If you are thinking about buying an industrial property for investment, you need to do your due diligence and research to locate a suitable unit. The unit not only has to fit your budget but should also provide you with positive cash flow or has the potential for capital appreciation. This is where a reliable and experienced property agent can make a difference.
A good property agent forms part of your Ace Team – the team of professionals with the knowledge, experience and qualifications who can assist you in getting the right unit and structuring your deal properly.
Industrial property differs from other types of property such as residential property. So, one of the most important factors to consider in choosing your property agent is to choose one who has significant experience in this area. Here are some tips on how to choose the right property agent.
1. Number of years of experience
A property agent who has many years of experience is likely to have a better understanding of the property market and has likely worked with more clients and completed more transactions. They are likely to have honed their research and negotiation strategies throughout the years.
2. Area of specialisation
If you are looking at buying specifically industrial property, as opposed to residential property, having an agent who specialises in this area is a plus point. They would be more familiar with the rules and regulations of industrial property buying and may have more intimate knowledge of the market. They will know where and how to identify and shortlist potential opportunities for you. Some agents may specialise in specific industrial buildings or areas only or types of industrial property (such as a B1 or B2 type industrial properties).
3. Established network
A seasoned property agent is likely to be well-connected and have an established network of other trusted professionals such as lawyers and mortgage brokers that can be introduced to you. They are also likely to work for a trusted real estate agency.
4. Strong references or testimonials
Don’t be afraid to ask for testimonials or references from the agent’s other clients. Agents who are willing to let you have the opportunity to speak to previous clients means they have had other happy clients in the past and are confident of the clients’ putting in a good word for them.
5. Someone who listens
A good property agent is someone who is attentive to your needs and finds out as much as possible about your objectives, goals and financial position so that they can shortlist the units that would most suit your needs. Don’t be afraid to ask hard questions of prospective agents (which you may have the answers to), to test whether they really know their stuff.