The Melbourne property market remains as hot as ever, and commercial real estate is no exception.
Even with recent Chinese restrictions on overseas property investment and Frank Lowy’s surprise $32 billion divestment of his Westfield assets sending some ripples of shock through segments of the industry, the appetite for commercial property continues unabated. This is particularly true in the commercial offices market. Vacancy rates in major cities have rarely, if ever, been lower and the resultant upward pressure on rents is luring local and overseas investors alike. Meanwhile, the Australian economy quietly chugs away in its 27th consecutive year of positive GDP growth, while the Dollar remains at levels that make foreign investment a relatively attractive proposition.
If ever there was a time to enter or expand your presence in the local market, it is now. To ensure that you get the optimal outcome for your investment, it’s essential to partner with a reliable commercial real estate agent that understands the market and can provide you with the right support and advice. With so many companies out there, how can you determine which is the right agency for you? Let’s look at a few of the most important criteria you should assess when choosing the right commercial real estate agent:
1. Experience
When you’re weighing your options, it’s crucial to ensure that the agent you work with has extensive experience specifically in the commercial space. Successful investment in commercial property requires expertise and instincts that one can only glean from years of active operation in the field. With the stakes so high, you clearly cannot trust your investment to anyone but the most experienced operators
2. Professionalism & Business Focus
The commercial and residential property markets are two very different animals. There is an emotional attachment that people have to their homes that is mostly, if not entirely absent in the commercial space. Whereas a residential agent might be expected to be a bit more understanding of the full range of personal and family circumstances, a commercial agent needs to be primarily focused on one thing: business. This is not to say that we’re not a friendly bunch. On the contrary, being personable and building strong relationships is a crucial part of our work. However, all that is in the context of a laser focus on facilitating the best investment and maximising returns for the client.
3. Strong Connections
As with any highly-specialised industry, commercial real estate is quite an exclusive club. Agents with the most robust and extensive networks are best placed to help their clients identify and negotiate for the properties that best suit their requirements. From active and potential vendors to property lawyers, lenders, architects, contractors and other essential services, the better connected, the higher chance that these networks can be leveraged to produce the best outcome for you.
4. Responsive
When you’re looking to purchase a commercial property, you need to know that your agent is there for you at all times, and will be available promptly with accurate advice and information. There is so much riding on your investment, and the competition is fierce. Even slight delays in responding or acting on decisions can make the difference between securing a property or losing out to another investor. If you’re waiting around to hear back from an agent, you’re more than likely not with the right partner.
5. Long-Term Commitment
It’s no secret that the real estate industry operates on a commission basis. This means you need to be wary of operators who will do anything just to close the deal, take their commission and walk away, rather than focusing on achieving the optimal outcome for the vendor and buyer. Choosing an agent that is also a highly regarded commercial property manager means that they have a vested interest in a long-term, healthy relationship that goes way beyond the date on the commission cheque. They will, therefore, be more likely to act with your best interests in mind.
MCO emphatically checks each of these boxes. If you’re looking to purchase an office space to occupy, lease or hold as an investment, MCO is the perfect choice to help you reach success. Our decades of commercial experience, unparalleled networks and consummate business focus all place us in the ideal position to assist you to achieve your property goals. Most importantly, we understand what it means to be a commercial property investor because we are investors ourselves. It is this deep appreciation of the investor mindset that sets us apart from our competitors and makes us the logical choice of partners. Contact us today to discuss how we can harness all these benefits to deliver you the optimal result.