Commercial Explained
This section is entitled “Working with a real estate agent”:
“Agents in Ontario must be registered, which requires completing the necessary education, and carrying consumer deposit insurance and professional liability insurance.
Real estate agents provide valuable information, advice, and guidance to buyers and sellers as they navigate the complexities of commercial real estate transactions. A real estate brokerage or agent can:
• Help you understand neighborhood trends, zoning laws, and nearby businesses that could impact your future success.
• Identify properties that meet your specific needs, including properties that might not be publicly marketed.
• Guide you through the property valuation process, including the financial analysis, to determine an accurate market price for a specific property.
• Provide insights into current market conditions, including rental rates and vacancy rates, which could directly influence pricing negotiations.
• Review the financials provided by sellers, create underwriting for investment properties, and advise clients on what types of properties represent sound investments.
• Negotiate purchase, sale, lease, and other contracts.
• Effectively market commercial properties to attract tenants.
When selecting a real estate agent to help you with a commercial or industrial transaction, the agent’s experience, expertise, and market knowledge are key factors to consider, as well as references from previous clients. The right agent will be familiar with the nuances of the type of property you are interested in buying, selling, or leasing (for example, office space, industrial facilities, or retail outlets) and will be able to effectively advise you on potential opportunities based on your specific needs.”
COMMENT
These are the specific items which RECO identified as the role of a commercial agent.
It’s important to appreciate that there is a wide variation here and many clients are far more sophisticated and knowledgeable about the market than the agents.
Brian Madigan LL.B., Broker