In recent years, the notion of what commercial property agents do, or is expected to do, has changed dramatically. Now, the range and level of services offered by different commercial estate agents is broad and depends on the needs of the seller of the property. For example, majority of the time commercial property consultants conduct the viewings on a seller’s behalf, however; in some cases, the sellers choose to carry out their own viewings.
The agent is chosen and instructed by the vendor (the current owner of the property) and it is the vendor that pays the commercial property agent’s fees. This means that you can only enquire about viewing a property through the commercial agent that has been instructed to market. Unlike other countries, in the UK, the buyer does not usually have their own agent. That said, there are sourcing agents or buying agents that a purchaser could employ in the UK to search for properties for a pre-agreed fee on a purchasers’ behalf.
What you should look for in a commercial property agent:
- Professionalism and Training – Commercial agents should maintain professional standards by ensuring that their staff have a minimum level of on-going training to keep up to date with their skills.
- Reputation – Commercial consultants must uphold their reputation to maintain their business and therefore need to take a professional approach to their work.
- Knowing their client – As part of taking on a new vendor (client), commercial agents will need to take some basic information and identity documentation so that they know who their client is, this is also known as KYC documentation (Know Your Client).
- Compliant – Being registered with HMRC to ensure they comply with all the obligations under the money laundering regulations and having Client Money Protection if they handle client money.
A good commercial agent should not only be knowledgeable about the commercial property that you want to view, but should also have a good working knowledge of the local area, including what has been sold locally and what is due to come on to the market in the near future.
If you get to know the commercial consultants, they may also let you know in advance if a commercial property matching your investment requirements (criteria) is due to come on the market, allowing you to jump the queue. A good agent will understand the vendors’ situation and what they are looking to achieve through the sale of the property.
If you are looking for “Commercial Property Near Me for Sale”, please contact us directly to discuss your investment requirements or you can search our Commercial Opportunities. Using our website, you can find out more about our team, history and vision. We are available to schedule a meeting or call 7 days a week.
Disclaimer: The information Blue Alpine supplies is for educational purposes only, to provide investors with an overview of information regarding investing in UK commercial and residential property. This information is not to be treated as advice; it is to be used as a reference point to further conduct your own research. Assumptions made in the commentary and analysis are not reflective of the position of any entity other than Blue Alpine’s – and, since we are critically-thinking human beings, these views are always subject to change, revision, and rethinking at any time. Please do not hold us to them in perpetuity. The authors and Blue Alpine are not to be held responsible for misuse, reuse, recycled and cited and/or uncited copies of content within this article by others.