Commercial Property Brokers vs. Residential Brokers: Which Do I Need?

After taking the time to research the market, reviewing your finances, and examining what type of property you want to invest in; you have narrowed down your choices. Your investment list includes a few duplexes, an apartment building, and a commercial property. Now that due diligence is done, it’s time to choose the right property broker. Should you choose a commercial property broker or residential property broker?

You will learn a lot and get a feel of who to work with by meeting with a few local brokers, thus here are some considerations from realty experts at Ullian Realty when choosing the right broker.

What Does a Commercial Property Broker Do?

A commercial property broker knows the laws and ins and outs of purchasing a commercial property. Types of commercial properties included in their sphere are office buildings, stores, hospitals, malls, and apartment buildings. If you are interested in purchasing one of these types of properties, it’s ideal to contact a commercial property broker. They help you determine the potential return on investment and have experience working with multi-investor situations.

What Does a Residential Property Broker Do?

A residential property broker also knows the laws and regulations for real estate but focus on residential real estate. They have knowledge of commercial properties, but they are not experts in commercial real estate. If you choose to buy a house, cabin, or duplex for rental income, then a residential property broker is an ideal fit. They know a lot about the surrounding area, including resources for potential buyers.

How to Choose the Right Property Broker?

Similar to choosing the right investment property to purchase, take time to research area brokers, and interview a few before settling deciding. You may work with this person for months or even years, so choose a broker with whom you can develop a trusting business relationship.

At Ullian Realty, we’ve developed an eight-step process designed to produce a strategic relationship that balances client strengths, requirements, and goals, with our specialized expertise and knowledge in the marketplace. Our goal is to support clients through successful transactions and develop long-term relationships. Give us a call to learn more.

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Top Benefits of Using a Local Real Estate Broker

Deciding to purchase an investment property is exciting! As you consider how it will impact your future, the next step is to choose a local real estate broker who specializes in commercial/industrial properties specifically in the marketplace you want to invest.

What Does a Local Real Estate Broker Do?

A real estate broker is knowledgeable about the real estate market, but more so with negotiating real estate transactions. Brokers understand the local laws around environmental regulations and other specific laws in the community.

A local real estate broker often handles responsibilities for sellers. This includes listing properties, preparing the property for marketing/tours, and coordinating the process and transaction details when a buyer is ready to purchase. For a buyer, a broker will help find desirable properties that meet their specifications, create a purchase agreement and offer and create all the documents and contracts required in the negotiation and closing process.

Real Estate Brokers with Agents, Team approach

Real Estate agents also have a vast knowledge of properties, especially properties within a specific area. When considering purchasing an investment property, especially one that is of a specific type use, needs remodeling, or in a competitive area, it’s important to use the real estate brokers knowledge and experience. Investopia.com explains brokers often have agents on their team, so you are hiring all the people needed for your team when you choose the right broker.

How to Choose the Right Real Estate Broker

Here are a few things to consider when hiring a real estate broker after deciding it’s the right time to buy an investment property:

• Experience with the type of property you are considering
• Who is on their team?
• Have friends or others within your business connections used a real estate broker?
• What do reviews online state about previous clients?
• How well do they know the area?
• Will you work with the broker directly?

At Ullian Realty our team has over 50 years of combined real estate experience in the Brevard, FL area. Contact us today to learn how we can help you find the right commercial property for your goals.

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