Here are five traits you should look for when choosing a commercial real estate broker:
Established Industry Relationships
Commercial real estate is a business built on relationships first and foremost. In fact, many commercial transactions don’t even hit the open market. They’re completed on a confidential, exclusive basis. That’s why you need a broker who has well-established relationships with the key industry players, including the builders, developers, government agencies, financial institutions, investment groups and business owners.
Highly Experienced
Secondly, you need a broker who is experienced, like really experienced. Someone who is not intimidated by complex transactions. When you’re looking at deals in the tens or hundreds of millions of dollars, you’ll need to rely on your broker to protect your best interest whether you’re listing, buying or repurposing a property. When it’s your hard-earned success, do you really want to trust a rookie?
Responsive
Responsiveness is the next trait you should look for when choosing a commercial broker. As the saying goes, ‘time is money’ and you can’t afford to have one of your most important financial decisions left to a brokerage who won’t promptly answer your calls.
Strong Communicator
An effective broker will also have strong communication skills. Commercial real estate deals can be complex. You need someone who understands the industry language, knows the right questions to ask and can then explain the issues and processes to their clients in simple-to-understand language.