Buying or selling commercial real estate can be an exciting yet daunting process, especially if you don't have much experience navigating the market. Having the right commercial real estate agent on your side is crucial for ensuring you find the perfect property or get the best price for yours.
If you're looking for the best commercial real estate deals in Tyler, East Texas, here are some tips on how to find the right agent for your needs:
- Define Your Commercial Real Estate Goals
Before starting your search, clearly define your goals. Do you want to purchase or lease retail, office, industrial, or land space? Are you selling an existing commercial asset? Determining your specific needs will help you find an agent specializing in that property type. Those with niche expertise tend to have more excellent market knowledge and connections.
For example, if you're seeking industrial facilities in Tyler, search for brokers well-versed in the area's warehousing, manufacturing, and distribution spaces. They'll understand zoning, transportation access, and other factors vital for that property type.
- Look for Local Market Expertise of East Texas commercial real estate network
While some national brokerages operate in Tyler, local firms and agents generally have their finger on the pulse of the East Texas commercial real estate network scene. They know the current listing inventory, can advise if an asset is over/underpriced, and leverage existing relationships with sellers, landlords, and developers.
Ideally, choose an agent or brokerage like Scarborough Commercial Real Estate, focusing solely on the Tyler and East Texas markets. Their hyper-local experience and network provide major advantages over a jack-of-all-trades agent dabbling in the region.
- Vet Experience and Past Performance
Don't just take an agent's word on their capabilities. Vet their credentials, experience, and track record of satisfied clients.
- How long have they been in commercial real estate sales? Look for 5+ years of experience at minimum.
- What's their transaction history? Opt for an agent completing 10+ deals yearly.
- Which specific property types have they worked on? Their expertise should align with your goals.
- How many exclusive listings do they represent? Higher numbers indicate a strong reputation.
- What do past client testimonials say? Verify satisfaction and results delivered.
Top agents like Scarborough CRE will gladly provide client references upon request. You want confidence that they can handle your unique needs and leverage their market dominance.
- Seek Strong Negotiation Skills
Brokering major commercial real estate deals often requires negotiating with multiple parties, from owners to tenants to lenders. Your chosen agent must expertly communicate, address concerns, and drive negotiations forward to keep the transaction on track.
Try to gauge negotiation prowess as you interview agents. Ask specific questions about how they've successfully handled challenging scenarios in the past. Top negotiators know how to mediate smoothly while prioritizing clients' best interests.
- Expect Strategic Guidance
A commercial real estate purchase or sale has many moving pieces. You need an advisor who can see the big picture and plan an effective strategy.
For buyers, that includes pinpointing listings, scheduling property visits, organizing inspections, overseeing appraisals, and facilitating financing. Tyler commercial property sellers need help pricing assets, marketing listings, vetting offers, and navigating legal documentation.
Look for an agent who outlines a comprehensive game plan upfront and provides counsel during every milestone. You want someone holistically managing the process versus just going through the motions.
- Demand Strong Communication
Even experienced commercial real estate investors get anxious when buying or selling. The right agent will proactively provide updates, explain issues in easy-to-understand language, and calm any worries.
Ensure your agent has systems and processes for maintaining clear, timely communication. This includes quick phone/email responses, frequent status updates, and total transparency. Conveying every detail and development ensures you feel informed and in control.
- Know How They Get Paid
Traditionally, commercial real estate agents earn commission based on a percentage of the final sale or lease price. However, some may charge additional upfront fees for appraisals and inspections. Be sure to understand the full payment structure beforehand so there are no surprises at closing.
Reputable brokers like Scarborough CRE are upfront about their commission schedule and other costs. They want you focused on the transaction itself versus stressing about compensation. Transparency around fees builds trust with clients.
- Ask About Their Marketing Plan
Maximizing exposure is crucial for commercial real estate sellers to get top dollar. Hash out the marketing strategy an agent employs to promote listings. Digital promotion across platforms like Tyler commercial property listings, social media, paid ads, and email nurturing should play a prominent role. Print/TV advertising still offers value in select cases.
Also, determine if the agent leverages professional networks to circulate your listing. Word-of-mouth promotion to other brokers and investors may uncover interested buyers that passive advertising alone misses. The more thoroughly your asset is marketed, the higher the potential sales price.
- Prioritize Industry Connections
An extensive professional network is arguably an agent's most valuable asset. Well-connected brokers have inside tracks to commercial real estate information not publicly listed yet. They can find out about properties coming to market through industry sources, gauge buyer interest, and stay on top of zoning changes.
When interviewing agents, ask about their spheres of influence. Do they regularly engage with other local brokers, lenders, appraisers, and contractors? These relationships often make the transaction process faster and smoother for clients.
- Find a Trusted Advisor, Not Just a Salesperson
The right agent becomes a trusted advisor looking out for your best interests, not just a salesperson trying to get a commission. They take the time to understand your unique needs, budget, and goals. They provide objective guidance at every fork in the road, even if it means recommending walking away from a deal that isn’t an ideal fit. Prioritize transparency, integrity, and communication style in addition to sales skills.
Leverage Scarborough CRE’s Expertise Today
With several million in commercial sales across East Texas last year alone, Scarborough Commercial Real Estate has the expertise, network, and track record to bring your East Texas commercial real estate network visions to life. Representing buyers and sellers of land, office buildings, retail centers, industrial facilities, and more, Scarborough’s agents have years of experience to leverage on your behalf. Plus, forward-thinking digital marketing and direct promotion to their network professionals ensures maximum exposure for your listing. Contact Scarborough CRE today to find an agent ready to help you conquer your next commercial real estate venture.
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