The right real estate professional will have a deep knowledge of the marketplace, the trends, and a prediction of what is coming.
At Project Solutions Group, we are proud to serve as one of the top commercial real estate companies in the entire country. Since 2002 we have been advising our clients - both buyers and sellers - in Washington DC, Maryland, and Virginia and have built strong real estate partnerships across the country to serve our clients anytime and anywhere. We help our clients benefit from our vast knowledge.
Major Benefits of a Quality Commercial Real Estate Agent
There are several important ways a commercial real estate broker will assist you throughout this process, whether you are a buyer or a seller:
- Access to their in-depth knowledge of the local commercial market to help identify and assess potential opportunities. This includes not only properties that have already been on the market, but also "off-market" opportunities that may not be widely publicized. Your commercial real estate agent will also know of newly listed properties and can get your early access.
- Setting the right price. Our commercial real estate agents understand the current market conditions, the surrounding market - including competitive sale prices, and what future development is under consideration.
- Professional negotiator. With their knowledge of the market as well as their knowledge of the other agents in the market, your agent can better negotiate your purchase or sale.
- Commercial real estate agents help clients on both sides of the equation stay focused on their main goals. They provide explanations of the process along with regular updates.
- Provide advice on the best timing for a given commercial real estate move based on their knowledge of the market.
- Provide guidance on financing options and strategies.
- Provide the due diligence about the property. Commercial real estate transactions require intensive due diligence to uncover information that may not be readily available. Thorough due diligence will reduce if not eliminate post-transaction surprises.
- They network with other commercial agents to increase their knowledge about the local and nonlocal markets.
- Reach larger audiences by posting available commercial properties on top commercial real estate websites, such as LoopNet.
- Save you time and money in several of the "legwork" areas of the process.
When to Hire a Commercial Real Estate Advisor
If you're thinking of investing in commercial real estate for the first time, or even just for the first time in a period of years, when is the right time to begin assessing your real estate advisor options and eventually make a hire? The answer to this question depends on several factors, including:
- You are new to commercial real estate investing. Having the knowledge and experience of a commercial real estate agent will be critical. This is true even if you are experienced in residential real estate. The commercial world is different from residential and you will need to understand the differences.
- Looking to Expand. You have decided to expand and you have chosen the general area in which you would like to move into. This is the perfect time to bring in the experts. They can share the market details about the general area and give you insight to help you narrow your search.
- Contract Negotiations. You should always hire a professional to negotiate your purchase agreements, lease agreements, contracts for deeds, and power-of-attorney agreements.
Qualities to Look for in a Commercial Real Estate Advisor
Once you have made the decision to hire a commercial real estate advisor, you should take the time to perform quality research on your options in the local market. There are several key qualities to look for in an advisor, including:
- Significant industry expertise: You will want to ensure that your advisor has the experience and knowledge for the type of transaction you are looking to perform.
- A long-standing reputation in the community: A good way to gauge an advisor's quality is by their reputation among their clients, other agencies and the industry at large. Ask for client references and look for testimonial letters on their website.
- Operates in your geographical area: It's important not to overlook this "small" detail, as a commercial agent who doesn't practice in the same geographical area as you will be unable to scout out properties firsthand. Or, if they don’t operate in the area in which you want to do business, do they have relationships with other agents that do?
- Understand their niche: In many cases, especially in the commercial market, real estate advisors tend to specialize in -- or even exclusively operate in -- a niche market. Whether you're looking for an investor specialist, retail expert, or hospitality real estate agent, it's important to find someone whose expertise aligns with your needs.
To learn more about how Project Solutions Group can help advise you on your commercial real estate transaction please call us today at 703.668.0090.
