There are many rules and regulations that govern the commercial real estate market that can make it challenging to finalize a sale without proper help from the right broker. If you want to get the most out of your commercial property you need the help of someone who is experienced and knowledgeable in the local market of your commercial property.
Here are a few tips to keep in mind when choosing a broker to sell your real estate.
It pays off to do some research before any official meetings take place. Learn what you can about the local commercial real estate market. Research similar properties in the area so you have an idea of what your property should list for, or what investments you may need to consider before putting your property on the market. A great broker will help you make the best decision for your portfolio goals.
A broker’s reputation is their most important asset. The best way to learn about a broker’s reputation is by talking with commercial property owners in the area. Collect testimonials about good experiences with a specific broker. Ask if they were pleased with the transaction and if they would use them again.
The more people you can find who have had experience with the broker the better. You can also check on a broker or company by looking at the Better Business Bureau or online reviews such as a Google My Business page. It’s important to remember with this research there are always two sides to every story. If you hear a consistent experience explained this is one to pay attention to.
You know what you want, so don’t be afraid to come out and say it. If your expectations are truly unreasonable, then a good commercial real estate broker will help guide you in the right direction and explain why you may not be able to get the exact price you want or why it may take a little longer to make a sale. You and your broker should be able to talk candidly and openly without any friction.
When choosing someone to sell your commercial property, always ask questions. There’s no such thing as too many. Ask how many years of experience the broker has sold commercial real estate, ask about the size of the firm and how much individual attention you will receive. You will also want information about the firm’s compensation practices and how they might conflict with your own interests.
Make sure that the broker has experience selling your particular type of commercial property, whether it’s restaurants, offices, retail stores, or other commercial spaces. Some brokers may have different areas of specialization. When consulting with other property owners about the best brokers, speak with owners who have a similar type of commercial property. If the same name is recommended to you repeatedly, this is a good sign. Always ask a potential broker about his or her experiences with your specific type of property.
When selling your commercial property, it is vital to find a realtor knowledgeable about your geographic area. An expert in your area will understand local zoning ordinances and codes as well as the current market. Choose a local real estate expert like Ullian Realty Corporation, Brevard County real estate brokers since 1985.
Ask about your potential broker’s marketing methods. You will want to ensure that your broker is advertising to the most relevant demographic for your specific property. Find out if they are using the latest online marketing techniques, including listing properties on their website, posting on social media, and sharing available properties through email advertising.
A quality broker will likely have special certifications or belong to realtor associations. Ask your realtor if he or she is a member of The Society of Industrial and Office Realtors (SIOR), the leading real estate association that offers professional designations to experienced brokers. These brokers will be the most capable specialists in the market. Ullian Realty we have brokers with both SIOR and CCIM memberships.
A simple tip, yet one of the most important. When you’re doing business with someone, especially when there’s a large amount of money on the line, always sign a contract. Even if you’ve done your due diligence and think you’ve found the perfect broker for your property, misunderstandings can happen. A contract will protect you and keep your broker honest.
Get the most out of your commercial real estate ventures by partnering with a knowledgeable agency that understands the local property market. At Ullian Realty, we’ve served Florida’s Space Coast and Brevard County out of Melbourne, FL since 1985. Contact us today to see what we can do for you.
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