Do you want to buy, rent, lease a commercial property in Toronto? If you have answered yes to this question, you will need the assistance of a reputed commercial realtor who has adequate knowledge about the commercial real estate market in Toronto and has good MLS listings.
Before you start your search for commercial space, it is best to think carefully about the location and building that best suit your budget and business requirements. When you are clear about your requirements, it can help you find a property that fits your specific needs and budget. Look at photographer reps of the property before you make the choice.
One of the important things that you need to understand is that commercial property valuation and buying formalities are different from a residential property and if you want to get a good deal, it is best to find a commercial realtor with knowledge and experience of dealing with commercial properties in Toronto.
When choosing to buy or sell commercial property, it is important that you make a good choice of realtor. A wrong choice can get you a raw deal and your investment may also suffer. Avoid rushing through the process, as it may not be beneficial for anyone. Do adequate research so that you are able to make an informed choice.
How to Find a Good Commercial Realtor?
The person that you wish to hire has to be attentive, efficient and easy to work with. Ask the realtor agent to provide a list of clients that they had worked with previously. After you get this information, it is advisable to call the clients and talk with them.
If the previous clients are pleased with the work of the agent, they may give a positive feedback. This can help you find a realtor with a good reputation. As you will be spending a lot of time with the realtor to finalize the property, it is important that you are comfortable dealing with them.
Ask around as word of mouth is an important criterion to learn more about how the agent operates. Ask people in the same business or family and friends that have recently invested in a commercial property. They may provide you names that are reputed and trustworthy. Check online too as this can give you an idea about their standing and reputation in the market.
Specialized Commercial Realtor
Although there are hundreds of realtors offering their services, it is advisable to choose those with experience and expertise in commercial properties. Ensure that the person you are hiring is knowledgeable, so that they can help you with your specific property needs.
Work with an agent who has knowledge of the many commercial property listings in Toronto and not with someone who only has knowledge about individual homes and condos. Agents with experience may be able to easily fulfil your specific needs as they know everything about the commercial property listings in the area.
It is best to hire someone who has been in the commercial real estate space for long so that they can get you the best deal. Experienced and successful agents may have good MLS listings this can help you find a property of your choice easily. Agents with vast experience may have many contacts and this can ensure that you get the best property within your budget.
Ask as many questions as possible to learn if they have specialized knowledge about the commercial buying, renting and leasing market.
• How many commercial properties have you closed in the Toronto neighbourhood?
• Do you have experience working in this neighbourhood alone or other neighbourhoods too?
• Will you handle all aspects of the transaction?
• How many buyers are you currently representing?
• Do your clients contact you again for future business?
• Is your license valid?
• How many years of experience do you have? How long you have been in this business?
• Are you willing to provide references?
• How many commercial property deals have you closed in the last year?
• Do you work part time or full time as a commercial realtor?
• What percentage of the clients are buyers?
• Will you be able to show me the listings of other realtors?
Licensed Commercial Realtor
The realtor you choose to hire has to be licensed. The Toronto state provides licenses to real estate agents so that they can provide service to clients and operate in the market. The license of the agent can be checked from the website of the concerned regulatory body. Avoid hiring an agent without a license, as it can result in the loss of your valuable time and money.
One of the things that you need to gain knowledge about after you have decided to invest in a commercial property is land transfer tax. This can help plan your budget and mortgage.
Who Pays Land Transfer Tax in Toronto?
Anyone who buys property in Toronto pays land transfer tax. The tax applies to commercial property, condo, single family home and other properties. If you live in Toronto, you pay provincial and municipal land transfer tax.
The tax is applicable for new and newly constructed homes and new and resale condos. First time home buyers may also have to pay the tax. The tax is calculated and usually filed by the lawyer at closing time.
Closing costs are a necessary part of the transaction process. It is the cost of doing business in this city. It is not possible to roll the tax into the mortgage. If you are a first time buyer, you may have to pay the tax upfront and then apply for a rebate.
Whether you are buying or selling a commercial property in Toronto, it is advisable to hire a realtor that can take care of all the formalities. When you hire a reputed agent, you ensure that all the paperwork is in order. If you wish to hire a competent person, you need to take a little bit of time and effort to choosing the best realtor. This can enable you to get the best deal and save money.