The success of your commercial real estate transaction falls largely on the shoulders of your commercial broker. Your agent should know the industry inside and out. They need to be prepared to saddle up with you for the long haul since commercial real estate transactions often take time. Aside from the numbers and online presentation of an agent, what are some questions you should ask yourself (or the commercial real estate broker) when you interview them? How can you know they’re going to be a good fit and help catapult your deal to success? Let us give you a hand.
This may seem obvious, but don’t leave it out. And probe to see what their commercial experience is, not just their experience in real estate.
Can your prospective commercial real estate broker communicate effectively? Are they adept at technology so that deals can happen more quickly and efficiently? What about their availability: are you able to get ahold of them when you need to? Think about these things and ask according to your needs.
Likability and Loyalty
Your commercial broker will be someone you’re going to be in touch with a lot. And for a while. Make sure he or she is someone you get along with. Check their references to see if they’ve stuck by their client’s sides in the past and remained loyal through the challenging transactions and beyond.
Get a solid handle on your commercial broker’s commission rates and fees. Ask and ask again so that you’re aware and so that they know you’re aware. Keep your relationship clean by keeping monetary discussions in the open and candid.
Many commercial real estate agencies represent both landlords and tenants, which could present conflict of interest situations. If this is a concern for you, question your agent on what their niche is, look into the company they work for, and determine if your interests align with theirs.
The best way to protect yourself in any high dollar market is to ask questions and work with the right people. Effectively mastering the former will get you in with the latter and your commercial real estate endeavors will be a walk in the park. If you have more questions or need to contact a commercial broker today, head here and the professionals at Applegate Commercial Properties will gladly assist you.