Finding a commercial real estate broker isn’t hard. Finding the right one for you, though, may take a little bit of work before making your decisions. Hiring the right broker is essential to feeling comfortable with your decision and your sale, and the process that going into it.
Companies like The Genau Group offer commercial real estate expertise that can make the difference when it comes to confidence and ease of transaction. Having someone you trust is the most important attribute when you hire your broker.
Find Someone Well-Connected
Anyone with a real estate license can sell commercial real estate. While you may think this can be great because you can use your friend down the street, this is not advisable. You want to select someone who specializes in commercial real estate, as these sales can be much more complicated and full of legalities that a regular residential sale doesn’t have.
Additionally, you want someone who is well-connected in the industry. It is no secret that networking goes a long way in business and real estate is certainly no exception. Choosing a broker with an extensive professional network means as a buyer you will get to see properties before they ever make it on an MLS, and as a seller you may never have to list the property on an MLS before it is sold.
This is such a key attribute that your broker needs to have – availability. While they are not going to be at your fingertips 24/7, having a broker who works in the business full time and has the time to take you on as a client is important.
Why choose a full-time agent instead of someone who only works part-time? Real estate in any capacity can change quickly. If you see a property that you like and want to move forward, you need a broker who is ready and willing to go at it, at any time. In the same capacity, when you have questions, you want answers. If your agent only works a few days a week, they may not be answering your questions as quickly as you need them to be. Not only can this be frustrated, but it could also potentially cause you to lose a sale.
Finally, a part-time agent may not be as patient and willing to wait for the right deal as a full-time broker. Agents get paid once the sale closes, so getting under contract quickly and finalizing the sale is essential for their income. An experienced agent knows when to wait it out and wait for the right deal to present itself, while others may rush you into taking something that is less favorable in order for them to get paid quickly.
Experience in Your Area
Experience with commercial real estate in your area is also something that you should look for in your commercial real estate broker. While they may have never sold property in the particular neighborhood or block you are looking, they should be familiar with similar properties that are nearby.
Let’s face it, if you can’t market the property, you can’t sell the property. A good commercial real estate broker has a plan in place on exactly how to market your property for sale so you are attracting the right buyer. Putting your listing in front of thousands of people isn’t effective if they aren’t the right buyers.
Find out what the broker’s plan is for marketing the property before listing it with them. This ensures you aren’t stuck with them until your contract ends if you don’t feel the marketing plan is going to work.
This really goes hand-in-hand with being well connected. If your broker already has a large professional network they are sharing your property with, you are more-than-likely already getting it in front of the right people. How they are showcasing it to these potential buyers will determine if buyers move forward and a sale is made or if it continues to sit on the market.
Look at other properties the broker has for sale and how they are marketing them as well. Anyone can talk a great game, but their work speaks for itself. If you like the way they are highlighting the other properties, chances are you are going to like the way they will market yours.
Choosing the right commercial real estate broker takes some time and research from you in the beginning, but it will all be worth it in the end. Not only will you buy or sell your property, but you will most likely have a good experience during the process. The best commercial real estate brokers ensure that you have the least amount of stress and the quickest turn-around time for getting exactly what you want.