Hiring a commercial real estate broker is one of the most important steps to ensure a successful real estate transaction. These experts will assist you throughout the entire process, including searching for properties, explaining difficult lease terms and negotiating on your behalf.
You should choose a commercial real estate broker who you can trust to put you and your business first. To help guide your decision, here are five things to look for in a CRE broker.
When evaluating brokers, ask about their level of experience. Your transaction may require a broker with many years of experience. These individuals have proven themselves in their ability to negotiate and close deals. However, don’t rule out brokers who are new to the industry, as they may offer a fresh perspective to your property search. Newer brokers may also be juggling less deals at a time, which means they can give you more of their attention.
You should also look at a broker’s area of specialization. If you’re looking to relocate your dental practice, you won’t want to hire someone who specializes in industrial properties. You’ll feel more comfortable working with someone who has demonstrated aptitude for your specific type of property.
You deserve a broker who can represent your interests during the negotiation process. Look for someone who has successfully negotiated other deals similar to yours. You should also gauge a prospective broker’s market knowledge, as information on current and forecasted trends will guide the negotiation. The negotiation skills of your broker can affect how much you pay in the end, so don’t overlook this quality.
Choose a listing broker who implements a variety of marketing strategies and can demonstrate results. Marketing is especially important when listing your property with a broker. Don’t hesitate to ask about a broker’s use of signs, flyers, photography, social media and other digital marketing methods. You should also seek out brokers who utilize multiple listing platforms to ensure as many people as possible see your property.
You can learn a lot about a broker’s integrity, professionalism and work ethic from online reviews or word-of-mouth referrals from a broker’s previous clients. Be sure to do your research to ensure that a broker will make a valuable asset to your team.
You’ll also benefit from a broker’s network of real estate lawyers, property managers, lenders, appraisers and contractors. Quality brokers will have good relationships with these individuals, which can make your real estate transaction run more smoothly.
To build a good relationship with your broker, you will need to establish clear lines of communication. When you have questions, can you call or text your broker? Will they respond to your emails within 24 hours? Effective communication also applies to how the brokers explain contract terms and their fee structure. You’ll want someone who can clearly walk you through every step of the deal, so there are no surprises.
By choosing a broker with these five characteristics, you’ll feel confident that your real estate transaction is in good hands. Menlo Group prides itself on hiring brokers who emulate the core values of success-minded, committed, high integrity, speed, positive energy and professionalism. Click here to meet the Menlo Group team of trusted advisors.