Sellers often wonder if their commercial listing broker is actually doing anything to sell their property. Usually, this question begins to gnaw at them once the initial flurry of listing activity is over, and some time has passed where they have yet to see any sign of progress. If you find yourself in this situation, it doesn’t necessarily mean your broker is a dud; it could just be that he isn’t communicating as often as you’d prefer. It’s possible your broker could be working like a champ, marketing to his investor and broker lists regularly, following up on leads, and even showing your property. But if you don’t hear about any of this activity, you’re right to wonder if he’s doing his job.
Every seller wants a different level of communication. Some only want to hear from their broker when there’s activity. Others want to get an update regularly, whether there is activity or not. So, there is no harm in letting your broker know you’d like to hear from him more frequently.
That being said, commercial real estate brokers do not have a good reputation, on the whole, for returning phone calls or emails to a prospective buyer. Don’t ask me why. It takes so much work to generate interest in a property; why anyone would fail to follow up boggles the mind. But unfortunately, it happens with some regularity.
If you suspect that is happening to you, you can have a friend make inquiries from time to time, posing as an interested buyer, to see how well your listing agent is following up—kind of like how retail establishments hire secret-shoppers to rate their employees’ customer service.
Being proactive will save you time and secure a buyer faster, so it is important to be sure your broker is doing everything he could, and if he doesn’t, then know that sooner is better than later.
There is more to this subject. In part 2 of this article, we’ll talk about other ways you can determine if your listing broker is doing his job. In the meantime, if you want to learn more, check out our reviews, and then ask us to help you today.