Unlike working with a real estate agent, a real estate consultant is completely optional. So, it should come as no surprise that when evaluating investment opportunities, many commercial real estate investors wonder, “Do I need a real estate consulting company?” And the answer is ABSOLUTELY! The problem is that not everyone understands the role or value of a real estate consultant.
“While most people are familiar with the concept of a real estate agent or Realtor, a real estate consultant can be a different story,” says Tara Mastroeni, Millionacres.
So, let’s look at what a consultant is, what they do, and why they are beneficial.
What Is a Real Estate Consultant and What Do They Do?
“This type of real estate professional can be considered to be a hybrid between a financial planner and a real estate investor,” says Mastroeni. “Put simply, real estate consultants are professionals who specialize in helping buyers and sellers make informed decisions about their real estate transactions.”
A real estate consultant is there to advise clients, provide research and analysis, and explore the viability of potential investment properties to help their clients make sound financial decisions. “Think of real estate consultants as ‘behind the scenes’ experts, explains Kathryn Flynn, Investopedia. “They perform extensive research in order to help guide clients’ decision-making during every step of a project.” While it is impossible to foresee every possible issue, an experienced commercial real estate consulting company can help uncover many potential pitfalls.
“Ultimately, their job is to be an unbiased expert opinion on whether a real estate investment or transaction is a solid financial decision,” says Dillon Okner, Kisi. “The primary responsibilities of a real estate consultant are to help their clients through the buying or selling process in order to help them meet their individual goals.”
What Are the Benefits of Working With a Real Estate Consulting Company?
Real estate consulting companies provide specialized advice and recommendations to clients interested in buying, selling, leasing, or investing in property. They work closely with their clients throughout the process to analyze every detail of the transaction. Take location as an example.
As the old saying goes, “location, location, location.” When it comes to owning and operating your own business, selecting the right location is one of the first critical decisions you will have to make. However, selecting the right property goes beyond the physical location of the building. Your location within the building or retail center is just as important. Is there ample parking for your business needs? Who is beside you, above you, or below you? Are your neighbors noisy? Will their business negatively affect yours? Is the area being redeveloped? How will construction affect the space?
An experienced commercial real estate consultant can help an investor truly understand the intricacies of making a sound financial investment.
- Specialized Industry Knowledge: Smart commercial real estate investing requires experience and specialized industry knowledge. Two things an experienced real estate consultant has. Working with such a consultant is the only way to truly minimize the risk of investment. Having someone on your side who has “seen it all” can provide peace of mind.
- In-Depth Analysis: “Modern real estate consultants must have strong analytical abilities, so they can effectively evaluate properties and investments for their clients,” says Okner.
- Investment Strategy: “For someone trying to become a real estate mogul,” says Mastroeni, “bringing a consultant on board can be a great way for them to develop a comprehensive real estate investment strategy and set goals for growing a flourishing real estate business.”
- Return on Investment (ROI): “Their job is to ensure overall investment success for the client,” says Flynn. “No matter what business they are in, clients ultimately hire a real estate consultant to ensure that they will achieve their desired return on investment.”
- Reduced Paperwork: Commercial real estate investing requires A LOT of paperwork. Do you have time for that? We didn’t think so. Consultants can help shield you from the bureaucracy associated with complex real estate transactions.
- Additional Services: “The benefits of using a consultant are in their additional services they might offer,” explains Okner, “including market analysis/modeling, lease management, and asset management.”
Real Estate Consulting in Maryland
United Development Realty is one of the many real estate consulting companies in Maryland. So, why should you choose UDR over another firm? Personalization and compassion. We start with you: your vision, your objectives, your goals. Only after we have a complete understanding of you and your business can we assist you through a tailored package of services and tap into our extensive network of property owners and developers to match your requirements with the perfect space.
Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with a licensed broker today. Our client-first approach to commercial real estate consulting ensures that your unique needs are met.
- Flynn, Kathryn. “What Is a Real Estate Consultant?” Investopedia, Investopedia, 11 May 2021, https://www.investopedia.com/what-is-a-real-estate-consultant-5114391.
- Mastroeni, Tara. “What Is a Real Estate Consultant? A Guide to the Career Path.” Millionacres, Millionacres, 4 Feb. 2021, https://www.millionacres.com/real-estate-basics/investing-basics/what-is-a-real-estate-consultant-a-guide-to-the-career-path/.
- Okner, Dillon. “The Benefits of Having a Real Estate Consultant.” Kisi, 31 Oct. 2019, https://www.getkisi.com/blog/the-benefits-of-having-a-real-estate-consultant.