Hiring commercial real estate brokers is a great idea if you are not very knowledgeable about the market. The problem is trying to find a great broker out of all the options available to you. If you want to increase your chances of finding and hiring a high-quality broker, you should avoid the following mistakes.
Choosing Someone With A Lack Of Experience
Everyone has to start somewhere, but do you really want to risk spending money on an investment brokered by someone who has no idea what they are doing? Commercial properties are a very different world from residential sales, and it is important that you keep this in mind. A lack of skill in this specific arena should definitely serve as a red flag.
Hiring The First Likely Candidate
Buying commercial property is very expensive and you should be careful when you are selecting a broker. You should meet with a few candidates before deciding which one you will have the best working relationship with. If you see any signs that someone is difficult to work with, you should cross them off your list immediately. This deal is too costly to rely on someone you don’t mesh well with.
Failing To Ask Friends For Referrals
If you know anyone who owns commercial property, it would be a wise idea to ask them for a referral. Since they have successfully navigated the process, this is proof that the commercial real estate brokers they used were good at what they do. Of course there is a chance that the relationship they have with the broker is not typical and you will not have the same, but it is still useful to use referrals to give you a wider range of people to choose from.
Being Persuaded To Hire Someone Before Meeting Them
There are some very pushy brokers out there and they will do whatever it takes to get your business. One thing that you need to look out for is people coercing you into making a decision quickly. Basically, they will tell you that you need to move right now or you run the risk of not being able to work with them at all. While there are some very exclusive brokers out there, you should never hire anyone you have never met – PERIOD.
Hiring Someone Who Is Not Local
When it comes to all real estate purchases, it is important for you to hire someone who is familiar with the market of the particular area you are looking to buy in. They will have access to listings and people that people out of the area will not. Staying local is your best bet when it comes to finding the best properties.
Finding the right broker for your commercial property hunt is essential. It actually means the difference between buying a great property and being stuck with one that you are not satisfied with. Avoid all of the errors here if you want to have a pleasant experience.