Working at theBrokerList all day really gives you great insight to share the reasons we see that inspired this blog “Find the Best Commercial Real Estate Broker.” First of all the word “best” is subjective and relates directly to experience. But there are some facts that we believe everybody will agree makes for the best commercial real estate broker and that message should be evident from that broker themselves.
However what is so fascinating is that those people who really need to hire the best man/woman for the job really do not know how to go about finding the “best broker” because so many brokers make it virtually impossible to find them!
Why Is It So Hard to Find the Best Commercial Real Estate Broker?
First of all it is a very complex industry and it has so many layers of specialization and crossover. If you are 100% commercial real estate and spend all of your time working in commercial real estate, that does not say anything about what YOU know or what your experience is in the field. Commercial real estate is just like saying
“real estate”, it is too vague.
Like Rod Santomassimo pointed out in his recent blog, “How Your Market Size Impacts Your Focus and Income as a CRE Broker”:
Of 522 CRE brokers surveyed, throughout North America, we found over half of the brokers in primary markets indicated they provided both sales and leasing services. -Rod Santomassimo
It is no wonder it is confusing and difficult to decipher and it must be even more difficult for the brokers to explain or demonstrate what they are good at or experts in. If you are a broker and you do both sales and leasing, for example, that can be a lemon into lemonade, but you have to articulate why. Also the broker has to be able to demonstrate by deals closed and client relationships, why they would be the right broker for your assignment. Client names and testimonials are HUGE, yet they are almost hidden away and not exposed. If you represent a certain client type, use the industry as your testimonial. For instance, Have closed 10 deals for Automotive and Repair shop clients over the last 8 years. The client locations included, XYZ and ranged in size from 2,500 to 8,000 square feet. Then add some terminology about automotive shops that demonstrate your indepth knowledge of that type of client need.
Real Estate Vs. Commercial Real Estate vs. Expertise
Let’s say you spend 100% of your time in the multifamily realm. Again, what exactly do you do in multifamily and where? Do you sell apartment buildings and if so, what size generally? Do you represent buyers only? Do you work in low income or market rent or do you specialize in high rise vs. walk ups. Are you selling in a suburban market or urban market. Do you see what I mean? So when a customer/client is looking for YOU, how on earth can they find the right broker for their specific need? The recent blog “Blogging Tip #2: How to Become a Thought Leader” by Joshua Lyons points out that becoming a thought leader is simply sharing what you are an expert in. That means you need to write stories about your expertise that will show the world and prospective clients that you are the “thought leader” in that particular segment.
Identify the top 10 pieces of advice you would give someone, if you were consulting them. -Joshua Lyons
Ignorance is Not Bliss
When we get calls, which we get every single day, people ask us for general guidance on a broker they are looking for. They are really led to believe that a real estate broker is a real estate broker and the first thing they think is important is the location. They say they need a commercial broker in XYZ city. The good news is that when they find theBrokerList AND they really need a “good commercial real estate broker” they are at least on the right track. So we ask them a series of questions in an effort to find the right broker and guide them to that professional who is a member on our site. We get extremely frustrated when so many do not itemize their experience and share with us what types of deals they have done or what they focus on or the geographic nuances of their market area. So we struggle too, even though we do know and understand the business. So can you imagine a non-broker trying to find the right broker who can help them?
So what does best commercial real estate broker mean?
Best means effective at performing the service that is required for the exact task. Finding the best broker for your project is the name of the game. In order to do that, you must know that the broker has the experience to contribute knowledge to your transaction. For example, the other day we got a call for a retail broker in Dallas with some business brokerage experience. Our task is then to review the bios of the brokers and painstakingly look at their online profile and find out how many deals they did and who they associate with. We then look at their testimonials, credentials and prior work experience. Also longevity in the role. If the person just started a year ago and if so, are they working at a firm with mentors and an environment that can support their needs? Does this broker display their commercial real estate closed transactions which helps give us a comfort level in referring them to this particular broker. Does the broker have a blog or has been a guest blogger, that demonstrates credibility and understanding of the subject matter in which we need? Is the broker actively engaged in outreach of any kind, whether it be Linkedin, Twitter, Facebook, etc. Social media is a metric you cannot ignore today. Everybody is searching for everything online and if you are in commercial real estate you had better be able to be found and if you are a 100% commercial, your profile should be found on theBrokerList which verifies every member to insure they are active in commercial real estate, prior to approving their commercial real estate broker profile.
Testimonials, Client Types, Experience, Articulation
In conclusion and after verifying thousands and thousands of commercial real estate broker profiles, we believe the best commercial real estate broker can provide testimonials, detailed description of client types and/or client names, describe stories or case studies of their experience and can articulate this on their profiles or resumes. Most importantly, it does not matter who writes the content or copy, but it does matter that the best broker does get the job done. There are so many resources and talented people who can help craft the right message for a commercial real estate broker today.
Take close inventory of your career and try to go back through all of your deals and create an outline of your wonderful experience, clients and put it to paper. Then if you are not a great writer, no worries there are so many people out there who can help you craft your message. So let’s be proud of our industry and show the world that we have the best commercial real estate brokers, right here on theBrokerList. Call us for help, but for goodness sake, do not leave it to chance or hope someone just likes your smiling face. It does not work that way. You need to have more than a pretty face to get new business.