Choosing a property for your business is one of the most important decisions that can have a long-lasting impact. From location and size to rental rate and details, the right commercial real estate property meets your business needs now with consideration to scale and plan for the future. On the other hand, selling a commercial property can be complex and time-consuming.
All of the above highlights the importance of finding the right commercial real estate agent to become your representative. While a positive first impression is a great place to start, digging deeper to learn more about each agent can make a significant difference. Whether it’s finding a property or commercial property sales, working with a good agent can help make the process seamless.
The right agent will display a comprehensive skillset while matching well with your personality.
Here are some great questions to ask to help you select the right commercial real estate agent.
Interviewing Your Commercial Real Estate Agent
1. What experience do you have?
Don’t hesitate to ask for past references and the amount of experience they have in their field. Rather than focusing on the years of experience a commercial real estate agent has, it’s best to look at the number of successful deals and commercial property sales they’ve completed.
2. How will you help me find more options?
The best commercial real estate services will help you find options you have yet to consider. It’s the job of your commercial real estate agent to scour the market and expand your idea of a suitable commercial space.
A good commercial real estate agent takes the time to get to know your business needs, constraints, and what will help set you up for success regarding your commercial real estate property. Agents must have a finger on the pulse of market trends, possess excellent business acumen, and understands what your business needs.
3. How will you help me compare different offers?
A knowledgeable commercial real estate agent can use financial metrics to help you compare the total costs of leases or purchase prices. They can also help you compare conditions/terms, operating costs, incentives, and more. This process can help you make better and more informed property choices. Whether you’re interested in a land lot like East Point Business Park or a manufacturing building like 8512 44 Street SE, you must understand these nuances.
Our listing agents ask the right questions to determine your business needs. From there, we review the available options and suggest the most appropriate choice.
4. Can you share specific examples of hurdles you have helped other clients overcome?
Commercial real estate transactions are complex, with many potential challenges for buyers, sellers, landlords, and agents. While some hurdles are normal, a true expert understands what types of issues to expect and can answer this question with honesty and integrity. Pay attention to how they approach problems and create solutions.
5. How long will the search take?
This is often an overlooked question, but an important one nonetheless. When business owners aren’t aware of the time it takes to find a suitable space, it could lead to frustration and miscommunication. Your agent can provide you with a realistic timeline of when to expect the first round of tours and the average time for a turnaround so you know what to expect.
6. Do you have experience with businesses that are similar to mine?
While no two companies are alike, you’ll want an agent who can provide an example of a successful deal for a similar company. If you run a small business and the commercial real estate agent only has experience with large corporations, the relationship might not be a good fit and vice versa. At CMS Real Estate, we have worked with a wide range of clients, from start-ups to large corporations.
7. Where are market trends heading?
Knowledgeable commercial real estate agents are always up-to-date on market conditions and projections. Good agents are transparent about whether the market is favourable for leasing, selling, or purchasing.
8. What is your strategy for meeting my business needs?
This question will give you better insight into the experience that your commercial real estate agent has and whether they have a strategy to help you find a suitable space. When looking to buy or rent, or dealing with the complexities of selling, agents with experience have built a strategy and a process to minimize problems and set the deal up for success.
9. What type of commercial space do you specialize in?
If your business has specific requirements, you will benefit from finding a commercial real estate agent specializing in the type of space you’re looking for, whether it’s industrial, office, or retail. Be sure to ask about their listings upfront and what kind of experience they have with specific properties.
10. What other questions should I be asking?
Finally, you want an agent who will take the time to answer this question and shows interest in finding out how to serve you better. When it comes to finding the right commercial real estate agent, it comes down to the characteristics and qualifications that you value most.
Next Steps: Speak to One of Our Listing Agents
The commercial real estate world can be complicated and asking the right questions is the first step toward your desired results. At CMS Real Estate Ltd., we are a full-service commercial real estate brokerage with nearly 40 years of experience. Contact us today, and we would be happy to answer your questions.
Blog posts from CMS Real Estate are for general information only. The content should not be considered real estate management or investment advice. If you are in need of professional real estate advice, please contact our team.