People DIY because they see it as an opportunity to enhance their skills and cut down costs. It is relatively standard and practical if there is no extensive knowledge needed for that particular project. But what happens when it’s commercial real estate you are referring to? Is it still practical to DIY?
Should You Sell Your Own Commercial Real Estate?
Regardless of which side of the market you are in, you need to understand the scope of the industry. What are you getting yourself into? Commercial real estate is a very complex industry. Note that commercial real estate is not like going to a retail shop to buy your favorite shirt. It’s not how it works. It is synonymous with a tree with several branches and several different stems. It would help if you synthesized every component for you to get through the stem. You can’t just go to the other branch without understanding the contingents. It would be best if you also learned how to work around every single one of them so you won’t fall off.
Should you Hire a Commercial Real Estate Agent?
Commercial real estate agents are professionals who have extensive knowledge and experience on how the system works. It doesn’t matter if you are a buyer or a seller; having a commercial real estate agent cuts down everything unnecessary.
Some people fall into the trap of doing things their own way because they think it will save them money. Little did they know that they were up to more expenses because they had no idea what they were doing. They end up doing things that are either not necessarily important or disregard the more important ones. Having little to zero knowledge about commercial real estate is like looking for a needle in a haystack. You keep going around tiring yourself, spending too much time and money, and yet not achieving anything.
Real Estate Negotiations
A commercial real estate agent does all the work. He engages in negotiations, does the staging and the marketing. So from the moment that you get into an agreement with your agent, he takes on the job seriously. He will handle everything. You have nothing to worry about anymore because he got everything ready for you. As a seller’s agent, he will ensure your listing gets the most engagements and your house is ready for staging and viewing. He will also check the comps to make sure your property is listed accordingly.
You can sit back and relax knowing someone has your back, whereas if you insist on DIY, you get to do tedious tasks which will take up too much of your time and effort. The worst is you’ll end up doing a trial and error because you are not adept in the field you’re trying to undertake.
On the other hand, a buyer’s agent makes sure that you get the correct listing for the property you desire to buy. Your commercial real estate agent will also give you insights on what you need to know, from the market standing to the strategies and everything in between. Having a professional guide you as you traverse an unfamiliar territory is a blessing. Don’t claim something you are unsure of. It is more practical and wise to seek advice and assistance when in doubt or not confident about something. As mentioned, commercial real estate is not an easy feat to take. There will be moments when you will feel exhausted and burnt out. Even rockstar commercial real estate agents encounter the same fate, but they can manage challenges well since they have extensive knowledge and background. So the next time you get confused about whether you should hire a commercial real estate agent, go over the list of tasks you’ll have to take on by yourself. Assess your level of expertise. Being a veteran real estate investor doesn’t make you a professional real estate agent. You need to be authorized.
Who Pays the Commission?
The seller pays the commission of the buyer’s agent so if you are a buyer, you get the advantage of having a buyer’s agent for free. When the deal is closed, the agents get their commission as part of the closing cost.
As a seller, you can sell your home as FSBO or For Sale By Owner. You can choose to take that route. It is legal, anyway, but note how having an agent can speed up things and how much more you can get.
Going back to the premise of whether it is wise to hire a commercial real estate agent or not, do the math. For a minimal percentage, you get the assurance that things are done right and by the book.
Remember, though, that this narrative is dependent on who you choose to be your commercial real estate agent. Be careful in your selection. There are many commercial real estate agents in the industry. Look for someone who is on the same page as you. A passionate commercial real estate agent is purpose-driven and result-oriented. They will commit to what he knows they can deliver. Look at their portfolio and do your research.
Are You Looking For A Qualified Commercial Agent In Your Area?
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The best part is this service is free to you!
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Hi! We’re Josh and Jolene Baijot, the creators of this website. We’re also commercial real estate brokers in Bellingham, Washington. Thank you for taking the time to read this blog post. We appreciate your time spent on this site. You can connect with us on Facebook, Instagram, or contact us through this website.
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