When it comes to working as a commercial real estate agent, you really do have to know what is going on regards signs placed on properties for sale or lease in your local area. By signs I mean those of your competition and those on the properties for sale or lease at the moment. There are some factors to track in that process, such as:
- Asking prices
- Asking rents
- Properties that have been sold or leased and the details of the deals done
- Time on market
- Numbers of properties listed in your area on an agent by agent basis
- Proximity to other property nearby
- Supply and demand for space
- New developments currently known to be coming on the market in the next 2 years
When you monitor these things, you understand what is going on and that will help your ability to negotiate with sellers, buyers and tenants in any negotiations. Market prices and rental evidence is hard to refute when you have all the right information at your fingertips.
Everyone today will think that they have a great property worth a lot of money or rent until you can show them what is going on out there. Third party evidence is the key to listing, selling, and renting at the right prices.
It’s in slower markets like this that market evidence will change frequently. Market evidence is the final deal results and only that; the asking prices and rents have only a remote relationship to the final deal. Many commercial agents and property valuers will share market information with you on a reciprocal basis; in only that way will you know what is going on in the property market today.
In the listing of any property be prepared to talk about the known results of the listings in the general area. Carry a chart or map with you for that very process.
Get some more tips for commercial real estate agents at our website at http://www.commercial-realestate-training.com/