When you’re ready to get involved in commercial real estate investing, consulting a broker can work in your favor. There are many ways a broker can help you, but choosing the wrong broker can adversely affect your transactions. This guide is designed to help you choose a broker who can give you the quality of service you expect from a commercial real estate professional.
Evaluate Their Experience
Just because a broker has been serving clients for decades, you shouldn’t assume they have the type of experience you need. If you’re serious about investing in commercial real estate, you should be looking for a broker who has that specific type of real estate experience. The handling of commercial and industrial properties is very different from residential real estate, and a broker with that type of specialized experience will know how finances and real estate laws affect commercial properties.
Ask About Their Past
In particular, you should be looking for a broker with connections to your community. Someone who has lived in your community for a long time will have a deeper understanding of the commercial real estate market in your area. They will have been around long enough to have seen the normal fluctuations of the market. This knowledge can be used to help you make important financial decisions, so you’ll want expertise that you can rely upon.
They Should Have a Vast Network
The best commercial real estate brokers will be skilled at networking and maintaining relationships with others. They can use this ability to help you find properties just as they enter the market, allowing you to be among the first to bid on them. Additionally, a well-connected broker can help you find attorneys, lenders, construction contractors, and other skilled workers who can help you buy and develop your properties. A broker with a vast network is an invaluable asset.
Before you make your final decision, you should visit the broker’s office and get to know his staff. This will help ensure the broker has the support he’ll need to handle your business. It will also give you a chance to evaluate the professionalism and demeanor of everyone in the office. If you feel uncertain about their capabilities, you may want to consider the next commercial real estate broker on your list.