If you’re looking for a commercial buyer’s agent to help you purchase a property, there are certain things you should be looking for. After all, you are making a huge financial decision and if you’re going to leave it in the hands of a third party, you want to ensure that this party has your best interests at heart and is acting in the same manner as they would if it were their own portfolio on the line. So how do you separate the experienced and trustworthy from the others? How do you vet the potential agents to find one that is the right fit for you? Read on to find out.
1. They Work Exclusively and Independently for You
If the agent is situated in a traditional sales office rather than a dedicated buyer’s agency, it is important to stop and really interrogate where their interests lie. This doesn’t have to be a confictive process, and your intuition plays a big role in this. It’s important that you meet the agent and chat about their past experiences helping buyers. Have they worked on the sales side before? Do they work within a particular agency? This can signal whether they possibly receive commission for recommending certain properties over others, which will colour your view of the full market. You want all your options on the table. Working with a buyer’s agent who works exclusively for investors and buyers, you’ll have more options to work with rather than less (which is what you’d get if your agent was only sending you properties from a certain agency, for example).
2. They Would Purchase the Property Themselves
You can actually ask the agent this – would you buy this property yourself? If so, why? This is an indicator of whether the agent is truly in it for you, and acting fully on your behalf.
3. They Have Experience Buying Commercial Property
Part of the reason many people choose to engage a commercial buyer’s agent is for their experience, as they wish to be supported by that basis in a process that is foreign them. If your commercial buyer’s agent is inexperienced, it reduces the benefits of working with an agent in a number of facets. Just as you are, an inexperienced commercial buyer’s agent is navigating the process of purchase for the first time as well, essentially. They may have been observing the market for a long time, and they’d certainly have hypothetical knowledge, but the best way to learn something is to do it. And you don’t want your agent to be learning, too, not when they’re supposed to be the hand guiding you through the process. Ideally, your commercial buyer’s agent should have at least 20 years experience in the market. There are agents out there with this experience and more – for example, Rethink Investing has over 29 years experience working with first time buyers.
We hope this article has helped you in knowing what to look for as you embark on the process of purchasing commercial property. Finding an agent who is on your side is key to the success of the process, as well as the success of the property itself.