Choosing the right commercial real estate broker is one of the most essential decisions you need to make when buying or renting a new business space. Are you excited to invest in a new commercial property? Leverage on the valuable services of a reputable commercial real estate professional. As a new investor, the entire process of acquiring a new property can be risky, confusing and time-consuming. By working with a broker from the very beginning, you can avoid terrible mistakes, and make things more manageable.
1. See to it that your commercial real estate broker has your best interests at heart.
What type of commercial space are you looking for? Are you considering the right location? What exactly do you need? Write down all of your requirements, and show the list to your potential commercial real estate broker. Hear what she has to say about it. Be transparent and honest about your requirements, and check if this potential broker has your best interests at heart. Is she leading you to the right options, or just working towards benefiting herself?
2. Make sure that she has local market knowledge.
Hire a commercial real estate broker who is highly knowledgeable with the current state of your local market. She must be able to guide you towards making the right decisions based on the current market conditions.
3. Ask for a referral.
If some of your friends are local entrepreneurs, ask for referrals from them. Will they recommend the broker they worked with? You can also check out reliable online sources to learn more about commercial real estate professionals in your area.
4. Go for someone who knows how to mitigate risks.
Look for a professional who is honest and straightforward about the risks of selling and buying commercial real estate. It’s best to go for someone who mitigates risks proactively, and pays close attention to data. Once you start interviewing potential brokers, see how each one elaborates on market performance, investment analysis, and buying and selling.
5. Don’t choose a broker based solely on experience.
It’s important to choose the right individual, not just credentials and experience. Since you will be spending plenty of time with your commercial real estate broker, it’s crucial to go for one that has a good track record, and at the same time you feel comfortable talking with.
6. Prepare to interview lots of potential commercial real estate brokers.
Make a list, and take the time to interview each name on that list. But, before starting the interview process, write down the questions you want to ask them. Don’t forget to inquire about their industry experience, and their previous clients.
7. Talk to a potential broker’s previous clients.
Sure, he or she can talk about that during the interview, but getting information straight from former clients is still the best way to gauge the overall quality service of every agent. Another thing you can do is read reviews from third-party websites like Facebook.
8. See to it that your broker has a solid plan.
Commercial real estate agents must be able to communicate what makes them different compared to other professionals in the area. What makes their services reliable and unique? How do they deal with competitors? Never sign a deal with a broker who has no solid plan and strategy. Since you are a newbie, working with a competent broker should be a top priority.
9. Look for someone you can trust.
We all want a broker who can help us find the best deals, and someone who keeps a keen eye on the entire market. Though, at the end of the day, trust is more important. What is the purpose of having an experienced, reputable broker if you can’t trust his judgment? Work closely with a person you can trust and connect with.
10. Make sure the broker provides adequate support.
Is this potential commercial real estate broker supported by an efficient team? Support is crucial, since most professionals and agents work with multiple clients. The logistics of selling and buying commercial properties are also complex. It’s so easy to fall short and miss out on important details. With adequate support, they can definitely provide quality service to every client.