How Do I Select the Right Commercial Real Estate Broker?
With such a large number of seemingly qualified commercial real estate brokers on the market, making sure you choose the right one can come across as a daunting task. Knowing what to look for and what questions to ask is a necessary first step in ensuring that you secure the best agent for the job. Following some basic outlines will help to make the process far easier.
Nothing goes farther than experience when it comes to selecting the right commercial real estate broker to represent you. With each transaction completed, your agent is gaining valuable tools and insights into the deeper workings of the commercial real estate market in your particular area. Ask questions like how long they have been employed in the local market, how long they’ve been on the commercial real estate scene overall, and how many transactions they have personally closed throughout the course of their career. Make sure, as well, that they are employed full-time as a commercial real estate agent (as opposed to single-family) and will be able to devote the time and attention your transaction will require. Queries here will help you gain clarity on whether or not your commercial real estate broker has enough experience to help you feel confident in their ability to represent you.
Much like most other industries, commercial real estate brokers rely heavily on the referrals of their past clients to keep their businesses thriving. Ask around to get a better gauge of who you are dealing with. If the overall opinion seems to be that your prospective commercial broker is fair, honest, creative, and diligent in their efforts to secure you, the client, the best deal, chances are good that these reviews can be trusted. You can cross-check these claims by gauging your own interactions with your agent. Do they promptly answer or return your phone calls? Do they seem to understand your needs and have the ability to communicate effectively with you?Does your commercial broker promptly answer or return your phone calls? Click To Tweet
Even if you find a commercial real estate broker that meets all of the above qualifications, it may not do you much good if they aren’t well versed in your specific property type and location. For example, an agent who specializes in handling multi-family units in Ft. Lauderdale may not be the best representative for your medical office space in Tampa. It doesn’t necessarily mean they couldn’t do it, only that you may be better served by an agent that specifically handles your niche and will likely better understand what you will stand to lose or gain from a particular property.
Handling a commercial real estate transaction from start to finish has many different components. A well-qualified commercial real estate broker will have an established network of reputable referrals that make up their team. When seeking an agent, ask them who they work with when it comes to inspectors, property managers, lenders, attorneys, et cetera. Research these individually to ensure they have the same morals and positive track records that you have determined your broker to have. A broker with a trustworthy team of valuable industry professionals in place will help to make your real estate transaction smarter, easier, and more efficient in every way.
Understands Your Needs
While this may sound like it goes hand in hand with needing a commercial real estate broker with an expertise in your niche market, it is an entirely different thing altogether. Although your broker may be knowledgeable in your sector, it doesn’t necessarily mean they understand exactly what it is you are looking for. Make sure that you aren’t the only one asking the questions. A potential broker should be asking you, the client, just as many questions to make sure that they are crystal clear on your objectives throughout the course of your working relationship.
If you are looking to work with your commercial real estate broker to list a property, you will want to make sure that they will be employing an innovative marketing plan to ensure that it gets the best exposure. Have your potential broker walk you through their process step by step. See which major commercial real estate marketing platforms they will be utilizing to post your listing, as well as any other marketing outreach they may have that you should know about.Have your potential broker walk you through their process step by step. Click To Tweet
Looking for a Commercial Real Estate Broker in the Tampa Area?
If you are searching for a skilled and knowledgeable commercial real estate broker in Tampa or the surrounding areas, look no further. John Milsaps has spent the past decade perfecting the art of negotiating the best deals for all of his clients. His work as a senior advisor at SVN Florida Advisors has given him the experience and confidence necessary to help you find the perfect commercial real estate property to suit all of your needs. Contact him today!