If you plan on selling or leasing out your commercial property and you are searching for a real estate professional, you need to do some homework. Selecting the right real estate professional for Commercial Real Estate for you requires doing research and asking questions. You need to know everything about the selling and leasing process for your Commercial Real Estate.
- What is the marketing strategy?
- Ask to review a marketing analyisis of your property
- Is the analysis of your property well executed or do the numbers appear to be pulled out of thin air?
- What kind of advertising will be done?
- Which web sites will be used to promote your property?
- What will the brochure look like?
- Do they take your property on the road – pitch sessions to other commercial Realtors – to which venues?
- Is the real estate agent a Realtor® that has to abide by a strict ethics code?
- Is the REALTOR or agent able to communicate effectively?
- Can the REALTOR or agent effectively present and sell the less-noticeable assets of the property?
The Real Estate professional you select needs to be diligent & knowledgeable about Commercial Real Estate & have a feel for the category of property in which you are interested so that they can guage the market and advise you as to the correct price of a property. Real estate agents should know what the competition is and how much it will effect your sale.
NEVER choose one Realtor over another because one of them gives you the selling price or lease rate that is higher than market and unlikely to be achieved. Your property will just sit stagnant on the market. Remember that the market sets the prices. A REALTOR cannot magically raise the selling price of the property without having a valid reason. Purchasers and tenants are not stupid. They won’t willingly overpay because the Realtor has a better personality or a nicer smile. ; it’s most likely that he or she will do research on the market and be knowledgeable about what the market values are what is reasonable. However, what selling price or lease rate is reasonable depends on the needs of the prospect. If a property is a perfect match for the purchaser or user, they are more likely to pay more. So the goal of the commercial real estate agent is to reach as wide an audience as possible with your property. You want to find that special square peg that fits your square hole. The Realtor you select can make a marked diffference in the amount of exposure your property achieves. You need to look carefully at the type of marketing campaign they run. The more prospects they reach, the better chance for your property to find a willing Buyer or Tenant that is the prefect fit for your property and help you achieve the maximum price in ths shortest possible time
If your property does not elicit attention within several months, the cause can most likely be attributed to one of these three factors: location, condition, price and exposure
LOCATION: The location obviously cannot be changed. But are the positive attirbutes of the location being emphasized to prospects? Review how the marketing materials are communicating this
CONDITION: You should consider examining the condition of your property. Are there any changes you can make that will improve the activity?
PRICE: . Ask your REALTOR to offer an explanation of the competition and your pricing strategy. Are you priced unrelistically?
EXPOSURE: for residential real estate it is easy. All properties are on MLS. It is not like that in commercial real estate. There a myriad of options to sell or lease commercial properites. Some of the web site and professional memberships are very expensive but they are effective. Does your real estate belong to these? What exposure does your property have to the market place? Where is it being promoted? Is it being marketed effectively to other brokers as well a prospects? Ask for a review of activity on your property