Charlotte office condo sellers, not all Charlotte commercial brokers are the same. If you decide to seek the help of a broker when selling your office condo, you need some good information before you make any moves.
A broker can cost or save you thousands of dollars
Picking a broker is one of those critical issues that can cost or save you thousands of dollars. There are very specific questions you should be asking to ensure that you get the best
representation for your needs. Some brokers may prefer that you don’t ask these questions, because the knowledge you’ll gain from their honest answers will give you a very good idea about what outcome you can expect from using this broker. And let’s face it – in commercial real estate, as in life – not all things are created equal.
Hiring a Charlotte commercial real estate broker is just like any hiring process – with you on the boss’s side of the desk. It’s critical that you make the right decision about who will handle what is probably one of the larger financial investments you will make.
1. What makes you different? Why should I list my Charlotte office condo with you?
The Charlotte, NC commercial real estate market is a much tougher market than it was a decade ago. What unique marketing plans and programs does this broker have in place to make sure that your office condo stands out favorably versus other competing office condos? What things does this broker offer you that others don’t to help you sell your office condo in the least amount of time with the least amount of hassle and for the most amount of money?
2. What is your company’s track record and reputation in the market place?
It may seem like everywhere you look, real estate brokers are boasting about being #1 for this or that, or quoting you the number of commercial properties they have leased or sold. If you’re like many office condo owners, you’ve probably become immune to much of this information. After all, you ask, “Why should I care about how many commercial condos one broker sold over another. The only thing I care about is whether they can sell my Charlotte, NC office condo quickly for the most amount of money.”
Well, because you want your office condo sold fast and for top dollar, you should be asking the brokers you interview how many office condos they have sold. I’m sure you will agree that success in Charlotte commercial real estate is selling or leasing properties, specifically in your case, Charlotte office condos. If one broker is selling a lot of office, dental and medical condos where another is selling only a handful, ask yourself why this might be? What things are these two brokers doing differently?
You may be surprised to know that many Charlotte NC office brokers sell fewer than 5 office condos a year. This volume makes it difficult for them to do full impact marketing on your
office condo, because they can’t raise the money it takes to afford the advertising and special programs to give your office condo a high profile. Also, at this low level, they probably can’t afford to hire an assistant, which means that they’re running around trying to do all the components of the job themselves, which means service may suffer.
3. What are your marketing plans for my Charlotte office condo, Charlotte dental condo or Charlotte medical condo?
How much money does this broker spend in advertising the office condos s/he lists versus the other brokers you are interviewing? In what media (internet-website, internet-social media:Twitter, Facebook, Craig’s List, newspaper, magazine, TV etc.) does this broker advertise? What does s/he know about the effectiveness of one medium over the other?
4. What has your company sold in my area?
Brokers should bring you a complete listing of both their own, and other comparable sales in your area.
5. Does your Broker-in-Charge control your advertising or do you?
If your commercial broker is not in control of their own advertising, then your Charlotte office condo will be competing for advertising space not only with this broker’s other listings, but also with the listings of every other broker in the commercial real estate office.
6. On average, when your listings sell, how close is the selling price to the asking price?
This information is available from the Charlotte Commercial Real Estate Board. Is this broker’s performance higher or lower than the board average? Their performance on this measurement will help you predict how high a price you will get for the sale of your office condo.
7. On average, how long does it take for your listings to sell?
This information is also available from the Charlotte Commercial Real Estate Board. Does this broker tend to sell faster
or slower than the board average? Their performance on this measurement will help you predict how long your office condo will be on the Charlotte, NC market before it sells.
8. How many Buyers are you currently working with?
Obviously, the more buyers your commercial broker is working with, the better your chances are of selling your office condo quickly. It will also impact price because a broker with many buyers can set up an auction-like atmosphere where many buyers bid on your office condo at the same time. Ask them to describe the system they have for attracting professionals looking to buy Charlotte office condos.
9. Do you have a reference list of clients I could contact?
Ask to see this list, and then proceed to spot check some of the names.
10. What happens if I’m not happy with the job you are doing to get my medical condo, office condo or dental condo sold?
Can I cancel my listing contract? Be wary of brokers that lock you into a lengthy listing contract which they can get out of (by ceasing to effectively market your Charlotte office space) but you can’t. There are usually penalties and broker protection periods which safeguard the broker’s interests, but not yours. How confident is your commercial broker in the service s/he will provide you? Will s/he allow you to cancel your contract without penalty if you’re not satisfied with the service provided?
Evaluate each broker’s responses to these 10 questions carefully and objectively. Who will do the best job for you? These questions will help you decide.