Selling commercial property is no easy feat. There are many rules and regulations that govern the commercial real estate market and the landscape can change rapidly. If you want to get the most out of your commercial property you need the help of someone who is experienced.
Here are a few tips to keep in mind when choosing a broker to sell your real estate.
Do Your Research
It pays off to do some research before any official meetings take place. Learn what you can about the local commercial real estate market. For example, you could find out what similar properties are going for in your area. Every bit of knowledge on your part will help you separate the wheat from the chaff.
Consult With Others
A broker’s reputation is their most important asset, and the best way to learn about a broker’s reputation is by talking with other commercial property owners in the area. Ask if they’ve had experience with the broker. If so what are their strengths and weaknesses? Would they 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. 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 if they have experience selling your type of commercial real estate, ask about the size of the firm and how much individual attention you will receive, ask about their compensation practices and how they might conflict with your own interests. Whatever comes to mind that you want to know, just ask.
Always Sign A Contract
A simple tip, yet one of 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.
If you want to get the most out of your commercial real estate ventures, you need an agency with knowledge of the local property market. At Ullian Realty, we’ve been serving the space coast and Brevard County out of Melbourne, FL for over 50 years. Contact us today to see what we can do for you.