In a market as dynamic as Miami’s commercial real estate (“CRE”), keeping up with its movements can be challenging whether you are a first-timer or seasoned investor. Below are reasons why it’s integral to have an experienced and local commercial real estate agent on your team.
Better resource management
Miami commercial real estate is constantly in flux. For investors without a clear understanding of how the market works, it can be easy to spend an inordinate amount of time and money chasing a lead that can prove to be unprofitable. Finding a deal profitable enough to make up for this loss of resources is extremely difficult and in many cases impossible..
You can minimize and even avoid losses by working with a commercial real estate agent early in the process. Since CRE agents are deeply attuned to the Miami commercial real estate market, they can guide you to make sound investment decisions. Some CRE agents are experienced enough to provide solid results relying on instinct and relationships, but in today’s data-driven world you should seek advice that can be backed by solid market data and trends as well.
Professional representation
In commercial real estate transactions, you will probably be dealing with a landlord, property developer, buyer, or tenant who is represented by their own agent. If they have professional representation you should, too.
Commercial real estate agents, whether in Miami or elsewhere, are legally bound to represent their clients’ best interests. Look for an experienced professional who will look out for you. Rely on their knowledge and network. Lean on them to shorten your learning curve and save you time. Let them handle the search and contact the agents representing the properties or potential buyers and tenants.
With professional representation, any uncertainties caused by emotions are minimized. Prices or rent per square foot will be set fairly, based on market data.
Networking
Commercial real estate agents in the Miami metropolitan area are often acquainted with each other. They could be part of the same brokerage or have crossed paths representing different parties in a transaction in the past. While there is some healthy competition between CRE agents working in the same area, having this network is extremely advantageous.
With a CRE agent, you may be able to get insider scoop on the market. This can be beneficial in many ways. For instance, you have been eyeing a certain property for a while and it is about to go on the market for lease or sale. This network also allows you to find potential tenants or buyers for your commercial real estate even on short notice.
At the end of the day, you may also be able to secure a better deal and favorable terms because of your CRE agent.
Market and property insight
It is part of a CRE agent’s job to constantly know the pulse of the Miami commercial real estate market. Some know it well enough to the point that they can forecast trends based on current conditions.
If you are on the market for commercial real estate for sale or lease, a CRE agent can also fill you in on the history of a certain property. Location is an important factor to consider in real estate investments, but so is provenance, which is often overlooked. Your CRE agent can answer important questions such as:
- Who was the previous tenant or owner of the property?
- What was the property used for and for how long?
With the right commercial real estate agent, you can achieve success in the Miami market. Let me, Jerad Graham, and the rest of EXP Commercial, give you the professional representation you need. Contact me at (305) 874-0835 or send me an email today.
