Whozoo tips #34 - How do I know if what the estate agent is telling me is correct?

Published: 05/02/2024

Verifying the advice you receive from your commercial estate agent is crucial to ensure that you make informed decisions during the sale of your commercial property.
Here are some tips to help you assess the accuracy and reliability of the advice:

Check Their Credentials:
•Ensure that the commercial estate agent is qualified and accredited. Membership in professional bodies such as the Royal Institution of Chartered Surveyors (RICS) can be an indicator of professionalism and adherence to ethical standards.

Research the Market:

•Independently research the current market conditions and comparable properties in the area. This will give you a better understanding of realistic pricing and market trends. Compare the information provided by your agent with your own findings.

Multiple Valuations:
•Obtain valuations from multiple commercial estate agents to compare their assessments of your property's value. This can help you identify any significant discrepancies and make an informed decision.

Ask Questions:
•Don't hesitate to ask your estate agent questions about their advice. A reputable agent should be transparent and willing to explain their reasoning. If something is unclear, seek clarification.

Seek Second Opinions:
•Consider consulting with other professionals, such as property surveyors or real estate consultants, to get additional opinions on market conditions and property values. This can provide a broader perspective.

Review Contracts and Terms:
•Carefully review any contracts or agreements provided by the estate agent. If you have concerns or questions, seek legal advice to ensure that the terms are fair and in line with industry standards.

Check References:
•Ask the estate agent for references from previous clients or look for reviews and testimonials. This can give you insights into their track record and the experiences of others who have worked with them.

Stay Informed:
•Stay informed about relevant regulations, market trends, and legal considerations related to commercial property transactions. This knowledge will empower you to ask informed questions and assess the accuracy of the advice you receive.

Consult with Professionals:
•Consider seeking advice from other professionals, such as solicitors or financial advisors, to ensure that the guidance provided by the estate agent aligns with broader legal and financial considerations.

Trust Your Instincts:
•Trust your instincts and gut feeling about the estate agent. If something doesn't feel right or if you're uncomfortable with their advice, consider seeking a second opinion or exploring alternative options.

By taking a proactive approach, conducting thorough research, and seeking multiple perspectives, you can better assess the advice provided by your commercial estate agent. Remember that open communication and transparency are essential in any professional relationship, and a reliable estate agent should be willing to work collaboratively with you throughout the selling process.