Investing in a commercial property is still one of the more lucrative investments in Australia. If you’re planning this type of purchase, you may be wondering how to go about it and where to start. Luckily, getting assistance in this regard is easier than you think.
The number one way to get your potential purchase started is to consult experts specialising in the commercial real estate Essendon property owners are investing in. This post takes a closer look at why you need a commercial real estate agent and also covers the benefits of hiring these professionals.
Understanding the Role of a Commercial Real Estate Agent
Essentially, a commercial real estate agent is a professional expert who specialises in assisting businesses with buying and selling all types of commercial properties. These experts have a few key responsibilities, which are typically listed as:
- Assessing your commercial property investment goals and specific requirements
- Conducting the relevant market research and live-to-date analysis to identify various suitable properties
- Negotiating with potential sellers or their chosen agents on your behalf
- Advising prospective buyers on the right time to buy or sell properties
- Assisting with mandatory property inspections, due diligence, and all aspects of the closing procedure
Enlisting an Expert Simplifies the Buying Process
You may think you have the know-how and technical savvy to make a commercial real estate purchase on your own. However, there are several reasons why opting for professional assistance is the better alternative. We’ve listed the most prominent.
Experts in the Local Commercial Property MarketDespite being such a profitable market, investing in commercial property is not something that every Australian gets involved in. This often leads to the commercial property market being referred to as a niche market.
It’s therefore a good idea to align yourself with a professional who not only specialises in this market type but also knows how to navigate their way around it. Commercial real estate agents boast knowledge of the local markets, which will include detailed information about potential rental prices.
They will also have a more extensive knowledge of specific zoning regulations in the area where you’re looking for property. This is essential to know for any business restrictions that may be in place for certain areas. Knowing about the compliance and zoning requirements minimises the risk of legal issues and fines down the line.
Real Estate Professionals Have Access to Off-Market Property InfoWhen you first develop an interest in purchasing a commercial property, you may follow this with an extensive online search of local listings. However, despite just about everything being listed online, there are still some properties that aren’t publicly listed. You won’t find these listings unless you have a commercial real estate agent to access them.
These properties are referred to as “off-market properties” and can often be more appealing as there’s considerably less competition. This, in turn, means that you more than likely won’t have to increase your bids to be considered. A commercial real estate agent will not only provide you with a list of these properties but will also be able to negotiate a deal that suits your requirements and your budget.
Experts at Deal-Making and NegotiationIf the property you’re interested in is in a popular location or has other desirable features, there may be many bids on it. When this happens, you will need some extensive bargaining and negotiating skills to outbid your competitors.
Fortunately, expert commercial real estate agents have excellent negotiating skills that will help you get the best possible deal. These experts also have the know-how of all aspects associated with the buying and selling process.
Saves You Time, Money, and Running AroundIf you’re trying to navigate the buying process on your own, you may already have been given the runaround to get the process started. You may also be trying to schedule viewings and submit paperwork. If so, you will have discovered that there’s a lot of red tape and administration associated with the process.
Commercial real estate agents are trained and skilled to easily help you navigate your way through the buying process. Having an expert helping you with the necessary processes and documentation will make the process less time-consuming and as hassle-free as possible.
A huge advantage here is that a commercial real estate agent can also ensure that all your paperwork and legal requirements are met. In many instances, they can use their knowledge and network to speed up processes that may otherwise have taken much longer on their own.
Final Thoughts
Enlisting a commercial real estate agent is the best option for making your commercial property purchase as hassle-free as possible. In addition to dealing with industry experts, you will also get easy access to information about off-market properties.
You’ll also have a professional expert who will be able to handle all aspects of the negotiation process on your behalf. Getting the best deal on a potential long-term property investment has never been more convenient!