3 Questions Every Industrial Real Estate Buyer Should Be Asking
1. Who do you represent?
Because there is a very real possibility that the agent you’ve been chatting with actually represents the landlord, this should be your first question. We expand on the hidden danger of the landlord’s agent in a previous post, but suffice to say, if he’s representing the landlord, that’s where his allegiance lies. If his name can be found on a sales flyer or a sign outside a given property, be clear – he does not represent you, and he is not going to adequately assist you, either.
2. What are your qualifications?
When you ask for qualifications, expect specifics. An agent should have numerous examples of recent transactions that are very similar to yours. Expect to hear how your agent saved his client time and money and closed the transaction successfully. If a potential agent uses generalizations like, “We’re the best in town,” “We’re a big firm,” “We’re nationally based,” etc., don’t be distracted. You’re in better hands with an agent who can provide several examples of recent transactions that he successfully brokered, with specific details of how those results were achieved.
3. How did you achieve those results?
If your potential agent fails to explain exactly how he closed all those deals, ask him. You want a step-by-step description of the process he or she uses to get the best lease rate and term results for his client.
And here’s a bonus tip – there’s a critical question that your agent should be asking you: “What are your best and worse-case needs in the future?” This question, or any variation that indicates your agent is considering how a given property will suit you today, and down the road, should always, always be asked.
Ask these questions, and make a decision about the right industrial real estate agent based on the answers you hear. It will go a long way to ensuring the purchasing or leasing process is as smooth and successful as possible.
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