A commercial real estate broker is a licensed professional with whose assistance clients can buy, sell or rent out properties that will be utilized for business purposes. They represent and act as intermediaries between buyers and sellers. Choosing a broker to assist you with your commercial property needs and to negotiate on your behalf can be a daunting task. You will want to choose a broker whose professional experience and communication skills will be to your advantage. So, this brings us to the big question, as to how to choose a commercial broker?
Questions to ask yourself before looking for a broker
- What is my budget for the broker?
- What exactly are my requirements?
- Who can I ask for a referral?
- How qualified should my broker be?
- Where do I look for a business broker?
Questions to ask people who recommend a broker
- How reputable is the broker?
- How honest is the broker?
- What is the broker’s experience?
- What are the broker’s strong points?
- What are the broker’s weak points?
Questions to ask the chosen broker
- How will you handle assignment outside the local area?
- What is your experience regarding similar assignments?
- How many tenants like me have you worked with?
- What is the best option, buying or leasing?
- What other options do I have besides the one presented?
- What else should I know before signing a contract?
- How will you assist me to compare the various options?
While choosing a commercial broker, you must know that you are choosing someone who is more than a middleman. You need a professional who understands the depth of the market and knows it inside out to help you with your commercial needs. Additionally, you need a commercial real estate broker who is an astute project manager with a strong network of other professionals. Here are the key traits you need to look out for in a commercial broker:
Your broker should have a passion for the work he does in order to do it with complete integrity. Choose a broker who carries out his responsibilities with all his heart.
Along with passion, it is also important choose a broker who is highly qualified for his job along with formal certification.
This totally depends on the area where you are looking for a broker, but almost everywhere a broker will be required to comply with the necessary licensing legalities to work as a commercial real estate broker, so make sure that you work with a professional.
A commercial broker will be negotiating on your behalf so choose the one who is an expert in communication, negotiation, networking and other interpersonal skills.
You don’t have to go over your budget to find a good business broker. Try to choose someone who is not just after the money, but is willing to get the job done first.
At the end of the day, you will want to work with somebody who is honest and tells you the story as it is without any false expectations.