Hire the Right Agent for the Job
We’re frequently asked if we sell homes and our response is always no. We are not suited to sell a home because we have no expertise in the field. We are commercial real estate brokers.
If you are not familiar with the term, “resimercial,” it is used to describe residential agents that try their hand at commercial real estate. Of course, residential agents can be successful at commercial transactions. In fact, there are some known to do an admirable job. However, those agents tend to be 1 in 100.
The reason there tends to be such a large failure rate is because the difference between residential & commercial is the same as apples & oranges. The terminology, the process, the market, the marketing, and, most of the time, the pricing can be entirely foreign to your average residential agent. Just as residential real estate is entirely foreign to us. Some would even say that most agents violate the Code of Ethics by taking on listings they are not qualified to take on, resimercial or not. There will always be resimercial agents that don’t see this as a big deal. They think some articles like this are just being over-protective of the industry. However, when you’re practicing commercial real estate, you could have someone’s livelihood in your hands.
For example, last year Latitude was referred a commercial deal by a residential agent that had the listing for one year. Very soon after we took it over, we were told by the owner that they were giving the property back to the bank. The listing was overpriced for too long, and there wasn’t enough time for us to help the owner.
So if you’re looking to sell your home, call a residential agent. But if you’re looking to sell a commercial property, call Latitude Commercial today at (219) 864-0200.