Over the last 15 years I have seen many commercial real estate brokers enter and exit the scene. I’ve heard clients complain about some advisors, and I’ve heard praise about others. So, what exactly is it that makes a good commercial real estate broker? If you are looking for someone to work with, for selling or leasing a property, what should you look for? The following three tips are things to look for when deciding who should represent you.
Tip #1 – Find a Specialized Broker
There are plenty of brokers who go head-over-heel to get any listing possible. Yes, it makes sense that someone who is new to commercial real estate might be eager to get any listing, but make sure that the person who represents you is able to knowledgeably help you with your specific needs. For example, let’s say you want help purchasing a location for a restaurant. One advisor has never sold a restaurant, or has very limited experience selling restaurants. When you ask that broker complicated questions about a potential property satisfying your restaurant needs, he may not be able to help you. Then again, another advisor has helped dozens, or even hundreds, of restaurant clients. They know what you will need and ask for, even before you do. They are more qualified to give you the specialized attention you want and need. Check into their background and verify that they have experience in the type of real estate you are interested in. Make sure you find a commercial real estate broker who is truly a specialist. Why settle for anything less?
Tip #2 – Check on the Broker’s Reputation
Be certain that the person who represents you is respectful, attentive, punctual, efficient and easy to work with. If you are going to work with a commercial real estate broker, then you should make sure this person is easy to get along with and is on top of his or her stuff. This is a rather easy tip to follow through on. When you first talk to your potential representative, take a moment to ask about their past clients. Whom have they previously worked with? Once you’ve got this information, go ahead and call up their past clients. Ask them about their experience with the broker in question. Ask them if the broker is someone they would want to work with again, or if the broker in question was a royal pain to do business with. Make certain that you find a broker with a good reputation who is worth working with.
Tip #3 – Know How They Will Promote Your Listing
Promotion is huge when it comes to getting your listing seen and sold. You want a specialized broker and you want a broker with a good reputation who is easy to work with, but you also want to make sure the broker can actually promote your listing in an effective way. Take a look at what they are doing for clients and what they promise to do for you. Are they going to put your listing up on a variety of commercial real estate websites, to get it promoted? Are they going to send out marketing emails to get your property seen? Are they going to promote your property through social media channels for extra exposure? Are they willing to promote your property through traditional media channels? These are all questions you will want to ask, because you want to be certain that your listing is seen and leased/closed. Ask them for a detailed list of where all they will promote your property. If your property isn’t seen, it won’t get sold. Make sure it gets seen!
Summary to Finding a Good Commercial Real Estate Broker
There are plenty of elements to look at when trying to identify a quality commercial real estate broker. I believe you will be in good shape if you find a broker who is specialized, has a good reputation and has a solid strategy for how to promote your listing. What other tips do you have to find a good commercial real estate broker? I invite you to share your additional tips in the comments section below.The following three tips are things to look for when deciding who should represent you. Click To Tweet
About Sonny Granger – Sonny has more than 15 years experience in the real estate industry, with a special passion for commercial brokerage and development. Sonny is based in Pensacola, Florida, with broker licenses for Florida, Georgia and Alabama. He is also one of four partners for SVN | SouthLand Commercial. Click here to view his full profile, or if you would like to contact him, you can call him at 850-434-7500, or email him at [email protected]