[fa icon="calendar"] 11.18.2016 / by Hunter Strickland
Choosing the right broker to help find a space for your business isn’t as simple as you might think. You need to make sure their skill level, experience and personality are a good fit for you. This requires you to do some digging.
Here are six things you should be asking your broker to determine whether or not you should work together.
1. How Many Tenants Like Me Have You Worked With?
The right CRE broker is one that has worked with clients that have similar needs to yours in the past. For example, if you are a small business owner, you don’t want to work with a broker who also deals with larger corporate clients as you probably won’t get the attention you deserve.
2. What is Your Area of Expertise?
You should have already decided whether or not your broker can handle your needs at this point. If you still aren’t sure, though, ask some more questions about their specific experience and expertise. If you are a retail owner, you don’t want to work with someone who is experienced primarily with industrial leases.
3. What Are Your Qualifications?
How much experience does you broker have and in what areas? Just because they work for a company that has dealt with clients like you, that doesn’t mean the particular broker you are talking to does. Ask your broker how many years of experience they have and what designations they have earned. Can they provide testimonials from past clients? These are all questions that should be addressed.
4. How Many Employees Does Your Office Have?
As mentioned earlier, you want to make sure you will be a priority to your broker, so find out how many employees work at the firm. A larger firm that deals with high-end clients and fortune 500 companies may not value the business of a smaller client as much. Conversely, smaller firms may not have the resources to give you the attention you deserve or you could get stuck with a less experience broker.
5. Do You Charge a Fee?
In most cases, brokerage services are free to the buyer because they will receive a commission from the seller’s broker. However, some brokers will charge a fee to the buyer, so make sure you have a clear understanding of what, if any, fees will apply to you.
6. What Listing Sites Do You Belong To?
If you are looking to buy or lease commercial real estate, you want to make sure you are getting access to all properties on the market. This is why it is important to work with a broker who belongs to a broad cross section of commercial property networks. Keep in mind that there are lots of sites that offer free information that is limited, but the most serious brokers will spend money to make sure they are getting the best information for their clients.
Ask Your Broker
When selecting a CRE broker who can help you buy or lease a property, you need to take the time assess whether or not it will be a good fit. By making sure they have the right experience, knowledge and commitment to your business will go a long way in ensuring a successful long-term partnership.