Need A Real Estate Agent or Advisor?
Whether you are buying, selling, renovating or inheriting real estate, there are a variety of decisions that can have a major impact on the return on your investment. In Part 1 of our series, “Do you need a Real Estate Advisor or a Real Estate Agent,” we discussed the responsibilities and fundamental differences between an agent and an advisor. Now, let’s review three of the most important questions you’ll want to ask when selecting a real estate advisor.
- What type of experience do you have with residential and commercial properties? Residential and commercial properties have very distinct differences and a host of factors that can influence their value. Commercial properties are often far more complex and can provide much higher values than a typical residential property. Some residential properties may have the opportunity to be converted into a commercial property and provide more value. You will want a real estate advisor that has extensive experience with both types of real estate. This experience may include land development, rezoning of residential to commercial, converting a commercial property from industrial to corporate, etc.
- How do you evaluate the best use of a property? Your real estate advisor should have a strategic process for determining the highest and best use for any given property. They may bring on additional resources to help them with the actual evaluation process but they should also understand what those opportunities may be. They should be able to explain their process methodology for evaluating your real estate asset and the analytical factors and resources they will Further, they should have examples of projects they’ve previously worked on along with outcomes, particularly as they relate to the client’s goals.
- How do you work with professional service firms? Many clients rely on their financial planners, accountants, and attorneys for advice. But, when it comes to real estate, a good real estate advisory firm will often collaborate with your professional advisors to understand your overall goals and objectives. A real estate advisor creates maximum value when they can work alongside your advisory team to create solutions that enhance your overall financial and long-term strategies.
To maximize your real estate investments, it is critical to partner with a real estate advisor who has the experience to make sound recommendations. Rachuba Real Estate Advisors have over 40 years experience in extremely diverse real estate transactions. They have bought, sold, developed, rented, managed, and renovated virtually every type of real estate and scenario. If you’re seeking an advisor to work with your professional services team, contact Rachuba Real Estate Advisors today!