Buying or leasing a commercial real estate property is one of the biggest purchases you will ever make and the slightest mistake could ruin your finances. Commercial real estate properties are used for business activities, like in medical centers, hotels, malls, stores, and warehouses. All of these are big purchases that must be well thought out and this is why real estate agents are important to help ensure you get the best deal for the price you pay.
The real estate sector has been booming lately and according to Sky New York Realty, there is a market for everything in the United States, including real estate. The National Association of Realtors also confirmed this as they recorded over 5.34 million existing homes sold in 2018.
While more people aim to get the best deals in real estate, knowing the right agent to hire could put you ahead. Below are a few tips on how to find the best commercial real estate agent:
1. Look for Referrals
Referrals can never grow old and it is one of the best tools you can use in real estate to avoid taking costly risks. Rather than looking for one on your own, you could ask around from others who have used one before. Get some good referrals and take it up from there. This will not only help cut down your search time but will also give you trusted feedback and help you work towards hiring one of the best for your commercial real estate.
2. Conduct an Extensive Research
Don’t stop at the information you got from referrals. Always do extensive research on your own to be certain of the agent before jumping right into it. Research the name, work and credibility of each of them online. Get all the information you can about them from sites like yelp.com and zillow.com, then go ahead to schedule a meeting to know even more about them.
3. Interview Realtors
After getting referrals and doing extensive research on them, your list must have been narrowed to only a few. This is where you start interviewing prospective agents to know their qualifications, experience, and values and also if they match the results from your research. Prepare your questions beforehand, so you don’t lose out on the most important things. Ask about their previous clients, how long they have been in the business and the success rates they have had so far. It is also important to know if they have ever worked on a commercial real estate property.
4. Confirm their License
This is often overlooked by a lot of people but it could save you a whole lot. Confirm if the realtors have a valid license through the right sources. Although requirements could vary by state based on the number of hours of coursework, both residential and commercial prospective real estate agents take the same licensing course.
Realtors registered with the National Association of Realtors (NAR) have the uppercase “R”. There are other certifications that could tell you that a realtor is licensed to practice. This includes:
- Certified Residential Specialist (CRS) – residential real estate
- Accredited Buyer’s Representative (ABR) – representing buyers in transactions
- Seniors Real Estate Specialist (SRES) – helps clients that are aged 50 years old and above
For the best service from a commercial real estate agent, experts suggest that they have a degree in Finance or Business to learn more about the industry.
Most importantly, ensure that your commercial real estate agent has adequate knowledge and experience of the local market, as rules vary from state to state. You could ask specific questions related to your geographical area to gauge how much they know.