Maximizing Your Upcoming Property Search with a Commercial Real Estate Agent
Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.
So, you’ve done plenty of Google-fu and realized that there are more commercial properties for sale than you can tour in a single day. That’s great news, especially in the post-pandemic era. We’re all looking for properties, whether to flip or hold and improve for the long term. Adding to your property holdings every year is very important.
Building up to that yearly consistency might take some time, especially if you’re in a very high-cost area for real estate. However, it’s a great goal, and even if you have to wait a little longer than you expected, the reward is pretty sweet.
If this is the year that you’ll buy a property, the search is on for the right property that fits your investment goals for the long run. The truth is that trends come, and trends certainly go. What matters here is your commitment to making the most out of the properties that you own.
This means that the search is on, and a commercial real estate agent is the best person to handle these tasks for you. After all, they have all of the great characteristics necessary to be a true asset in the search from start to finish.
Multiplying Your Search a Thousandfold with an Agent
You know the old saying that a bird in the hand is worth two in the bush, right? Well, we can carry that into the real estate world. It’s better to have a solid property in hand instead of five listings that don’t serve your needs.
Instead of filtering through the haystack to find the precious needle, your commercial real estate agent is handling that for you. The best agents, after all, are going to take the time to take your wishlist and goals into account as they go around looking at what’s available. However, the best agents also don’t limit themselves to just the listings.
They dig into their own network, the one that they’ve spent years honing until it can bring them other details of interest. Having a list of sellers in their network with properties is never a bad thing.
Leveraging Private Sellers through Your Agent
In many markets, the pool of sellers is often deeper than meets the eye. Some people aren’t ready to put their commercial property on the market yet, but they are willing to make a deal if the right person comes along. That may sound odd, but think about it: not everyone wants to necessarily signal that they’re selling a property. Not all seller or buyer decisions are completely rational.
Your agent can let private sellers know that they have someone looking for properties of a certain type and to offer theirs for consideration.
An agent that specializes in commercial real estate is truly worth their weight in gold. As cliche as that sounds, having someone that can guide you through the process of getting more property is better than the frustration of trying to do things on your own. In fact, the top mistake that a lot of property investors make is that they spend way too much time trying to set everything up by themselves. Cutting corners hurts your long-term abilities in the market.
The real beauty of these deals is that it’s all in the negotiation. A good agent with a list of sellers is also able to help you find a very motivated seller.
Making the Most out of Motivated Sellers
A motivated seller is exactly what it sounds like: someone that has a reason to offer their property for consideration. Maybe they are exiting the market in order to move away from the area, or perhaps they want to offload a certain asset class in order to rebalance their expenses. Regardless of the reason for selling a property, the motivated seller wants to make a deal. Here’s what you need to know:
- Extreme lowballing has the opposite effect. Listen, everyone wants to get a great deal, but there’s a point where the seller has to feel that you’re serious. An offer that’s too low may cause them to hold out instead of making a deal with you.
- Strong agreements are still the order of the day. Nothing in real estate should be done on a handshake, including commercial property transactions. Written contracts still reign supreme.
- Be clear with your agent about what you’re willing to pay. Letting your agent lead in negotiations is part of their job. However, they can’t read your mind, so you have to let them know what you want.
- Still double-check the fundamentals. The price isn’t the only part of the deal that needs your attention. Think about the location, your purpose for the building, and the ongoing repairs the building needs. Your numbers still have to make sense, even if the seller is willing to give you a better deal in order to exit the property.
As long as you’re being honest about your intentions and not trying to take advantage of someone else, you will pull off not only a great deal but you’ll protect your own reputation. It’s all about the long-term relationships in play. Don’t let yourself be tempted to cut corners to get any eal; it’s just not worth it.
Considerations for the Future
The best way to move forward is to take action by writing down exactly what you’re looking for in your next property purchase. How big does the space need to be in terms of usable space? What will you do with the building? How long are you planning to hold onto the property? Do you already have an agent lined up?
Finding an agent is a matter of asking around your local community. Fellow investors love to mention great agents. It’s more than just advertising, flashy signs, or even gushing reviews. The best agents will not only represent your interests in a transaction, but they’ll know enough about your goals to help move you forward.
That’s well worth the commission they ask for and then some because investing is far easier when you have an advocate. As you go into the New Year, continue to learn more about your local market, the incentives, and the agents in the area. The better you know your own market, the better results that you’ll receive during the purchasing process.
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