So you have found the commercial real estate agent you think is a perfect match for you — for the property you want to buy or sell, for the right price, preferably immediately, if not sooner.
OK. Now here comes the reality check: Successfully achieving a client’s desire for the right sale or buy takes a lot more than luck, a terrific agent, wishful thinking or fast moves. It takes a clear understanding between agent and client concerning the way it all works; the patience and mutual courtesy both deserve and the good sense (on both parts) to realize it takes the time it takes to get it right.
That said, I’d like to talk about some of the things that can help everything move along — and some of the things that can interfere with a smooth path from listing to sale, or from inquiry to purchase.
Whichever side of the fence you are on, your professional commercial real estate agent has your order firmly in mind from the get-go, and will be using specific tried and true methods and tools to get the job done. Remember, you hired that expert because they have a good reputation, a good record and know what they are doing.
Your agent already knows that once a client makes up their mind to buy or sell, they want fast results. And, sometimes that happens. More typically, however, it’s careful and relevant strategy — applied with skill and consistency — that will move the sale or buy productively forward.
A variety of useful tools are available for promoting commercial real estate products, and for keeping you well informed. With the added power of websites and email, communication (in all directions) has revolutionized the industry. In seconds, listings and buyers can be connected by your agent and reviewed for details that might make a match.
There is a lot of trust that comes into the process. In the beginning it’s natural to want to be almost constantly in touch with your agent. That’s not a problem. You will soon realize that your agent will maintain contact regularly by phone or email, and will want you to contact them whenever you have questions or new, pertinent information. When there is something significant happening, you will be the first to know.
Many agents maintain integrated inventories of properties, buyers and sellers. These lists are managed with specific techniques that can quickly illuminate matches. Where once the density of possibilities meant daunting paperwork, answers can now be instantly searched.
Online video and display advertising has eliminated a lot of travel time and miles. Much initial sorting of preferences is accomplished in-house and limits field trips to the most relevant selections.
When your agent has put the promotion strategy and tactics together for your account, you will be walked through the details. In that way you will know exactly where your listing appears, and how that information will be reaching the market. Ask your agent to explain the scope and influence of the placements. (Some of the buzz: CPS website; MLS; LoopNet; and many other local, regional, state and national websites.)
If you have done the research and chosen your agent wisely, you can relax and handle your side of the coin: be available when your agent needs you for excursions, answers or authorizations. Respond to your agent’s calls or messages — it may be an opportunity that is time sensitive. Most of all, remember that it’s a partnership that requires give and take to be successful.
Jim Magliulo is a licensed Lake County commercial real estate professional who may be reached at Country Air Commercial (707) 263-5729.
