Expectations of a Commercial Real Estate Agent in 2023
3 min read
Commercial real estate differs from residential real estate in many ways—the most prominent being client expectations. Unlike its counterpart, commercial real estate deals take a considerable amount of time, given the complexity of the transaction and the variety of parties involved.
Below are the top expectations by client type of commercial real estate agents in 2023.
Landlords
When working with a landlord on listing their property, you must bring your knowledge of the area's comparables to the table. This includes conducting a thorough market analysis of properties and their asking rents in the surrounding area. This will, in turn, help both you and the landlord determine a reasonable asking price for their property. A marketing and negotiation plan is also expected to drive significant tenant interest.
Tenants
Coming by a commercial property to lease is just as, if not more difficult, in today's real estate market. Commercial tenants often look for a property to house their business in a location that will increase traffic and revenue. To help your tenant find their ideal property, it is vital to constantly lookout for new and existing listings that come onto the market. When bringing these properties to the attention of your tenant, you must always consider the location, floor plans, asking rents, amenities and demographics of the area.
Buyers
Like a tenant, a buyer is interested in a property that will fulfill their business needs. Whether to keep for themselves or add to their portfolio, buyers will have similar expectations to tenants. An analysis of the property and the market will be a good starting point for your buyer search.
Sellers
When working with a seller in commercial real estate, acquiring knowledge of comparables is vital to determine your listing approach—identifying key selling features of the property, such as location, amenities and more, should be included in your property analysis. Doing your due diligence and marketing the property correctly will help you find an investor for your listing all that much easier.
As the commercial real estate market begins to normalize in 2023, the opportunities for landlords, tenants, buyers, and sellers will only grow. Use these tips as a guideline in your next commercial real estate transaction—you can thank us later.
Reference
Dutton, D. (2020, September 4). Expectations of a commercial real estate agent. Forbes. Retrieved December 6, 2022, from https://www.forbes.com/sites/forbesrealestatecouncil/2020/09/08/expectations-of-a-commercial-real-estate-agent/?sh=28865e4e4803
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