How can you measure the real worth of your industrial real estate agent? Try this simple test – think of three things your agent has done for you beyond putting his sign on your property. If you’re stumped, take that as an enormous red flag. An experienced industrial real estate agent offers tremendous value to his or her clients, all of which make the fees worth the cost.
Services to Expect
The right industrial agent will perform services that include, but aren’t limited, to the following:
A comprehensive property analysis, as well as useful recommendations on upgrades that should be made before going to market – and which ones can wait.
A market analysis that includes vacancy rates, price trending, and details about all local competing properties.
Valuable advice about everything from asking price to amenity data, with the goal of making your property as competitive as possible.
Professional marketing materials designed to make your property stand out in the market.
Placement in pertinent online commercial property databases. This is absolutely a necessary expenditure. Miller Industrial Properties in northern Nevada spends more than $75,000 annually to place client properties in appropriate databases.
Marketing material distribution locally, regionally, and nationally. This is something that franchised firms can find challenging, due to network limitations. As a boutique firm, Miller Industrial Properties is free to link with anyone, which is a direct benefit to our clients.
Skilled negotiation, which can reduce fees. Sometimes, agents can increase the amount a landlord receive, which effectively pays for his services.
Back to the Agent’s Sign
The sign isn’t everything, but it does matter. That sign, with the agent’s logo, name, and number, sends an immediate message. Some agencies have earned instant credibility with other agents and the public at large. They’ve done so through multiple successful transactions. The signs of agents with less-than-stellar track records also send a message – and it’s likely not the one you want for the agent representing you.
Here’s the takeaway – you should have high expectations about the performance of your industrial real estate agent. If you have reason to worry, find someone else.
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