(That is, the "real" interest rate does not change much and it is the nominal rate that changes.)Here is a set of hypothetical numbers to demonstrate my point.Let's say the NOI is $100K today and the interest rate (cost of capital) is 10%.

I've seen buildings with a demonstrable <2% vacancy over five years.

On some refis I have had to demonstrate where the funds came from that I used to close on the purchased property - they wanted to see that it was my money. 

The lender will be interested in your experience managing properties - or that of your hired management - and will examine your own financial strength to demonstrate you have some acumen and are not a fiscal basket case.  

This demonstrates market knowledge.

Has this commercial agent demonstrated a track record and experience with the asset type you want to go after??

I do not charge anything upfront but then again I only work with clients that demonstrate they are serious and can perform.

However, there is a base salary involved so I will be their employee; this demonstrates that although they are somewhat "hands off" it is in their best interest as well as mine to ensure that I am doing my job well (and gives me a little cushion while I am catching up to speed and building contacts/strategies).I asked them what has worked and mainly they have leveraged relationships with local agents for listings prior to MRIS, used their wholesale contacts, and have taken part in a few auctions.

Did you call the major local brokerages and ask for their best folks while demonstrating you're capable of buying in large quantities?

If needed, I feel that we can show a material breech of the contract, though I think that I have annoyed them as well, so I hope that we could find a mutual agreement without demonstrating a formal "breech."