I’ve been working in the real estate industry for nearly a decade, so my friends often come to me with real estate-related advice. One of the questions I hear most often is, “Why should I hire a real estate agent when I’m buying commercial real estate? Why can’t I just broker the deal myself and save on the agent’s commission?” Well, the following checklist should help you decide whether or not you need a professional real estate agent for your Florida commercial property transaction.
Do you have a working knowledge of the real estate laws in your region? Real estate transactions are subject to a startling number of legal regulations. In order to successfully broker a deal, you’ll need to be familiar with both land law and contract law or risk running afoul of the law and incurring hefty fines. If you don’t have any legal foundation, you’ll find it difficult to ascertain whether the property contract you’re signing is legally sound. Property agents, on the other hand, have great expertise in this field and will be able to analyze your property contract extensively to ensure that the transaction proceeds in a fair and legal manner.
Next, do you have a nuanced understanding of the prevailing real estate market conditions? The real estate industry is notoriously volatile with prices changing all the time. Many laymen end up buying a piece of commercial property at a much higher price than they would’ve paid if they had waited for a few months because they aren’t aware of current market trends. Property agents are not only trained to predict property market trends, but may also have access to “insider information” that will help you make a wise decision.
As you can probably tell, I’m a firm advocate of getting a professional property agent from companies like Century Retail to oversee your commercial property transaction. Real estate deals are incredibly complex and if you want the transaction to go smoothly, it’s always best to seek professional advice if you lack specific training in real estate investment.