This post originally appeared on tBL member blog SVN Southland Commercial Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
Life is full of choices. One choice that many businesses and investors will one day face is the decision to list a property, find a new property or just get a professional opinion on your commercial or investment real estate needs. So, what should you look for when searching for a broker to act as your trusted Advisor?
Without a doubt the most important quality you should look for in a real estate broker is trustworthiness. It’s no secret that many Americans believe brokers are somewhere between used car salesmen and politicians on the scale of trustworthiness. While I believe that much of this stigma is due to a few bad apples spoiling the bunch, this reputation is unfortunately not completely without merit. The real estate broker you choose has a fiduciary responsibility to work in your best interest. Often times, what is best for a broker and what is best for the client are not aligned. The brokers that always put their clients first, even if it is to their own detriment, are the brokers you want to work with. So how do you know if you can trust your broker? My recommendation is to ask pointed questions when interviewing brokers, including examples of times when they had to put their best interests aside in favor of their clients. If a broker hesitates to answer, is caught off guard by the question, or doesn’t have any examples that is a big red flag! Also, ask for references from previous clients.
After trustworthiness, the next most important quality in a broker is market knowledge, experience and expertise. Most brokers either specialize in a certain property type across a wide geographic area or specialize in multiple property types in a smaller geographic area. For instance, a broker might specialize in the sale of single-tenant net leased properties across the southeastern United States. This is an example of a narrowly-focused property type specialty. Other brokers might work on office, retail, and industrial properties in one town. These types of brokers are generally located in smaller markets. Whatever your needs are, make sure that your broker knows and understands the market for both the area and the property type. Make sure to ask for examples of similar assignments and a track record of results.
Finding the right commercial real estate broker can seem confusing at times, but with diligence in choosing and asking the right questions can make all the difference. SVN | SouthLand Commercial is committed to providing its clients expert market knowledge, along with caring trusted professionals. Click Here to search local, top-rated SVN Advisors.
SVN | SouthLand Commercial Advisor
Chris was born and raised in Pensacola and began working at Granger Properties (now SVN | SouthLand Commercial) in the Spring of 2010 after obtaining degrees in Finance and Real Estate from Florida State University. Chris and Sonny Granger work together in a team format to help better serve their clients. Together they focus primarily on the brokerage of commercial and investment real estate and have established an impressive track record and reputation for outstanding knowledge, expertise & service on behalf of their clients. Chris is also the Director of Sales & Leasing for Granger Development, an independent investment and development company. Since 2012 Chris has taken part in the development and redevelopment of over 100,000 square feet of office and retail properties locally. To view Chris Palmer’s commercial real estate listings, or to learn more about him, Click Here