Savvy business owners and investors know that finding the right Commercial Real Estate (CRE) agent is a vital component to reaching their financial goals. Knowing what questions to ask a potential Commercial Real Estate agent before hiring them helps the right candidate to surface. Here are some subjects to cover as you evaluate the best fit for your commercial needs:
1. Are you looking to buy, sell, manage, or lease commercial real estate?
- Clearly define your needs.
- Identify your timeline.
2. What qualities are you looking for in a Tulsa CRE agent?
Some important things to look for include:
- A proactive person
- An individual with great people skills
- An excellent listener who works to accomplish the specific goals of their clients
- Someone who understands the timeframe in which you plan to accomplish your goals
- Someone with great communication skills who responds promptly when you contact them
- Someone who willingly gives you several references from their past clients
- Someone with great reviews from their past clients
3. What questions should I ask potential CRE agents to get a good understanding of their level of service?
- How many years have they spent in the CRE industry?
- Are they a specialist in the specific area of real estate in which you are focusing, whether it is buying, selling, leasing, or managing properties?
- Do they have customers who utilize their services repeatedly?
- How are their negotiating and closing skills?
- What is their negotiation style?
- If you are buying, do they have access to all the properties on the market?
- If you are selling, what kind of broad exposure can they give to your property?
- What commercial networks do they belong to?
- What type of marketing plan do they desire to put in place for your property?
- How are they at landing clients?
- Ask them what the top clauses to negotiate are–other than rent.
- What databases do they subscribe to?
- Are there other specialists within their real estate company you could access if necessary?
- Do they have a good understanding of the current market for your leasing, buying, managing, or selling needs?
- Notice how they do on selling you their services, and it will help you evaluate their ability to market your property on your behalf.
4. Have you interviewed at least 3 candidates to find the best fit?
- As you evaluate the possibilities, pay attention to the following:
- Are they prompt for your meetings?
- Are they organized?
- Are they engaged in the process?
- Do they have a sincere desire to help you?
- Are they trustworthy?
- Are they loyal and supportive of their clients?
- Will they do the right thing on your behalf?
- Are they genuine and authentic?
- Do they have a professional appearance?
5. Is the commission rate fair and competitive?
Evaluate the fees or commissions for the CRE agent’s services.
6. What is the timeline on the listing period?
- When selling your commercial real estate, ask how long a listing period the CRE agent requires.
- Verify you have a termination date on your contract.
7. Have you taken some time to get to know the CRE agent?
- Most people prefer working with others they like—and if you like the person you hire, then others are likely to like them as well—and that’s good for your business. Is the agent you are considering likeable?
- Are they willing to complete a complimentary lease abstract to display their skills?
8. Is there any conflict of interest?
- Do they represent a number of landlords in proximity to your property?
What types of conflict may it pose if they do?
- Does he or she have other clients that may be interested in the types of spaces in which you are interested? How would he or she deal with that?
9. What is the CRE agent’s level of experience in the industry?
- Ask how active they have been during their years as a CRE agent.
- Is being a CRE agent their full-time job, or their part-time job?
- How many projects have they been involved in per year over the last several years?
10. Do they have good experience buying, selling, managing, or leasing properties in the location in which you desire to invest?
- Does the commercial real estate professional specialize by location so they are up-to-date on the current market in the area in which you’re interested?
- Do they understand the characteristics of the available spaces in the area?
- Do they have an eye for great deals?
- Do they know who the landlords are in the area?
As you explore potential candidates based on the above criteria, the right fit will surface, and you will be well on your way to success.
Tulsa’s Go-To CRE Company
Commercial investments are booming, and now is a great time to invest in them. Are you are looking to buy, sell, lease, or manage commercial real estate? We’re here to assist you in meeting your commercial real estate investment goals. Stay up-to-date on commercial real estate trends, and watch your investment vision become reality.
McGraw REALTORS® commercial division has some of the most sought-after commercial listings in Tulsa, and specializes in putting commercial buyers and sellers together in Tulsa, Broken Arrow, Bixby, Jenks, Catoosa, Sapulpa, Owass o, Skiatook, and all of northeastern Oklahoma.