If you are interested to buy any commercial property then you will need the services of a suitable commercial broker. These real estate brokers will be needed for any sale, purchase, leasing or renting of any commercial property.
As with any kind of services, if you are not too much familiar with these businesses then you may often end up with wrong kind of real estate dealer.
Therefore, in this post, we will discuss about few tips to select the right kind of real estate agent who will charge you right amount of commercial brokerage fees too. You must ask the real estate broker following few questions during your first meeting.
1. How long have you been in this business?
In this profession, you will come across many of the brokers who have been dealing earlier with residential property who have slowly switched to commercial property sector due to ‘big money’.
However, most of them do not realize that in case of any commercial property dealing it is not just buying real estate and then again selling it back. They should also anticipate the rental value, statement of profit and loss, documents related to third party contracts etc.
If the broker with whom you are dealing is not able to figure out about ratio of debt service coverage or net operative income etc. then it is better that you must look for any other suitable broker.
2. Do you have any special experience about certain types of commercial property?
In case, you are looking for any special kind of property then it is essential that the broker must have experience on that sector. Particularly for any sale and purchase transaction, such experience can be very useful.
The physical aspects however may be quite different for each type of property and also their term conditions, operating expenses, lease structures and other things.
As an example, lease for a single tenant type commercial triple may be entirely different from certain leasing of full-service office. Also, you must ensure that the broker that you have picked has track record of dealing with transactions in those types of commercial investment that you are interested in.
3. Do you have the right tool to offer your best service?
Having proper information must be the key element of making a right property investment conclusion. Knowledge is always power, and hence, your property broker must have access to all the available analytical tools about market information.
Such information will help them to do the transaction on the behalf of you. Therefore, you must ask for a list of all these resources.
4. Are you up-to-date with various rules related to your profession?
It is also important to know about education, certification and various other credentials that proves his expertise in dealing with commercial property.
Make sure that your broker whom you are considering is well aware about all the latest rules that are prevailing in the industry.
All these details are necessary to verify so that you can ensure that you are considering a competent broker who can take care of all your interest.