How To Choose The Right Commercial Property Broker
Category Advice
If you are considering purchasing your first commercial property, having the right team on your side is essential. Commercial property is a unique field, with specific factors, risks, considerations, and challenges that require seasoned professionals to guide you through the process.
Such experts may include a real estate broker, a property attorney, a qualified accountant, and property manager. Choosing the right commercial property broker, however, is essential to successfully navigate the complex world of commercial real estate transactions.
Here are some steps to help you select the right commercial property broker:
Define Your Property Goals
Before you start your property search, be sure to clearly outline your specific requirements and objectives for the commercial property you're after. Your budget, location preferences, size requirements, and any special features or amenities should be considered before you start your viewings.
Research Reputable Agents and Agencies
Recommendations and referrals can be of significant value at this stage. Ask colleagues, business associates, or other professionals in your industry about their commercial property experience, including who they would put forward as a good referral. Your ideal broker should specialise in the type of property you're interested in (Eg: office, retail, industrial, etc.). You can also check online property listings to identify brokers with a strong presence in your target market.
Check Qualifications and Credentials
Your ideal commercial property broker should have all the necessary licenses and certifications required. They should have their full property practitioner status, and comply with all qualification requirements as laid out by the Property Practitioners Regulatory Authority (PPRA).
Review Experience and Track Record
A reputable commercial property broker will have sufficient experience in their field, and a track record to back it up. Be sure to review the potential broker's experience in handling similar transactions in your area. Ask for references from their past clients and speak with them to gauge the broker's effectiveness and professionalism.
Hold Face-To-Face Meetings
Take the time to interview several candidates before you choose your commercial broker. Not only are these meetings important to discuss your needs and expectations, but they are a great opportunity to assess whether they are a good match in terms of personality, communication skills, and receptivity to feedback. Ask them candidly about their knowledge of the local market, recent deals they've closed, as well as their marketing strategies.
Discuss Fees, Terms, and Contracts
Get a good understanding of the terms of the working relationship, including finer details like fee structures, commission, contracts, etc. In the South African context, commercial real estate brokers typically work on a commission basis. Be sure to also manage expectations of all parties, and clarify any exclusive agreements and the duration of the contract.
Trust Your Gut
Initial instincts and impressions also count as you consider your potential commercial brokers. Pay attention to how you feel when you meet, and decide whether you trust them and feel comfortable with them handling the process. The foundation of your relationship with the broker should be based on mutual respect and open communication.
Remember, taking the time to research candidates and hold interviews is key to an informed, successful commercial property purchase.
Looking for a top commercial property broker? Call us!
Our exceptional commercial team comes armed with years of qualified property experience and a passion for helping businesses find their ideal premises to call home. From retail to industrial, we look forward to showing you our wide range of current commercial listings. Get in touch with us today and let's start the process.
Author: SAProperty.com
