As a commercial real estate agent, you are the guru of your field. You have worked hard to cultivate your expansive knowledge of the industry, understanding the ins and outs so your clients don’t have to. However, like with all professionals, there is a list of common mistakes, and as a buyer or seller, you hope as a commercial real estate agent you don’t commit any of these.
Check out our list of the 10 common mistakes of commercial real estate agents:
- Don’t assume you understand your clients’ needs. What your buyer or seller needs in or out of a commercial space is essential to the business’s success, and you need to understand this completely.
- Don’t be afraid to ask questions. You need to ensure you get the exact information you need to bring the right list of properties to a buyer or to put a property in the right spotlight.
- Don’t forget to research a property. You need to ensure a client’s purchase is a suitable decision in terms of what long-term responsibilities might be for maintenance or upkeep, especially when a client decides to buy a new commercial property. Leases are easier as there is likely a property management company or landlord involved to oversee each of the properties, but if a client buys a property which promptly requires maintenance, then that may not have been the best property.
- Don’t underestimate the market. Commercial real estate is different and requires a more perfected knowledge to ensure you provide the best service to your clients.
- Like with all things, price is important. You should work with your buyers or sellers to understand what price they are looking for. Too much or too little could have big impacts on the bottom line.
- Don’t forget about marketing. When listing a property, you want to make sure you allocate enough money to marketing or allocate it to the right places.
- Commercial leases are tricky. You need to understand the ins and outs commercial leases to ensure you place your client in the right lease for the right reasons.
- Not ensuring that the right team is in place. Without the right lender and the right lawyer, a transaction may not come together. A well-rounded collection of professional expertise is vital.
- Don’t underplay your inexperience. A buyer or seller needs to feel confident in you as their agent. Inexperienced agents will need to work with experienced buyers and sellers and have an excellent support system in place until he or she feels comfortable with the industry. Commercial real estate isn't for everyone and shouldn’t be taken lightly. It could cost you or your client the perfect property or a serious set-back in business.
- Don’t waste your time. Ensure that your clients are exclusively working with you before you sink your best efforts into finding the perfect property for your buyer. Without the knowledge that he or she is only working with you, you run the risk of giving away your best work without getting anything in return.