{"id":14456,"date":"2018-04-11T04:44:40","date_gmt":"2018-04-10T20:44:40","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=14456"},"modified":"2022-07-01T04:50:14","modified_gmt":"2022-06-30T20:50:14","slug":"good-property-agent-buying-selling-renting-commercial-property","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/good-property-agent-buying-selling-renting-commercial-property\/","title":{"rendered":"How to recognise a good property agent when buying, selling, or renting a commercial property"},"content":{"rendered":"
<\/div>

\"recognise<\/p>\n

Buying, selling or renting a commercial property takes a lot more patience and acumen than dealing in residential property. While you\u2019re usually clear on what you want in a house, you could be doing a lot of guesswork when it comes to a business \u2013 especially if you haven\u2019t started running it yet. You\u2019ll want some good help, so here\u2019s how to recognise and pick the better agents in this field:<\/span><\/p>\n

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  1. \n

    Look up the property agent\u2019s previous work<\/b><\/h3>\n<\/li>\n<\/ol>\n

    Say the property agent has previously helped someone buy, or rent, a location for a retail store. It would be a good idea to visit this place, to get a sense of how good the property agent\u2019s recommendations are. If you see a store that\u2019s booming and full of foot traffic, then the agent either knows what he or she is doing, or has access to some prime locations.<\/span><\/p>\n

    If the property agent has helped to sell a lot of properties, then check out the prices of commercial property in those areas (you can <\/span>use the 99.co map<\/a><\/span> for this). What prices did the property agent manage to fetch, and how does it stack up against the neighbouring units? A good property agent should be able to match, or even go above, the median prices in the area. <\/span><\/p>\n

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    1. \n

      Look for a property agent that has a relevant speciality<\/b><\/h3>\n<\/li>\n<\/ol>\n

      Commercial properties can be worlds apart from each other. A hotel space has a very different function from a retail space, or a manufacturing space. For this reason, it\u2019s best to pick a property agent who specialises in your type of commercial property.<\/span><\/p>\n

      Agents who are specialised tend to have better networks or buyers, sellers, or prospective tenants. They would also know of common tricks to watch out for, such as tenants who just want a money-laundering front*, or tenants who are likely to break a lease (e.g. they can gauge when a tenant\u2019s business won\u2019t be sustainable). <\/span><\/p>\n

      If you\u2019re selling a commercial property, a specialised property agent can speed up the process, and find you better prospects. They probably have a wider network of interested buyers, compared to more generalised agents. \u00a0<\/span><\/p>\n

      *<\/span>Some loansharks rent out commercial properties just to have a business address, so they can fake the source of their income.<\/span><\/i><\/p>\n

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      1. \n

        Note if the property agent gives you regular updates, during the search<\/b><\/h3>\n<\/li>\n<\/ol>\n

        Good property agents will contact you at least once a week, to talk about viewings, potentially good buys or interested sellers, and so forth. <\/span><\/p>\n

        Don\u2019t hesitate to drop property agents who claim to represent you, but fall silent after a few days. This could mean the agent has decided your requirements are too much trouble, and has decided to quietly ignore you in favour of easier deals. <\/span><\/p>\n

          \n
        1. \n

          If you\u2019re selling your commercial property, check if the property agent is proactive in staging the property<\/b><\/h3>\n<\/li>\n<\/ol>\n

          This doesn\u2019t just mean giving the place a quick sweep, every now and again. Good agents will take extra steps to make the property look good, such as putting in temporary track lights, plastic plants, picture frames, etc. <\/span><\/p>\n

          The better property agents may even hire a professional photographer, to take pictures for the listings. <\/span><\/p>\n

          If you visit the property and see curtain rods hanging down, or broken lightbulbs and insects on the floor, that\u2019s a sign the agent may not be doing enough (besides, if there are regular viewings going on, the agent wouldn\u2019t leave the property in that state).<\/span><\/p>\n

            \n
          1. \n

            If you’re selling your commercial property, ask about the marketing strategy<\/b><\/h3>\n<\/li>\n<\/ol>\n

            A good property agent will have a systematic plan to market the property, and may even draw out the steps on a calendar. One distinguishing trait among good agents is that their marketing often contains a twist, a unique selling point to your property type.<\/span><\/p>\n

            For example, one property agent we know started writing LinkedIn articles, about the problems faced by logistics companies in Singapore. Doesn\u2019t seem relevant to his job does it? <\/span><\/p>\n

            But in the process, the agent received comments and emails, and identified several prospective buyers for a warehouse space. He knew from his network that most of the key decision makers were frequent LinkedIn users.<\/span><\/p>\n

            Look for property agents who have stand-out ideas like these, rather than agents who recite a laundry list of routine methods. Creative marketing is especially important for commercial properties, as it is quite niche; one cannot easily find prospective buyers by shoving flyers into mailboxes.<\/span><\/p>\n

              \n
            1. \n

              If buying or renting, find out how much the property agent understands about your business <\/b><\/h3>\n<\/li>\n<\/ol>\n

              Drop a few test questions, such as \u201cdo you think malls are better locations for restaurants?\u201d. Being in the business, you may already know the answer \u2013 but what you\u2019re looking for is a property agent who can demonstrate sufficient knowledge.<\/span><\/p>\n

              If the agent does not even understand your business, it\u2019s hard for him or her to recognise the properties that suit your needs, or to spot problems (e.g. it may not occur to a non-restaurateur that, if they are not located in a mall, rain can be a factor in driving away customers).<\/span><\/p>\n

              The best commercial property agents can seem practically qualified to run your business themselves (and some in fact are, having come from the same industry).<\/span><\/p>\n

                \n
              1. \n

                Ask what happens if a deadline isn\u2019t met<\/b><\/h3>\n<\/li>\n<\/ol>\n

                Ask the property agent what will happen if they can\u2019t help you sell, buy, or rent by a certain date. Such deadlines are probably more important to you, than they are to a residential property seeker; a business must be up and running by a certain time.<\/span><\/p>\n

                A good agent will have a satisfactory contingency plan, such as a change of approach, or a list of back-up options. Avoid agents who cannot give you a coherent plan, for such an event.<\/span><\/p>\n

                Of course, this does also mean you should set milestones and deadlines. A good commercial property agent will never be opposed to this sort of planning; they will recognise that it\u2019s necessary, especially for businesses that must buy or rent in time. <\/span><\/p>\n

                If you found this article useful, 99.co recommends 9 things to look for when buying or renting a shop in Singapore<\/a> and when should you appoint an exclusive property agent<\/a>.<\/p>\n

                Find the commercial property of your dreams today on 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

                Buying, selling or renting a commercial property takes a lot more patience and acumen than dealing in residential property. While you\u2019re usually clear on what you want in a house, you could be doing a lot of guesswork when it comes to a business \u2013 especially if you haven\u2019t started running it yet. You\u2019ll want…<\/p>\n","protected":false},"author":21,"featured_media":55084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53653,57131,53613],"tags":[54718,54710,54711,54712,53664],"persona":[],"class_list":{"2":"type-post","15":"entry","16":"has-post-thumbnail"},"acf":[],"yoast_head":"\nHow to recognise a good property agent when buying, selling, or renting a commercial property - 99.co<\/title>\n<meta name=\"description\" content=\"Buying, selling or renting a commercial property requires a certain set of expertise and skills. 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