Finding the ideal broker to meet your needs can be a challenge; when you’re seeking commercial real estate services, you want to work with the best. Here are 5 questions to ask when you are choosing the right broker:
1. How many properties do you sell annually?
It’s important to know what kind of volume your broker is moving successfully. A broker who sells a large number of properties is a great sign.
2. Do you have established relationships with owners and tenants in the community?
A great commercial broker will have solid relationships with property owners and tenants in your city. These community connections are the number one way that a broker can find you the ideal property, and the best price on that property. Beware of a commercial broker that lacks deep roots in the community.
3. How will you mitigate my risks?
A good broker will be able to articulate to you how they are best managing risk with your investment. They should be able to help you choose a property with an amount of risk that you are comfortable with, while always considering the worst-case scenario. They will be able to consider and communicate every eventuality with their clients.
4. How long have you been in the business?
Ideally, you want to work with a broken who has been selling commercial real estate in your community for at least five years. A broker with less than five years of local experience will be leaning on you, which is probably not what you’re looking for when making a large investment. Plus, the number of years they have been working in your community will directly reflect their level of local connections and relationships.
5. Why should I hire you for my commercial real estate services?
A seasoned broker should know how to sell themselves and their services with confidence. What sets them apart from other brokers? Should you work with them as opposed to someone else? Perhaps they have the most years invested in the community, and the best networking connections. Maybe their sales are off the charts and they have countless satisfied clients. Whatever their unique assets, they should be able to articulate them effectively, allowing you to hire them with confidence.
