Close

Demetree Real Estate Blog

5 Things to Look for When Selecting a Broker

[fa icon="calendar"] 06.14.2016 / by Rory Williams

 

Choosing a commercial real estate broker to partner with can be a daunting task. You have probably talked to dozens of brokers who all look and sound the same on paper. So how do you find the right partner who will work well with you and contribute to your business? Here are a few qualities to look for in any potential business partner:

1. People Skills

Brokers who have a friendly and positive attitude are generally easier to work with. Keep in mind that this business is really about sales and brokers will undoubtedly face rejection and unreturned phone calls on a regular business. It is important for a successful broker to keep a positive outlook and understand that only 1 out of every 10 or even every 100 calls will be a success. You don’t want to work with someone who is easily discouraged and hard to motivate.

2. Experience

Experience is just as important as people skills. The best brokers will have been in the business for at least nine years and has strong relationships with their clients. This is especially important in commercial real estate as clients will generally more loyal to the broker than the company. Not only will an experienced broker be more able to retain existing clients, they will also be able to bring in clients they established relationships with at previous firms.

3. Specialization

When trying to get new business, it is important to have specialists on staff. You want to be able to tell potential customers that you are the best in one or more areas. This will help you to stand out in their minds and will give them a reason to hire you over someone who is not the best. They want to know that you have an equal or greater knowledge of the market than they do.

For example, a broker can specialize in one of the following areas:

Having a special niche can be advantageous in certain situations. Clients will be more comfortable working with you if they know you are keeping a pulse on their market.

4. Open Mindedness

While experience is definitely an important quality in a broker, you want to make sure they are open to new ideas and suggestions. Just because someone has years of experience and has been successful in the past doesn’t mean they will be easy to work with. Even brokers who have decades’ worth of experience will still have room for improvement. You don’t want to work with someone who thinks they know everything and is not actively trying to learn new things.

5. Embrace of Technology

As mentioned above, a successful real estate broker needs to be willing to learn and will embrace new technologies. No matter how much experience they have, they need to keep up with new technologies and trends that shape the industry.

For example, speedier communications can lead to an increase in sales, and technology can increase the rate of communication. Remember that time kills deals, so a successful broker will need to embrace new technologies and adapt to different modes of communication.

Selecting a Broker

In order to find the right broker, you’ll need to take some time to assess their abilities and motivations. These are just a few qualities to look for. Depending on your own business goals, you may have some additional qualities you want to look for.

4-reasons-you-need-to-hire-a-commercial-real-estate-broker

 

Topics: Brokerage

Rory Williams

Written by Rory Williams

Rory is the managing partner of Demetree Real Estate Services, a diversified real estate organization focused on investment, development and real estate services. He has experience running the operations of a private real estate portfolio with 5MM square feet and operations in 8 states.