A real estate license alone mean is no guarantee that an agent is qualified to perform industrial or commercial real estate services for your business. Truly, that’s the lowest hurdle that needs to be cleared, as all real estate agents are required to maintain a valid real estate license to operate legally in a state. Holding that license does not make an agent an expert. What does is unique to the transaction. Here’s the key to finding the right industrial real estate agent.
Expertise that Suits Your Needs
Finding the right real estate agent is a matter of finding one who specializes in transactions similar to yours. The ability to specialize comes from a proven track record, which in itself signifies experience and knowledge. Begin by scouting firms that specialize in commercial transactions, but it should be understood that commercial disciplines are quite unique. Niche markets often have stand-out agencies that specialize in multi-family, office, land, investment, retail, industrial, etc. These subcategories themselves call for specialized knowledge, relationships, experience and agent standing. Partnering with an inexperienced real estate agent will likely set up a number of problems, so do your homework carefully.
Once you’ve found agents who seem to have the expertise, experience and referrals necessary for your kind of real estate transaction, narrow your list with additional qualifications. Agents who have earned the Certified Commercial Investment Manager (CCIM) designation have completed a lengthy course to show competence in investment sales and an understanding of commercial sales, leasing and investment. Whether you’re leasing or buying, have a CCIM on your side of the table will be an asset.
SIOR is another trade designation. It’s a sign that a certain transaction volume minimum has been reached over a designated timeframe.
The Takeaway
An agent’s knowledge and experience will benefit your business tremendously. The reverse scenario is also true. The the time to find someone who has the tools and background to successfully manage your transaction. It won’t cost you more to use the most qualified agent, and it will save you time, money and the frustration that comes from inexperience.
The secret to hiring the right agent is doing your research to find someone who specializes in your needs, so don’t settle for the basic qualifications and assume it’ll all work out in the end.
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