What’s most important when selecting a commercial agent
Written by Peter Macintyre from Ray White Morrisset
In July alone banks financed roughly $44 billion of commercial property transactions, Australian Bureau of Statistics data shows. All over the country these properties are changing hands, from regional NSW to Sydney’s city centre.
In every successful commercial sale there’s usually one common factor, regardless of where it may be – a local commercial real estate agent. How can you find the right agent for your property’s sale?
Looking for local expertise
The ideal person for your sale will know every blade of grass in the region.
Selecting an agent should be simple, whether you’re in a capital city or a smaller centre like Morisset. The main thing you need to look for is local experience and knowledge. How long has the agency/agent been in the area? What does their track record look like? Do they have a solid reputation?
The ideal person for your sale will know every blade of grass in the region. Specialisation is necessary – an agent who covers a massive geographical area may not be as knowledgeable when it comes to the local market. One who specialises in a small centre, a specific region of your city or even a large commercial park, for example, will generally be well-equipped to handle your sale.
Larger national agencies with a local presence will have the expertise and knowledge, as well as the infrastructure in place to get you the best possible result. To find out more, always ask your agent for references and find out how long they’ve been in the area.
Find an agent you can trust
Be wary of big promises and exaggerations – what you really want from your agent is straight talk.
The second secret to selecting an agent for your commercial sale is equally simple – trust. If you can’t trust them to act in your best interest, there’s a good chance your sale or purchase will suffer.
Unfortunately there are agents that will promise you the world without being sure that they can deliver. Be wary of exaggerations – what you really want from your agent is straight talk and honesty. If they’re overly positive and everything’s golden, that’s a sure sign they’re not being upfront with you.
If the market’s slowing down in the area you’re viewing, your agent should tell you that. If finding tenants may be challenging, again, your agent should be up front.
Only with a relationship built on trust and a foundation of local expertise will you get the best possible result in any sale or purchase. Take your time when selecting your agent. The choice may be as important as choosing a property.