Is your agent on the flyer of any buildings you are interested in looking at?
5 Things Every Doctor Should Know When Choosing Their Commercial Real Estate Agent
If the agent you’re considering hiring has a listing agreement with any landlord or seller in your desired market or area, their fiduciary responsibility is to maximize that owner’s profit. They cannot represent the landlord and fairly represent your interests as well. Avoid conflicts of interest by selecting an agent that specializes in buyer/tenant representation and who is committed to a ‘no conflicts of interest’ approach.
Always ask any agent you interview these questions to avoid any confusion about if they truly have your best interests in mind:
- How many landlord listings do you have? (if the answer is any… move on and get an agent that doesn’t have conflicts of interest and ONLY represents tenants and buyers)
- What percentage of your deals are you ONLY representing the tenant or buyer?
- What percentage of the clients you exclusively represent are healthcare providers?
- Do you list any healthcare professionals on your experience page where you were also the listing agent for the landlord or seller? (if so… they are misrepresenting their experience. An honest agent wouldn’t claim to have helped or represented a healthcare provider if they also had a contract with the owner)
The answers to each question should be simple: no listings… I only represent tenants and buyers… who are healthcare related… this is my specialty… period.
Don’t trust the representation of your second highest expense to a landlord agent masquerading as a tenant and buyer agent; or with an agent that doesn’t have extensive experience in healthcare. Ask the right questions and you can ensure you don’t suffer at their hands and end up with dramatically inferior terms.