Whozoo Tips #10 - What does a commercial property agent actually do?

Published: 13/12/2023

A commercial property agent, also known as a commercial estate agent plays a key role in facilitating transactions and providing services related to commercial property. Their primary focus is on properties that are used for business purposes rather than residential purposes. Here are some of the key responsibilities and tasks typically performed by commercial property agents:

Property Marketing:
•Commercial property agents assist property owners in listing their properties for sale or lease. This involves assessing the property's value, determining appropriate rental or sale prices, and creating marketing materials.

Market Research:
•Agents conduct thorough market research to understand local and regional trends, property values, and the demand for commercial property in specific areas. This information helps clients make informed decisions.

Client Representation:
•Agents represent either property buyers or tenants in negotiations with sellers or landlords. They work to secure the best possible deal for their clients by negotiating terms such as price, lease duration, and other contractual details.

Property Valuation:
•Commercial property agents assess the value of properties by considering factors such as location, size, condition, and comparable sales or lease data. This valuation helps clients set realistic pricing for their properties.

Marketing and Advertising:
•Agents create and implement marketing strategies to promote commercial properties. This may involve online listings, advertising in industry publications, organizing property showings, and utilizing other marketing channels.

•Negotiating terms is a crucial aspect of a commercial property agent's role. They negotiate on behalf of their clients to achieve favourable terms and conditions in sales or lease agreements.

Due Diligence:
•Agents assist clients in conducting due diligence on properties. This involves verifying property information, checking zoning regulations, assessing potential environmental issues, and ensuring that all legal requirements are met.

Documentation and Contracts:
•Agents prepare and review legal documents, contracts, and agreements related to property transactions. This includes purchase agreements, lease contracts, and other necessary paperwork.

Client Communication:
•Agents maintain regular communication with clients, keeping them informed about market updates, property showings, and any developments related to their transactions.

•Successful commercial property agents often build and maintain a network of contacts within the real estate industry. This network includes other agents, property developers, investors, and professionals such as lawyers and appraisers.

Overall, commercial property agents play a vital role in facilitating commercial property transactions by bringing together buyers and sellers or landlords and tenants, ensuring a smooth and successful process.