A quick glance at the Omni Realty Group website will reveal one thing: no property search! Why is this? The philosophy at Omni Realty is that we like to get to know our customers’ needs, wants, and circumstances. The process of buying commercial real estate can be a lengthy one, which will likely require communication by both parties in order to meet the needs of the customer.
If a commercial real estate broker is willing to put forth such an effort to get to know their clients, shouldn’t clients also spend some time getting to know their broker?
Absolutely! If you are considering purchasing or renting commercial real estate, it is imperative that you do your research, ask the right questions, and really get to know a buyer agent/ tenant representative. When you hire an agent, you want this person to treat your investment with the same care as if it were his or her own. The following are four questions that you should consider asking a potential buyer agent/tenant representative.
Are they protecting your best interests?
In order to answer this, you must first think about what your interests are and clearly communicate these with the broker. However, it would be best to ask the broker what their goals are before telling them yours. It is crucial that you find a broker that provides you with complete transparency. This is the only way that you will be able to identify a potential conflict of interest. If you feel this is the case, you should continue your search.
Are they driven by experience or instincts?
There are many people out there who claim to “have a feel” for the business, but can you take their word for it? Instead of putting your trust in a feeling, put trust in experience and a process. This experience will be made evident by a clear and well developed knowledge of the legalities involved in executing preliminary and final lease contracts, as well as absolute market knowledge.
How do they measure results?
Unfortunately, there are many real estate brokers out there who measure results solely by how much money they earn. The more money they earn means the more money you pay. This does not help you. It goes back to the matter of interests. It is in your interest to save the most money, and the broker must demonstrate to you that they will be able to help you do this.
Finally, how are their negotiation skills?
This is something you may be able to get a feel for in the first interview. For others, you will likely need to inquire about their negotiation history and process. How do they prepare for a negotiation? What techniques do they use during the process? And, what do they consider a successful negotiation? Remember, this is your money that is being spent, not theirs, and so their negotiation strategies should reflect that.
These questions offer some guidance when trying to determine who will be the right commercial real estate representative for you, but are not a comprehensive list. Take your time with this process, as it will play a crucial role in your company’s future.
For more information about hiring a tenant representative or buyer agency, click here.