Finding the right commercial real estate agent for your specific needs can be incredibly difficult. What qualities in a commercial real estate agent should you be looking for to find the BEST DAMN one for you?
First and foremost, you have to decide which side of the negotiations table you are on
There are 2 common transactions:
- SALE: The property owner vs. the buyer
- LEASE: The landlord vs. the tenant
A commercial real estate agent that represents property owners are involved in “Agency Leasing”. These agents are also known as “Listing Agents”. “Listing Agents” are specialists in a certain territory (regions) and product type (Industrial, Office, Retail and Land). They also work to maximize the benefits for their client – the property owner.
What you should look for in a Landlord’s rep:
- Knowledge and expertise related to current market conditions (access to accurate Sale and Lease Comparables)
- Recent and closed transactions in similar buildings
- A strong business acumen, analytical skills, and accounting skills
- A clear understanding and focus on your needs, goals, and timeframes
- Strong marketing, negotiations and communications skills
- Truly motivated to actually work to fulfill your needs with full attention and focus. They are someone who will return your calls, emails, or texts and answer your questions or concerns promptly
There are also a group of brokers that specialize in helping ONLY the occupants: the people who are tenants or buyers. You certainly need all of the qualities listed above, but you also need more individual assistance and expertise – someone that has your back and looks out for your best interests.
What you should look for in a great buyer or tenant commercial real estate agent:
- A seasoned deal maker (who specializes in your business type and property product type you are seeking to buy or lease)
- A strong and wide network of Landlord rep brokers, so that your purchase offer will get selected; they are essentially selling your tenancy to the owner and will need to highlight your strengths vs. competing offers
- Ability to identify the need and hot buttons of a property owner to maximize your position and ensure successful negotiations
- Excellent communication skills that include a combination of tenacity, persistence, and politeness
- A creative peacemaker, who overcomes objections, challenges, and obstacles
- A thorough and precise individual. An agent who asks the right questions and anticipates unknown factors that may arise
The truth is most often it’s the agent who find and seek you out. They do this either through a network connection, word of mouth, a warm referral or through cold calling. Another good referral source is from someone you trust (friend, colleague, peer, etc.). It can also be someone that has a relevant involvement in your requirement (the architect, contractor, etc.). You may also come across an agent by calling on a listing, which is completely random.
The absolute best way is to connect with an agent that has been prequalified (someone who has relevant experience and expert market knowledge) is through Digsy. Digsy connects you with a highly qualified and experienced agent specifically selected for your needs. Most of all Digsy has spent time curating reliable and talented agents in your market, to ensure you receive a 5-star level of service experience when you seek commercial real estate assistance. You can also learn more here.
This article was written by Digsy Partner, Jaime Kim.