If you are buying, selling, or letting commercial property in the United Kingdom, then it’s best to have a commercial property agent by your side. The good agent can help you achieve best price, terms of sale, and more, while managing your stress levels throughout the process and taking work off of your hands while you focus on more important matters.
However, to reap the best benefits of using agent you have to choose the right commercial property agent for your needs. The wrong agent could cost you lots of money and cause stress headaches as you will have to navigate the hectic sale made worse by inexperienced agent. Here are the steps you can take to ensure you are working with the right estate agent.
Check Accreditation
When you first start looking at commercial property agencies, you want to select only the most reputable agencies even before you drill down to meeting with individual agents. Check that the agency is a member of a professional accrediting body such as the Royal Institute of Chartered Surveyors (RICS), The Property Ombudsman (TPO), or the National Association of Estate Agents (NAEA).
Commercial property agencies don’t have to be members of these bodies or follow regulations (which is part of the reason why it’s so risky to find a good one). However, membership in an accreditation body shows that the agency works to certain industry standards and consistently meets the requirements.
Choose an Agent with Local Expertise (or not)
For most smaller commercial properties, it’s best to find a property agent that specialises in the local area. Agents with local knowledge will know the nuances of property valuation that comes with a specific site or property type. They also have better connections to the community and can help you find potential buyers, sellers, or tenants through word of mouth as well as vetting those individuals.
However, there are some situations where it’s better to find a larger agent with a more national focus. If you are representing a firm that is buying or selling several locations across the country, a larger agency without as much local specialised knowledge will be more useful to you.
Look at the Marketing Materials
Before you schedule a meeting with a particular agent, look at the marketing materials from the agency. How current are those materials? If the brochures are representing a real estate market from a few years ago, that could be a sign the agency isn’t very adept at changing environment.
The marketing materials can also give you insight on how professional and sales-oriented a particular agent is. Check out agents website to see if they have experience with your particular niche.
Meet With Prospective Agents
Before agreeing to work with any individual commercial property agent, set up an initial consultation. Come to your consultation prepared with your search criteria or information about your property, such as the location, price range, timing, and more. Pay attention to the responses of the agent.
Not only will this tell you if the agents you meet with have the professional expertise to handle your sale, but you can also grasp more intangible qualities, such as their enthusiasm for your property, sales technique, and the way they communicate.
During this initial consultation, you can also ask what fees agent will charge and whether the person you’re meeting with will actually handle the sale or pass off the work to a more junior associate.
Choosing a commercial property agent is an all-important part of the process of buying, selling or leasing real estate. Don’t be afraid to take the time to do the research and shop around until you find the right agent for you.
Even if you’re anxious to get started on a sale soon or want to save money by handling the real estate dealings yourself, the time and money you invest in finding a commercial property agent will certainly pay off.
