SIOR offers suggestions for choosing commercial Realtor

|tab|

Hiring a professional commercial real estate specialist who fits the consumer's needs is crucial during the process of site selection, purchasing or leasing property. Finding the right service provider, however, requires time and attention. The Society of Industrial and Office Realtors offers the following suggestions to consumers so that they can make informed choices:|ret||ret||tab|

|ret||ret||tab|

Assessing needs|ret||ret||tab|

It's critical to assess needs before hiring a corporate real estate service provider. This way, objectives will be clear and the scope of the work will be understood. Consumers must define their needs before choosing a service provider with the right mix of experience, knowledge and resources. Good professionals differentiate themselves with certain knowledge, experience and specialization, and the right fit is essential.|ret||ret||tab|

|ret||ret||tab|

Explore options|ret||ret||tab|

Next, request proposals from service providers who may fit the job, then schedule face-to-face meetings with those who respond. Get to know each candidate's history. Ask for specific information about a candidate's experience that is relevant to the project at hand, but don't stop there. |ret||ret||tab|

Professional real estate agents are not commodities, whereby one is interchangeable with another. Request a sample marketing plan. Ask for a resume. What is the service provider's training? Specialty? In what ways has he or she continued an education? What professional conferences has he or she attended? Designations and affiliations are important. Attendance at seminars, classes and conferences signifies a professional who is receptive to learning and growing.|ret||ret||tab|

|ret||ret||tab|

Check references|ret||ret||tab|

The only way to truly evaluate a real estate professional is with references. Request letters of recommendation from all candidates and be sure to follow up by talking with the agents' previous clients. The recommendations are most valuable if they add credence to the candidates' character and shed light on his or her areas of expertise and experience.|ret||ret||tab|

But talk with more than the people who have hired the person. Additional discussions with bankers, lawyers, economic development officials, architects, contractors and other commercial real estate agents who've worked with the candidate should help to further define candidates' skills, talents, energy, effectiveness and integrity.|ret||ret||tab|

|ret||ret||tab|

Firm facts|ret||ret||tab|

Learn the candidates' histories and determine the firms' capabilities.|ret||ret||tab|

What is the history of each candidate's firm? What is its experience in the marketplace? What is its reputation?|ret||ret||tab|

Does the firm have the capabilities necessary? Successful fulfillment of real estate transactions involves a combination of research, planning and skills. Of special importance is the capability of the firm's research division: Often, it serves as the backdrop for investment and site-selection decisions. Determine if a broker's firm has in place the personnel, skills, tools and experience to meet your needs. Investigate the firm's completion of transactions involving various types of properties.|ret||ret||tab|

|ret||ret||tab|

Interview|ret||ret||tab|

Conduct interviews to evaluate a firm's personnel. Request an interview with all people who would participate in the project. The individual or project team will represent the firm's capacity to successfully execute the transaction in the established time frame.|ret||ret||tab|

Discuss the real estate professional's current workload. Can he or she give your project the time it requires and deserves?|ret||ret||tab|

Interview to evaluate compatibility. This relationship should be built on trust. Keep in mind the compatibility factor throughout the interview and other interactions. Does the individual seem honest, ethical and confident in his or her own ability?|ret||ret||tab|

Check out each candidate's ethics.|ret||ret||tab|

Ask other brokers. Contact the local board of Realtors and the state real estate licensing authority. Ask local economic development representatives, and municipal/county planners and managers. |ret||ret||tab|

|ret||ret||tab|

Final choice|ret||ret||tab|

By now, you're ready to make the final selection. Get marketing plans from all remaining candidates. Request and compare the marketing plans, and choose a real estate professional. |ret||ret||tab|

|ret||ret||tab|

Follow up|ret||ret||tab|

Once the choice is made, revisit the needs assessment with the chosen candidate. A good agent is an excellent resource to aid in gaining efficiencies. The chosen professional can refine the assessment, bring ideas based on experience and also may bring in other needed professionals, such as an architect to suggest more effective ways of configuring workspaces, or a process engineer to determine if automation, for example, could reduce space needs.|ret||ret||tab|

Set a timeline for reports and reviews. They're essential not only for good business, but also for ultimately helping to evaluate the ideally ongoing relationship with the chosen real estate service provider.|ret||ret||tab|

[[In-content Ad]]