Here’s a quick test for the value your industrial agent is giving you, the landlord: name three things your agent has done for you beyond sticking a sign on your property and waiting for the phone calls to start pouring in. Can’t think of anything? Consider that a warning that you may be working with the wrong people.
There are many services that a real estate agency should offer to make its fees worth the cost:
A comprehensive analysis of the property, including useful advice on which upgrades should be done before going to market, and what isn’t terribly pressing.
A complete market analysis that covers vacancy rates, price trending and information on all competing properties in the area.
Useful recommendations pertaining to things like asking prices and amenity data that will make your property as competitive as possible.
High quality marketing materials that will make your property stand out in the market to the right audience.
Placement into all online commercial property databases. While this can be costly, it’s a necessary expenditure. Miller Industrial Properties spends well over $75,000 every year to place client properties in all the right databases.
Distribution of your marketing materials on local, regional and national levels. It’s something that franchised firms can find difficult, thanks to network limitations. As a boutique firms, we enjoy the freedom of linking with anyone – a direct benefit to our clients.
Savings on their fees as a result of experienced negotiation. Sometimes, agents can increase the amount a landlord receives – effectively paying for his services.
But let’s go back to the real estate sign briefly. While simple, a real estate sign is really much more than an agent’s name, number and logo. In fact, the right real estate sign can send an immediate message. Why? Because some industrial agencies have instant credibility with agents and the general public. That kind of reputation is the result of a successful track record, of deal upon deal being handled efficiently and professionally from the beginning until the end.
And here’s another thing to understand. Be aware that many agents avoid dealing with property owners if at all possible. “For Sale by Owner” signs are a clear message to keep looking. Blame it on the fact that while property owners are a part of the industry, they aren’t usually commercial or industrial real estate agents as well. That means they may lack familiarity with rules and protocols and their minimal experience can increase the length of a transaction or even result in a no-sale for an agent.
The bottom line is that you should have high expectations of your industrial real estate agent. If services are lacking, that’s a sign to start looking elsewhere.
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