If you are a prospective tenant or an individual who owns – or is looking for commercial real estate investments your choice of real estate broker is one that can lead to success and satisfaction – or stress and negative financial consequences. No matter if you are engaged in the purchase of the commercial real estate, the lease of business premises or an ongoing negotiation with tenants a real estate professional can offer advice that will make all the difference. Without expert, professional advice the process of negotiation – and even the identification of appropriate investment opportunities can become frustrating, time-consuming and above all extremely expensive.
A great commercial real estate company – and the advisors which make up part of its professional advisory team will pass the test of due diligence. The requirements of each individual when it comes to the advice that they require will to a large extent depend on the unique characteristics of the transaction. However, once the parameters have been established it is essential that you apply several criteria to the selection of your commercial real estate partner. Examples may include track record, qualifications and other credentials. If you are searching for a broker – make sure that the track record is verifiable. Failure to do due diligence can result in loss – both financial and in terms of wasted time.
The track record of that commercial real estate company is all important. The lure of the ‘big money’ has caused many advisors and brokers to migrate from residential to commercial real estate. However, there are complexities in the commercial real estate field that simply do not exist when dealing with residential property. AMing the many skills that are required from a commercial real estate advisor are the ability to correctly interpret profit and loss statements – and apply the knowledge gained from that interpretation to make accurate forecasts. An in-depth understanding of the complexities of third-party agreements and contractual law as it relates to a specific transaction are essential skills. If your broker or advisor cannot grasp the fundamentals of concepts such as a debt service coverage ratio they may not be the correct advisor for your specific needs.
Aside from issues such as verifiable qualifications the staff of the commercial real estate advisor company should also exhibit both professionalism and the ability to efficiently process paperwork and handle urgent issues that may arise. All this needs to be accomplished while still maintaining open lines of communication and a 24/7 availability. Also, find out if the company – and its employees have a network of third-party service providers such as legal experts and accounting professionals who they can contact for immediate advice.
There are a number of other issues that are extremely important such as the commercial property advisor’s experience in a particular product or transaction – a track record is after all the best indicator of success. There is also the matter of the software and analytical tools they bring to bear in order to fully understand the complexities of the market in terms of the current conditions that may affect a transaction.
There is also the human connection. This is as important as qualifications or software or a track record. You need to be working with a partner who understands your unique requirements and shows loyalty towards your interests – and does that in a manner which makes working with them a pleasure.
When it comes time to staff your newly purchased estate look no further than The Wellington Agency for full-time estate staffing.
If you are looking for a commercial real estate company that ticks all the right boxes then give us a call. We will provide you with all the information you require in order to ensure that you have selected the right partner. A partner who will be with you every step of the way on the road to success.