Ready to up your real estate investment game? Don’t do it alone. Get a reputable and experienced commercial real estate agent to work the deal for you. If you are wondering how to find one, here are five signs of a great commercial real estate agent in Chicago. Do your due diligence on an agent to make sure that agent is able to help you with the due diligence on your potential investments.
Succinct Explanation of Experience
A great commercial agent will very succinctly explain his experience beyond just his years in the industry. He will state his background that includes his mentors, specific niche markets that he works and his understanding of common obstacles to commercial real estate transactions. As an investor, you want someone who is confident but not beating around the bush about his abilities.
For example, if you are buying apartment buildings, an agent who only deals with strip malls might not be the best candidate for you. While he might be an expert in that arena, the great commercial real estate agent will readily explain his limitations. He knows his future success is based on his reputations and that means being up front and honest with you about what he can and can’t do.
References Ready on Request
You shouldn’t have to ask twice for references from a great commercial real estate agent. Great agents have a long list of past and present clients that can attest to their professionalism, abilities and demeanor. Keep in mind that references are the best of the best so the information will most likely be a glowing review. However, the longer the list, the better you can consider the agent. Be prepared to ask any references specific questions about the experience and how the real estate agent handles problems that occur in the process of escrow.
This helps you read between the lines of a quick positive review and really getting a feel for how the agent operates. If you have a long list of references, randomly choose people from different parts of the list to ensure you are getting a good mix of people with a variety of experiences.
Previous and existing clients are a great start but don’t stop there. Ask the commercial real estate agent for professional references such as inspectors and escrow companies. A great agent has a pocket full of professional relationships he trusts. These professional relationships can give you an idea of how other professionals view working with the commercial agent. Get a feel for what they say about how often they work with the agent and how smooth the average transaction is.
Uses Time Wisely
A great commercial real estate agent will have pocket listings that aren’t advertised on major commercial listing sites. He understands how to market properties and how to pair a buyer with a seller without a lot of extra people wasting his time to just look at properties. He uses his time wisely and networks with other agents to find deals quickly and present the best possible asset to his buyers.
Great commercial agents will approach every new client and every transaction from a very practical stance. He will spend the time to get to know the client’s needs, parameters and challenges. From there, the agent will use established and targeted resources to fulfill those needs.
Private Financing Resources
Because a great commercial real estate agent is constantly working with investors, he develops relationships with private financiers who are looking to partner or fund deals. For a buyer who might need a non-traditional method of funding, a great commercial agent can provide several referrals to help a buyer find the right financing options.
If you are starting the process and need a commercial real estate agent, contact us today at 773.233.8180. We are here to help you define your goals, find the right property to meet your needs and overcome the obstacles presented in any transaction.