Questions to Ask a Commercial Real Estate Agent Before Hiring One
There are several questions you need to ask when selecting a commercial real estate agent. There is so much information available online, Property Listings Las Vegas NV but understanding these questions will help you in making an informed decision.
What are your plans on selling the property? If you are looking to sell it quickly, you might consider someone who is a quick buyer. On the other hand, if you are looking to sell the property for a longer period of time, a more seasoned commercial real estate agent might be more suitable. Either way, you should always be sure that the agent has an interest in your specific situation.
Are you looking to purchase an older building or are you looking to build a brand new business? There are advantages and disadvantages to both types of properties. Older buildings are more stable and offer better security, but they are more expensive. When you consider how much energy and money can be invested into these properties, the decision can be difficult. While many people may think that leasing space is the best option, buying a brand new building can be just as attractive, and also offer all the benefits of leasing.
How much is the selling price of the property? If you are building a new business or selling an older one, it is important to consider this first. The higher the value of the property, the more you can make. However, if you are hoping to rent the space out, there will be less money involved.
How long has the commercial real estate agent been in business? An agent who has been in business for a while can have greater insight into the area and the sales environment than someone who has just opened up. However, if you have recently opened a new business, chances are good that the agent has been doing business for quite some time. If you havenot established yourself yet, this is a great place to start.
Do you need a broker or a mortgage professional? For those looking to buy or sell commercial property, this is not usually an issue. However, if you are looking to add another home business or need assistance with a mortgage, an agent with experience in your situation can be extremely valuable.
Have you ever heard of the broker's fee? A broker's fee is required by most lenders and some brokers charge a percentage of the sale price as their fee. It is a good idea to double check with your lender if this fee applies to your mortgage and to inquire about any additional fees that you might be charged.
If you need an attorney, do you need an attorney with the agent? Most business brokers and real estate agents have their own attorneys. However, if you are considering purchasing property, an attorney might be necessary. Before hiring an attorney, be sure to ask what his or her fee structure is.
Do you have children or grandchildren? If you have a family, it might be a good idea to hire an agent who works for someone else. This is particularly true if you are considering buying a commercial property. Your children might be interested in an older building and have a hard time handling the stress that is often associated with owning a property.
How do you expect to pay your commercial real estate agent? You should ask about payment plans and how much down payment you need and determine how much it will cost to begin leasing a new space.
What type of tenant is the agent trying to attract? If you are looking to buy or sell a small business, the agent should have information on property markets that are available in your particular area.
If you have recently opened a new home business, how much is the upfront start up fee? Some investors feel uncomfortable when spending money upfront, but it is often necessary to get the business started. Talk to the agent to find out how much they might charge, and whether or not you can afford it.
