Tom Miller, CCIM
Top 3 Questions for Industrial Real Estate Buyers and Tenants to Ask
1. Who do you represent?
This all-important question might result in a big surprise, especially when the agent that’s been chatting to you for several years divulges that he represents the landlord. If his company’s name is on a sales flyer or on a sign outside the property, he does not represent you. Nor is he there to assist you. If you feel you need someone on your side, asking this question just may have saved you significant money on your renewal terms.
2. What are your specific qualifications?
You should expect highly specific answers and lots of recent examples of similar transactions with successful results of how your potential agent saves time and money for his clients. Discount all the generalized statements like “We’re big,” “We’re the best,” “We’re a national based firm,” etc. What you want to hear is examples of several transactions recently completed and exactly how they achieved a far better deal for their client than would have been offered if they were not assisting. Those are the qualifications you want.
3. Exactly how do you achieve these results?
That is another great question that should result in highly specific answers. Again, discount answers like “We’ve been here for years” and other stock replies. You are looking for step-by-step outlines of the process the agent uses to achieve the best lease rate and term results for his client. The answer you need to listen carefully for is “What will your future needs be, best and worst case?”
The feedback from these three questions will help you achieve better results in the fulfillment of your industrial real estate needs.
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