Sourcing Commercial and Industrial Property - The Client/Broker Relationship
Category General
A little known fact of the commercial and industrial property broking business is that, unlike residential estate agents who hold exclusive mandates, the commercial and industrial broker is holding mandates and handling hundreds of property listings at any one time. Also, most active brokers are dealing with the same landlords and properties at the same time. These facts make ours a highly competitive industry with knowledge and reaction times being critical. Also, with multiple mandates, confusion and even legal issues develop as a result of duplicated introductions.
It is therefore important from the clients' perspective to develop a good relationship with a knowledgeable and experienced property broker who will guide and assist you with your commercial property needs.
Here are some tips on finding the right broker:
Is the broker or their company well exposed in the area you are looking?
They should have a good presence on the web and on property portals. Also a high presence of marketing boards in the area you are looking is a key sign! (Excuse the pun..)
Did the broker set up an appointment to view your existing facility?
If you are relocating it is a vital part of the process to have the broker completely understand your needs and requirements. In order to do this, they will need a tour of your existing facility and a meeting with the decision makers or the person delegated to source property. The broker can then leave with more knowledge and be equipped to source the right property for you with a greater accuracy that will save you time in sifting through the wrong sites.
Are you receiving good feedback from the broker?
A good broker will keep you informed on the progress with your enquiry and advise you when new listings and properties are sourced that may suit you. There is little worse than being left in the dark after reaching out to a broker for assistance.
Does the broker hold a valid fidelity fund certificate issued by the EAAB?
Besides this being a legal requirement in the industry, the process to become a qualified estate agent or broker these days is a long and rigorous one, with up to five years of internship, on the job learning and exams to be completed, as well as on-going CPD requirements. This process ensures that the broker you are dealing with is well qualified and has a clear track record of honesty and integrity. The validity of a fidelity fund certificate can easily be checked on the EAAB's website: https://www.eaab.org.za
All of Index Property Solutions brokers are registered with the EAAB and draw on the company's more than twenty years of experience in sourcing properties and concluding many thousands of agreements. We wish you happy hunting and should you need any assistance please contact one of our brokers at Index!
Author: Index Property Solutions
