Carl Charalambous, Principal and Managing Director of C Property QLD
Commercial property can be a great investment, but without the right manager or leasing agent the property may not be living up to its earning potential. But, what can a property owner or purchaser actually do to avoid this?The answer is simple: before engaging an agent, owners or purchases should be asking potential agents five simple questions that will help identify the right agent to manage or source their investment.
Ranging from the agent’s experience, through to how they deal with their clients, these are the five questions that an owner or purchaser should be asking before engaging their commercial property agent.
1: “What is your experience and what are some of your success stories?”
This question might seem like a no-brainer, but it’s crucial that an owner sit down and have a candid and in-depth discussion about the agent’s experience and track record of success.
Typically, a good agent will give an answer that demonstrates their recent successes, and they will also explain their experience in managing properties of a similar size and value.
By explaining their track record for success, it allows the agent to open up on their approach to property management and leasing – giving property owners an insight into their management style and whether it will work well with their particular investment.
2: “Do you have a speciality or specialise in a particular area?”
By asking this question to a potential property agent, an owner can decide whether the agent’s expertise aligns with their investment and whether they have the relevant skills and experience needed to garner the best results.
Owners should be looking for agents that specialise in their type of property, and the agent should be able to supply examples of recent properties in their portfolio that are of a similar type, size and value.
This will ensure the owner is getting relevant and sound advice, and will put their investment in the safest hands. For example, if an owner of an industrial property goes to an agent that specialises completely in offices, it is likely their investment won’t get the best results.
Property owners need to find an agent that can clearly and concisely explain what benefits they are going to get from listing with them. This will help owners and purchasers narrow down which agent is best suited to them.
Owners should have a list of key benefits they’re looking for, and when listening to the answer from their prospective agent they should be able to mentally tick off the list of requirements they’re looking for.
If an agent doesn’t offer the benefits an owner or purchaser is looking for, it’s a good indication that they have not yet found the right agent to manage their property – making this question a pretty efficient way to shortlist potential agents.
4: “How do you deal with your clients? Will I have a positive experience with you?”
Being a property agent isn’t just about previous success stories. A major component is also how they deal with their clients and property owners should be looking for an agent that is successful and easy to work with.
Finding an agent that is both successful and a pleasure to work with can sometimes be easier said than done. That’s why this question is so important for owners to ask prospective agents early on in the process.
Owners need to find an agent that will be responsive, friendly, efficient and inviting. If an owner feels intimidated, ignored or rushed, it’s definitely not the right agent for their property.
5: “How do you work to find the right investment for people?”
An agent shouldn’t just be looking for the quickest option for their clients, they should be looking for the best option. That’s why this question will help owners differentiate between an average and a great agent.
At their core, a great agent will be focused on finding the right investment for a client.
Owners should watch for the red flag that appears when an agent doesn’t have an answer to this question, or struggles to explain their approach.
Clients need to make sure that the answer to this question is also backed up by previous experience. It can be easy to say one thing and do another, but an agent that sticks to their word is going to be invaluable in the future.
Although it can take some time, sitting down and asking these five questions to prospective agents will ensure that commercial investors are making the most bang for their buck with their investments.
Carl Charalambous is the Principal and Managing Director of C Property QLD, a specialised commercial property agency that focuses on Sales, Leasing & Property Management within the inner-city of Brisbane.
With the team growing up in passionate family property backgrounds, C Property has a wealth of experience to offer property owners and purchasers. The team focuses on providing personalised and inviting service to all clients and pride themselves on exceptional hard work & delivering successful results. To find out how C Property can help with your commercial property, click here.
The Urban Developer is proud to partner with C Property QLD to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.
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