J DANIEL DOUGLASS

941-920-5638

BUYER’S REPRESENTATION

WHY HIRE A BUYER’S AGENT WHEN YOU BUY COMMERCIAL REAL ESTATE ? BOTTOM LINE: IN THIS MARKET, YOU NEED EVERY AVAILABLE ADVANTAGE TO GET THE BEST DEAL POSSIBLE AND THAT INCLUDES HAVING A BUYER’S AGENT WHO WORKS FOR YOUR BEST INTEREST! INTERVIEW AS MANY AGENTS IN YOUR AREA AS POSSIBLE AND BE SURE THEY WILL ACT AS A SINGLE AGENT REPRESENTING YOU ALONE. ASK FOR REFERENCES AND FOR RECENT TRANSACTIONS. MOST AGENTS SHOULD NOT HAVE A PROBLEM WITH ALLOWING YOU TO CONTACT FORMER CLIENTS AS PART OF THE INTERVIEW PROCESS. MOST OF ALL, FIND SOMEONE WHO YOU FEEL COMFORTABLE WITH AND WHO WILL STAY IN TOUCH WITH YOU DURING THE ENTIRE PROCESS. MOST STUDIES ON THIS SUBJECT SHOW THAT BUYER’S WHO HIRE THEIR OWN AGENT, FARE MUCH BETTER THAN THOSE THAT DO NOT.

THE NINE TOP REASONS TO HIRE A PROFESSIONAL WHEN BUYING COMMERCIAL REAL ESTATE:

A BUYER’S AGENTS CAN…

  1. LEVEL THE PLAYING FIELD. FIND A REAL ESTATE AGENT THAT WILL REPRESENT YOU EXCLUSIVELY AND REPRESENT YOUR BEST INTEREST. THE LISTING AGENT MOST LIKELY REPRESENTS THE SELLER IN THE MAJORITY OF TRANSACTIONS AND IS LAWFULLY REQUIRED TO REPORT THE CONTENT OF ANY CONVERSATION THEY HAVE WITH YOU TO THEIR CLIENT. WHEN YOU HAVE A BUYER’S AGENT, THE FOLKS ON THE OTHER SIDE OF THE DEAL ARE PRECLUDED FROM EVEN SPEAKING TO YOU DIRECTLY AND MUST GO THROUGH YOUR AGENT. THIS HELPS YOU TO BETTER CONTROL THE DEAL AS IT MOVES FORWARD.
  2. CREATE LEVERAGE. A GOOD AGENT WILL LEVERAGE YOUR NEEDS OVER THE SCOPE OF SEVERAL PROPERTIES THAT WORK FOR YOU. THIS WILL RESULT IN SELLERS COMPETING FOR YOUR BUSINESS.
  3. BECOME THE MIDDLE PERSON. A GOOD AGENT WILL BECOME THE INTERMEDIARY BETWEEN YOU AND THE FOLKS ON THE OTHER SIDE OF THE DEAL. YOU GET TO CONCENTRATE ON YOUR BUSINESS AND ONLY HAVE TO ANSWER CALLS FROM YOUR AGENT WHEN THE NEED ARISES.
  4. PROVIDE MARKET KNOWLEDGE – FIND SOMEONE WHO KNOWS THE MARKET WHERE YOU ARE LOOKING. WHAT ARE THE MARKET TRENDS, DEMOGRAPHICS, ETC? IF THE MARKET IS CHANGING OR MOVING IN A DIFFERENT DIRECTION, YOU WILL WANT TO KNOW THAT BEFORE MAKING AN OFFER.
  5. PROVIDE INFORMATION – A GREAT AGENT WILL PROVIDE YOU WITH MORE THAN ENOUGH INFORMATION ABOUT ZONING, SPACE ALLOCATION, PARKING, SIGNAGE, ETC, SO THAT YOU MAY MAKE A PRUDENT DECISION. THIS ALONE WOULD REQUIRE YOU TO SPEND COUNTLESS HOURS ONLINE, IF YOU WERE TO DO IT YOURSELF.
  6. PROVIDE CONFIDENTIALITY – MOST STATES REQUIRE THAT AGENTS WHO REPRESENT ONE PARTY OR THE OTHER MUST CONDUCT THESE RELATIONSHIPS AS FIDUCIARY IN NATURE AND HOLD ALL INFORMATION AND COMMUNICATIONS PERTAINING TO THEIR CLIENT(S) IN THE STRICTEST CONFIDENCE. THERE WILL BE TIMES WHEN YOU JUST PLAIN NEED SOMEONE TO TALK TO WITH THE ASSURANCE THAT IT WON’T BE DISSEMINATED WITHOUT YOUR PERMISSION.
  7. PROVIDE CONTACTS. YOUR AGENT SHOULD BE A GREAT SOURCE OF CONTACTS FOR RELATED GOODS AND SERVICES THAT YOU MAY NEED TO GET YOUR PURCHASE DEAL COMPLETED. THESE INCLUDE CONTRACTORS, BUILDING INSPECTORS, PLANNERS, ARCHITECTS, BUILDING TRADESPEOPLE, ENGINEERS, REAL ESTATE ATTORNEYS, APPRAISERS, BANKERS, MOVING COMPANY, CPA, SURVEYOR, ENVIRONMENTAL ENGINEER, ETC.
  8. PROVIDE CHOICE. HIRE AN INDEPENDENT AGENT OR AT LEAST SOMEONE WHO WILL SHOW YOU ALL AVAILABLE PROPERTIES IN YOUR MARKET AREA THAT FIT YOUR REQUIREMENTS. SOME AGENTS ONLY SHOW YOU PROPERTIES THEY HAVE LISTED BECAUSE THEY MAKE MORE MONEY THAT WAY. MAKING YOUR CHOICE FROM A SMALLER GROUP OF PROPERTIES, MAY POTENTIALLY KEEP YOU FROM GETTING THE BEST DEAL POSSIBLE. DEMAND THAT YOUR AGENT PROVIDE YOU WITH AS MANY LISTINGS AND SHOWINGS AS POSSIBLE.
  9. PROVIDE A GREAT SERVICE AT NO COST TO YOU. IF YOU HIRE A BUYER’S AGENT TO REPRESENT YOU IN YOUR TRANSACTION, THEIR FEE WILL USUALLY BE PAID BY THE SELLER THROUGH THE LISTING AGREEMENT WITH THE LISTING BROKER. THAT’S RIGHT…YOUR AGENT REPRESENTS YOUR BEST INTEREST BUT GET’S PAID BY THE SELLER! MORE OR LESS, THAT’S THE WAY CO-BROKERING DEALS HAS ALWAYS WORKED EXCEPT WHEN THE CONCEPT OF SINGLE AGENCY CAME ALONG TO MORE ADEQUATELY DEFINE WHO WORKS FOR WHO IN A REAL ESTATE TRANSACTION.

In the end, you have to be your own best advocate about these items. If you would like more information, please call J. Daniel Douglass at 941-920-5638 or email him at jdanieldouglass@verizon.net.