What you need to know before hiring a Commercial Real Estate Broker

Hiring a qualified commercial real estate broker is not difficult, as long as you do the proper homework to ensure that you make the right choice in brokers. You see, not all Commercial Real Estate brokers are alike. You want to work with a commercial real estate broker who understands your needs and objectives and who will work very hard to meet (and surpass) those needs and objectives. 

What Should I look for in a Commercial Real Estate Broker?(View Video)

When you start interviewing for a commercial real estate brokers, here are 6 things to consider:

  1. Knowledge – Does the broker have extensive knowledge of the local commercial marketplace? This is important, especially in today’s ever-changing real estate market. You want to know you can rely on your broker’s knowledge and expertise. A good commercial real estate broker has resources and up to date information on market trends and changes. This will save you a lot of time and money!
  2. Experience and Training– How long has the broker been conducting business in the marketplace? Experience counts! Also, has the broker received any additional training and professional designations? Look for someone who has earned these prestigious designations:
    • SIOR – Society of Industrial & Office Realtors
    • CCIM – Certified Commercial Investment Member
    • CRB – Certified Real Estate Brokerage Manager
    • ALC – Accredited Land Consultant

    This shows that the broker is not only qualified to expertly handle your real estate transaction, but is also committed to staying updated, educated and informed about what is happening in the commercial real estate industry.

  3. The ability to listen to and handle business situations and negotiations – Your broker should be able to represent you during the real estate transaction and ensure you are getting the best possible deal on all counts.
  4. Connections in the local and national marketplace – In real estate, it’s all about who you know. Does your broker have an extensive database of contacts both locally and nationally? Having access to a large network of other professionals, both in and out of the real estate industry, is critical to a successful, timely real estate transaction.
  5. Knowledge of the process – An expert commercial real estate broker will navigate you through the process and the transaction with confidence and ease. They will be your resource for things involving legal requirements, permits & licenses, and purchase and lease agreements. A commercial real estate transaction can be confusing and complex, but it doesn’t have to be in your broker is knowledgeable in all areas of the transaction.
  6. Quality Customer Service – You and your commercial real estate broker form a partnership during your real estate transaction. You want to work someone who will go above and beyond your customer service expectations.

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