be available for you when you need to get a hold of them. Having an agent that places the client first makes the relationship easier for you, but also shows that agent takes his or her work seriously when it comes to their own reputation. Through their reputation this will provide access to other important networks if issues should arise such as attorneys, contractors, and architects.
Successful Transactions
We mentioned judging your agent not on their wins, but on their losses because they have such few. It does not matter if they have the biggest office or it’s three people working out of a broom closet. We are looking for experience and accountability. Brokers with a real estate license are legally able to participate in commercial transactions. The difference between commercial transactions and your average home purchase are that commercial transactions deal more with long term investment and prioritizing the business whereas home purchases deal more with the buyers wants and needs. You are going to want someone who is able to see the bigger picture and has had experience with such larger scale transactions and all the moving parts involved.
What Not To Do
We recommend for beginners to not sign exclusive representation agreements. Exclusive representation agreements lock you into a partnership with a particular agent. Necessarily this is not a bad thing, unless you get stuck with a broker who does not fit the aforementioned model we have been preaching. These brokers will directly profit off of you and if they aren’t meeting your needs there’s not much you can do after you sign the agreement. What’s important is knowing what works for you, and signing straight into an exclusive agreement could make for some unwanted practices.
You will now have a better idea on which factors are most important for a commercial real estate agent. Get in touch with Cardinal Realty Group, an established industry leader with more than 35 years of commercial real estate experience. Call 636.225.0385 or send an email at Hal(at)CardinalRealtyGroup(dotted)com.
