You own commercial real estate. This property is likely one of the highest performing assets you own. When you have a problem with it, you call an agent/broker to assist. Who ya gonna call?
If you need to have space leased, your needs will best be served by someone experienced in your property type. An agent who has experience with retail is not necessarily familiar with an office or industrial lease. The provisions in each area of specialty are different. Make sure your agent has experience in your property type.
When you need to sell your property, you need an agent who understands there is a difference between an investment property and an owner user property. Owner user properties are generally a little higher priced and require a very specific owner. The investment property is all about the cash flow and the net operating income. Any investor could have an interest in an investment property.
Keep in mind that commercial real estate is a very broad category. The basic categories are land, office, retail, industrial, multi-family and hotels. Whether you need a leasing agent or a selling agent, experience in the property type you own is critical.
In addition to the specialty knowledge, an investment property also requires a thorough knowledge of financial analysis. The really good agents/brokers can not only do the analysis but also explain it to you so that you understand the numbers as well. When you see the CCIM designation after someone’s name, you know they are among the best in the world at financial analysis.
While you may be inclined to use the residential agent you’ve used many times before and trust, be careful here. You wouldn’t trust your general medical doctor to perform open heart surgery would you? The same consideration should be made for one of your highest performing assets, shouldn’t it?
This entry was posted on Tuesday, October 23rd, 2007 at 9:34 am and is filed under Investment Real Estate, Commercial Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
