[fa icon="calendar"] 10.20.2016 / by Michelle Heatherly
Marketing and leasing your property is one of the hardest parts of being a landlord. Not only do you have to advertise, show the property and conduct background checks, you need to make sure you are selecting the right tenants to occupy your building. It’s a complicated and time consuming process that can end up costing you if it is not handled properly.
There are a number of real estate firms out there to help with marketing and leasing commercial properties. But how do you choose the right one? Here are a few questions to ask yourself before partnering with a real estate firm:
How Long Have They Been in Business?
One of the first things you should look at when hiring a firm to market and lease your property is how long they have been in business for. Firms that have been in business longer will have more experience handling different situations and are more likely to come up with innovative solutions.
What Kind of Experience Do They Have?
More important than the amount of experience, though, is the kind of experience they have. Make sure your leasing agency has the right kind of network and history to work with your unique space. Ask them how many properties they have sold or leased in approximately the same size range as your property in the past year or two. Who were the buyers? What were the price ranges and were they competitive? These are all questions that can help you narrow down if the agency will be a good fit or not.
What is Their Speciality?
Lots of real estate firms will specialize in one or more specific sectors of commercial real estate. For example, somebody who specializes in retail would not be a good fit if you are trying to lease industrial or office space. Make sure that your partner has specific experience in your submarket and are able to find the best fit tenants for your type of property.
Are They Members of a Multiple Listing Service (MLS)?
Commercial real estate is a competitive business and working with an agency that is part of a MLS give you an immediate advantage. A MLS is a collection of private databases that real estate brokers use to share their listings and locate buyers much quicker than they could on their own. Working with a broker who is part of a MLS will expose your property to thousands of potential buyers that you would probably not be able to reach otherwise.
Choosing the Right Real Estate Firm
Choosing the right commercial real estate firm to market your property is not as easy as you might think. There are lots of things to consider. Take some time and think of what exactly you want out of a partner and don’t be afraid to ask a lot of questions.