Identifying a Commercial Real Estate Agent

Identifying a Commercial Real Estate Agent
Lease availability in subrbs
  1. If you are looking for any type of commercial space, remember that it is a time-intensive process. A competent tenant representative will reduce the time it takes to find acceptable space. They are routinely only paid by ownership when they successfully locate the space that you choose to lease.
  2. Competent agents usually return their phone calls the same day that they receive them. If your agent is not returning your call, fire her and find one that will.
  3. Your agent is morally, legally, and ethically bound to represent you despite the fact that they receive their compensation from building ownerships. You can depend on this and disclose appropriate information so that they can represent you properly.
  4. Your agent should have outstanding phone manners. Much of the business today is conducted by telephone and you should expect your agent to represent you and your interests in a highly professional manner.
  5. Make sure that all principals who have a decision-making role are involved from the beginning of the search. This will prove to be efficient and save a lot of unhappiness and disappointment.
  6. Your agent should be able to provide you with specific market information about the areas that interest you most. They have ongoing relationships with many ownerships and should have the ability to communicate your needs and secure optimal terms for your lease. Ownership knows that competent agents will have numerous irons in the fire for their clients to increase the likelihood of securing an acceptable lease for their clients.
  7. A competent agent will ask you questions about your trade cycle and other aspects of your business that could be adversely affected by negotiable terms in a proposed lease. If she is doing her job, she will ask questions that will help you obtain lease terms that help you run your business. Most attorneys do not do this.
  8. A competent agent will refer your business if they lack the expertise in the areas where you need the most help. Be sensitive to someone not knowing what they are talking about and continuing to pretend that they do. Fire them and find someone competent.
  9. If you are working on a large transaction, whether it is a lease or a purchase, ask the agent to bring on a partner if you feel that one agent will not be enough to handle your assignment. Good agents are excellent judges of this and will not hesitate to bring in a partner to help with the transaction. It is usually in your best interest to have more than one representative.
  10. Eagerly hire an agent who requests an exclusive agreement. Do not, however, enter into any exclusive agreement that you cannot break at will. Competent agents will request an exclusive but will also permit you to terminate them at will.
Steve Goldstein  / About Author

Steve Goldstein / About Author

In 1991, Steven founded ChicagoBroker with one goal in mind. Help business owners negotiate the best possible lease or purchase for their commercial space.

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