In the current market and given the advances in technology, we have access to an unlimited number of tools and websites that can give you access to properties, irrespective of whether you are a buyer or a seller. Hence, the question often gets asked, “Should I hire a commercial real estate broker?”.
This is a good question and to understand whether using an agent is a good choice or not, you need to consider a few factors. In this article, we give you clarity into what a
commercial real estate agent does and explain why it could be a good move to work with one.
What Does a Commercial Real Estate Broker Do?
If you are contemplating hiring a commercial real estate agent and wondering what they do, you are at the right place. You should have all your questions answered before you choose to work with an agent and feel comfortable with their market expertise. After all, you are hiring them to help you find the best commercial real estate deal. Here are a few important things that a commercial real estate broker does:
- Marketing Commercial Properties If you have tried to market your property on your own, you probably understand the hassles that prospects can put you through. This is where a commercial real estate agent makes all the difference. They know the best channels and ways to market the property and will get the word out throughout the commercial real estate market in a very well-organized and efficient manner. They field inquiries and vet prospects for a living, so they’re usually well-versed in what makes a quality prospect and can shield you from unqualified buyers and tenants.
- Maintain Relationships That Gain Access to Inventory No matter the industry you are in, if you start to think about the number of people you know, you understand how valuable it is to have a commercial real estate broker who knows the right people in the space. A broker will oftentimes already knowwho might be interested in your property or at least know those who might know someone interested in the property. Commercial real estate brokers network heavily and are always making new connections as a part of their profession and this can make it easier to get your property sold or leased. Many of our deals get done with no online marketing whatsoever, just because we know who is currently in the market for a property. Off-market deals can help eliminate competition and lead to immense opportunity for a successful transaction.
- Research the Market & Know the Value of Properties You should not only understand the current state of the market but also be aware of the potential future value of the property at hand. To gain access to this information takes research and/or subscription-based services and can also take up a lot of time.. Hence, hiring a real estate broker will ensure that you have the requisite knowledge of the market and understand the value of your property.
- Commercial Real Estate Negotiations With commercial real estate, there is always room for negotiation. The good news is that most commercial real estate agents and brokers are masters at the art of negotiating and whether you are a Buyer or a Seller, Landlord or a Tenant, your broker will work hard to ensure you get the best deal.
- Draft & Execute Legal Documents All transactions require legal documentation and the commercial real estate industry is packed with legal documents that can be complex to create, understand and complete. They can also lead to long-term ramifications you might not have even thought about. Fortunately, a broker can take that off your plate and assist with the legal stuff so that you do not have to.
Is Hiring a Commercial Real Estate Broker Worth It?
The answer to this question depends on your situation. But on average, the answer is yes, it is worth the time, effort, and money. Commercial real estate brokers know the market, they can negotiate for you and also handle the administrative tasks. This alone makes it worth taking the time to work with an agent or a broker.
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