If you are in the market for buying a commercial property, whether a warehouse or a retail space, you need to find a professional who can find you the right building for your needs. You might have thought of hiring a real estate agent because that is who you used when buying your home. This is not typically the best idea.
Instead, you need to hire a commercial real estate broker to handle your commercial property purchase. These are just some of the reasons you need to hire a commercial real estate broker and not an agent.
They Have Learned About The Commercial Market
Most commercial brokers have spent time in the residential real estate market and have learned it inside and out. They also have studied what the market is doing in the commercial sector in their chosen area. While a residential real estate agent might have an idea of what properties are available in the area and what the going rate is for them, a commercial broker knows the region inside and out.
They have forged relationships with their clients by helping building owners find tenants for their buildings and have experience helping potential owners find the right location and building for their needs.
They Know The Commerical Appraisal Process
Commercial buildings go through an appraisal process similar to that of a residential building, but it varies in many ways. The real estate agent you used to buy your own home may not understand or have trained for the nuances and complications that a commercial broker will have done.
Warehouses or retail spaces undergo a much more complicated process. A commercial building will be inspected to ensure it's safe and everything is in good working order. The appraisal will determine the proper use of the building, for example, industrial or retail, and they can tell you if that building is capable of doing either.
Training And Certification Is Different
While a commercial real estate broker typically has residential real estate training and certification, a commercial broker has more in-depth training. They will learn ethics, market analysis in commercial real estate, investment opportunities, financial analysis, and much more.
Once their training is completed, they receive certification and can gain the Certified Commerical Investment Member designation.
They Understand Zoning
Commercial real estate brokers are trained extensively in what constitutes commercial use and zoning. They are up-to-date on the latest commercial real estate laws and changes to zoning laws and what each area of your local city is zoned for. This information is important to you as a client to know, so you understand which building is appropriate for your type of business.Share