Questions to ask an agent



When you are ready to hire a commercial real estate agent, ask some key questions. First, ask the agent to send you information about himself or herself. By looking at the agent's promotional materials and brochures, you can get a good idea about whether the person will be successful in terms of helping you find the right commercial real estate property or sell one you already have.

Second, ask the commercial real estate about his or her credentials, certification and education in terms of selling commercial properties. If the agent is a Realtor who has worked primarily with residential listings, you might want to wait until he or she has more experience before being a test subject. Commercial real estate deals are not only bigger deals that carry a higher price tag, but they require more expertise and specialized training and knowledge.

Third, ask the agent the average length of time it has taken for him or her to sell a commercial real estate property from the time it was listed to sold. To keep the matter in perspective, ask how he or she compares with the average of other people working in the same city or town. Just because he or she has sold properties in a few weeks, does not mean you will get the most money out of your deal. It may just mean it's a seller's market.

Fourth, ask whether the commercial real estate agent or broker has a support staff handling any of the major details. You may think you are hiring one person only to discover all of the grunt work and showings are going to be carried out by another agent. If that's the case, make sure you interview the support staff as well to make sure it meets your needs.

Finally, find out how the Realtor or broker will determine the best listing price for your commercial real estate property. Or, if you are interested in buying a piece of property, find out if the Realtor has any vested interest in the property. Ultimately you want to make sure your agent is exclusively working with you and has your best interest at heart.