With so many real estate companies out there vying for your business how do you know which sales reps are willing to work hard, keep your best interests in mind and strive to achieve your ideal outcome?
So you’ve decide to sell your commercial property and you’ve had a look on the internet to see who has a presence online and you’ve noticed some local For Sale signs around the place.
Now it’s crunch time, you need to engage a commercial agent to entrust your commercial property sale to. Most of us have heard a horror story at some time or another about real estate sales people, so you would be wise to do some research into your local area specialists before you list your property with an agent.
Most people get three market appraisals these days. It’s at this early stage of the process you should be covertly interviewing your agents. Keep tabs on particulars like how long they take to return your phone calls, how quickly they come out to inspect your property and how long the agent takes to put your appraisal together, this will give you an insight into how efficiently they operate as a commercial real estate agent.
Referrals. Trust is the foundation of all relationships and most sales reps have a list of testimonials from previous happy customers these days, ask to see a list of referrals.
Don’t forget the power of the internet. With so much free information available at the click of a button, if the salesperson you’re considering has stepped on anyone on their way up success ladder it will likely be out there in cyberspace. Google is your friend.
Selling fees are a hot topic for anyone selling commercial real estate. When comparing selling fees get out the calculator, some agencies have an all inclusive commission structure (includes advertising). Others will want you to pay for advertising separately (in addition to their commission) commonly known as ‘’VPA’’ (vendor paid advertising). Be warned the lowest commission rate can often turn out to be more costly in the long run once advertising and other hidden fees are charged to you!
As a side note, everyone likes to feel like they are getting a good deal and most people try to screw their agent down as much as possible on their selling fees, consider this scenario…
You have listed your property with an agent and although the agent’s fee is normally 3% you’ve negotiated the selling fee down to 2.5% of the sale price. Your agent gets a call from a buyer who’s looking for a property and he knows your property is suitable, however the agent has another property on his books that would be suitable also, the other seller has agreed to pay the agent his normal selling fee of 3% of the sale price…
Which property do you think the agent is going to try to push the buyer into purchasing?
Finally you need to be able to work with the person you have engaged to sell your property. If for any reason you don’t feel you can work with a particular commercial agent move on and find somebody else. You will be entering into a formal contract with this person so you need to be sure it’s somebody you can establish a healthy working relationship with.