Does a real estate license alone mean that an agent is qualified to perform industrial or commercial real estate services for your business? Unfortunately, no. All real estate agents must have a valid state real estate license to operate legally in the state, but the acquisition alone doesn’t make them experts. So what does?
The Right Qualifications
The secret to hiring the right industrial real estate agent for your needs is simple – you must look for the kinds of qualifications that signify experience and knowledge. You must do your homework.
It’s wise to use a firm that specializes in commercial transactions, but be clear that commercial disciplines are unique. There are niche markets where certain agencies shine, specializing in multi-family, office, land, investment, retail, industrial, etc. Each of these subcategories requires specialized knowledge, relationships, experience and agent standing. Don’t let your transaction be the one a new agent cuts his teeth in this particular niche. Partnering with an inexperienced real estate agent will likely be problematic from start to finish.
Once you’ve honed in on agents who appear to have the expertise, experience and referrals to successfully manage your kind of real estate transaction, keep an eye out for further 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 in your corner is always an asset.
Another trade designation is SIOR, which indicates that a certain transaction volume minimum over a period of a few years has been achieved.
Your business will significantly benefit from the knowledge and experience the right agent can bring to your transaction. And consider this – it doesn’t cost a penny more to use the most qualified agent and will likely save you time, money and the frustration and headache that comes from running into unknowns along the way.
The secret to hiring the right agent is doing your research and properly vetting your options. The right agent will greatly facilitate your transaction so that you can focus on business at hand. Don’t settle for the basic qualifications; instead; find out what makes an agent stand out from the rest.