Choosing the right commercial real estate agent is something that should take careful thought and consideration. After all, a good CRE agent is your window to understanding important factors that might affect your purchase, which means that they must be proficient in performing environmental and demographic research, as well as understanding statistics and financial data.
If you’re new to the industry and are looking to hire a commercial real estate agent, here are some important characteristics to look for:
You want to make sure that your agent has a well-established record for being honest and having ethical business practices. Many of your investment decisions will be informed by the research and data presented to you by your agent, so you want to make sure that you have the full picture before making any serious investment decisions. For this reason, it’s important that you do your own research and ask around about prospective agents before making your decision.
While it’s true that new agents need to get their chance to enter the industry, do you want a rookie working on your project? The nature of commercial real estate is difficult and complex, and CRE agents have a lot more responsibilities than residential agents. Ask your prospective agents how much experience they have, and make sure to have them clarify how long they’ve been a commercial real estate agent. Just because someone has advertised themselves as an agent with 10 years of experience doesn’t necessarily mean they’ve worked in CRE for 10 years.
3. Technology savviness
In today’s workplace, it’s simply impossible to be the best CRE agent and have an aversion to technology. You want someone who is organized and can access important documents at a moment’s notice, and only someone who’s making use of the top customer relationship management software and cloud technology can do that. If your prospective agent is still offline, look for someone else.
4. Putting the client first
Your CRE agent is going to be the most influential factor in helping you determine what is and isn’t a good deal, which is why it’s so important that you do your due diligence before hiring an agent. The last thing that you want is someone who is working for a commission check and not you. What you should be looking for in a successful agent is someone who has a long and successful history in the industry, especially an agent who’s worked repeatedly with the same company. Chances are, if an agent has an extensive relationship with the same client, they’re not the type of person who puts commission over client’s best interests.
Just Getting Started? An Agent Will Help
There’s no denying that the CRE industry is a tough market which isn’t fit for everyone. It takes a special person to become a successful CRE agent. The stakes are high, so you want someone who’s on top of changes in the market and can handle the stress that comes with the job. For this reason, it’s important for you to research every prospective agent thoroughly before you choose one to work with you.