- July 26, 2018
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Getting involved in commercial real estate is a decision that shouldn’t be taken lightly. It’s not just your money that goes into the transaction. There is a whole lot of time and effort spent as well to find or sell the right property with ease. That being said, you don’t want to work with the first person that crosses your path. It’s extremely important to know your broker and understand how they work in order to determine whether or not they are a good fit to represent your interests. Read on to learn the top 7 qualities you should look for when searching for a qualified commercial real estate broker.
1. Experience in the Commercial Market
There is a big difference between residential and commercial real estate, making it imperative that your first question to your potential broker should be asking them whether or not they are employed full-time at a commercial real estate brokerage. If the answer is no, it’s time to move on. If they haven’t actively worked in the market, you don’t want to be their guinea pig. Their experience is the key to your success, so dig even deeper to learn how long they have been a part of the commercial game.
Communication is imperative when you are working with a commercial real estate broker. If your broker is not returning your calls or keeping you informed, it might be time to consider moving on. A great way to avoid this is to sit down and have an in-depth conversation with your potential broker prior to beginning your search. Ask them how long it typically takes for them to get back to their clients. If they aren’t meeting the mark within the first few attempts at reaching them, you may want to take this into consideration.
3. Access to Pocket Listings or Off-Market Deals
Let’s face it, the best commercial real estate deals are not the ones you are likely to find all over the internet or even on an MLS. The deals you see here are the ones that have been leftover, making it harder for you to find the property that’s going to give you the best return. Listings that haven’t been strewn all over the internet don’t have the same competition to worry about either, helping you to secure your transaction without a lot of haggling.
4. Highly Recommended
Word of mouth is absolutely the best form of advertising in any industry, and commercial real estate is no different. When you are looking for a qualified broker, you will want to make sure that he/she is thought of highly in your community. This will help you to avoid working with somebody who is unethical, unreachable, or doesn’t have your best interests at heart.
A quality commercial real estate broker should be well-connected within the local market. Not only will this afford you access to their network of industry professionals, such as property managers, attorneys, and inspectors, but it could also help you to generate new deals through the introduction to other sellers, investors, and lenders.
6. Understands Your Niche
Just as the residential and commercial real estate markets are different, there are nuances within the different sectors of commercial real estate. If you are searching for a medical office space, it might not be in your best interest to work with a broker who specializes in commercial land. The reason for this is simple…they won’t understand your industry or your needs as well as somebody who specializes in your niche sector, making it increasingly difficult for them to find you the best deals that will meet your criteria.
7. Innovative Marketing Plan
Lastly, if you are selling commercial real estate, you will want to make sure that you find a broker who utilizes the full breadth of his/her marketing potential. Ask questions that will help you determine how broad of an audience your listing will be broadcast to. For example, how many websites will your listing be published on? Is your broker subscribed to a broad range of commercial real estate databases or marketing platforms, such as Catylist or LoopNet?
Searching for a Commercial Real Estate Broker in Baton Rouge or the Surrounding Area?
There are many obvious benefits to working with a skilled commercial real estate broker, and at SVN | Graham, Langlois, & Legendre, LLC, we understand the importance of a solid professional relationship. Our dedicated team of Advisors is well-versed in every area of the local commercial real estate market, and we are excited to help you with all of your commercial needs. Take a closer look at our website to see how we might help you, and contact us today to create a lasting partnership.