Advice needed - commercial real estate agent

Hi all

I need some advice. I have a substantial property im looking to go to market soon. Problem is, it is a regional town (booming though) and I want to use a commercial agent, which is based in Sydney.

The local agent is excellent, but it's not in their field of expertise. 100 land subdivision site.

So we are looking at 2.2% (even though we are well in the millions price point). Is there something where I can use the Sydney agent for their outreach and the local to be able to have boots on the ground to show people over? I'm even happy to offer a premium. Say 1.5% commission each?

What are people's thoughts on this. $8m property, I would have thought the 2.2% commission would be a bit high anyway?

Thanks for your time and advice in advance.

 

Colliers, Burgess Rawson, JLL etc will all arrange conjunction sales with a local agent (where necessary) but have the reach with local investors or developers.

 

What about the commission rates?

 

What about marketing costs, experience, strategy, team or reach?

You need to look at their entire offering.

 

You can definitely use two agents, one local and one major group. This would be a conjunctional agency and I would suggest 2.5-3% would be a proper fee for that dollar value. Below that and it gets too skinny for two agents to work on it. I would suggest going to the larger agents and asking to to provide a proposal on the basis that you would like local agent involvement and see what they come back to you with.

Or you can ask the either agent to nominate what buyer they wish to send the property too.

 

Thanks - I appreciate your thoughts. It's not that I need a local agent, it just seems it would make sense to have someone local to be able to show people over the land. CBRE have already got back to me saying they are happy to, but don't usually. They say potential buyers that are serious can walk themselves over the land. I just figure the local agent might show them around town/new infrastructure etc

 

That'll be part of the buyer's due diligence if it factors into their buying decision at all.

 

Sounds lazy by CBRE - just letting people walk over the property them selves.....

 

At $8m it's probably not even the prospective owners walking around. It will be a town planner, surveyor, geotech and/or a buyers agent