Question#1 – How many years in total has the broker done commercial real estate?
The best commercial real estate brokers in your area have experience. And, they have seen any all kinds of transactions. They are aware of commercial real estate in all its forms. This number should at least be over five years, ideally over ten.
Question#2 – In terms of overall experience, what is the ratio of small/ large businesses served?
Yes, everyone’s idea of small business can be different but brokers that know their stuff have it figured out. The good ones have worked with both small and larger commercial real estate clients. But, they generally favor one or the other.It goes without saying that if you’re a small business looking for space, this ratio needs to be high. We’re looking at something close to 70% and above.
Question#3 – How diverse is the list of past clients?
The best commercial real estate brokers are those that don’t necessarily come from the biggest companies, but the ones that have represented the greatest variety of different businesses. For example, you want someone on your team who’s worked with restaurants. And, you want somebody who’s worked with perhaps a grocery chain. In other words, you are looking for a list of many different types of businesses. Generally, the best commercial real estate brokers has worked with a whole variety of different businesses. That tends to guarantee that they’ve seen and understand the unique aspects of your business.
Question#4 – How big is the company you work for?
Don’t be fooled by the allure of big commercial real estate companies. You may very well end up with a junior broker that does not pass questions 1,2 or 3. The best commercial real estate brokers might well be in smaller shops. They have the experience and are willing to work and go the extra mile in order to make sure that you get what you’re paying for.
Question#5 – No – it isn’t price! Instead, are they able to provide references from both landlords and tenants?
When everybody is satisfied and when everybody’s happy, the commercial real estate transaction is fair for all parties. That’s enduring. The best commercial real estate brokers are well aware of the importance of both tenants and landlords . You need to hear from a good group of people that aren’t afraid to call it how it is.
For someone who knows their worth, the price will reflect that.
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