1. Unflattering photos
Probably the most obvious tip of spotting a sloppy seller, is taking a look to see if the property available is also sloppy. This includes photos of a space that’s unkempt (grounds are trashed, rooms unfinished, garbage shown in photos). Keep in mind, we’re in the golden age of social sharing, with millions of people browsing sites like Houzz.com, Instagram and Pinterest. While we all know the 8 megapixels on our iPhone 6 phones are no slouch, you don’t want your representative (or an agent who represents a property you’re interested in) to take photos of the space using just their cell phone. So if you spot a property that shows grainy and dark photos, chances are you’re going to skim right past the listing. Making a property look nice is real estate 101. You want to entice people to buy it, and all of this above indicates the seller might not be so savvy.
2. Unsettled energy
We’re in an exciting time – the real estate market is moving at a fast pace and the energy is buzzing. However, if you ever get the feeling that someone is just “checked out” of the process, it’s a good indication that the seller is in a hurry to get a property off their hands. They might be willing to accept an offer that’s a lower price than expected. Or, they might even skimp out on having a space properly inspected – leaving you the buyer – stuck with potentially thousands of dollars of repairs.
3. Unskilled reputation or lack of reputation
Excited at the idea of adding a win in their column, an inexperienced agent may encourage a seller to accept any offer rather than risk losing the deal. Additionally, agents who are unfamiliar with real estate in the area may make moves that unknowingly hurt their clients. Reputation is key in this business, so don’t be afraid to ask around and confirm a seller’s reputation.
Whether you’re an agent or someone who’s making a purchase, do your best to avoid taking on the 3 bad habits above. Instead, here’s a handy guide of the 7 habits of today’s successful commercial real estate agents. With any professional investment, plan ahead, do your research, keep abreast of the latest trends, and you’ll be able to play the commercial real estate investment game like a pro. If you’re looking to buy or sell space, first and foremost, always seek the help of a trusted advisor or broker in your area.
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