Questions To Ask Commercial Real Estate Brokers
Before you work with a 3cre Commercial Real Estate Team or broker, there are a number of questions that you should ask them. These questions will help you determine if they are the right broker for your needs and how they will be able to help you. Not asking these questions could result in you working with a broker that does not have your best interests at heart and who will not be able to find you the best commercial real estate.
Do They Have Experience With Needs Like Yours?
The first question that you need to ask a broker before you work with them is about the experience they have with businesses like yours. Ideally, you will want to work with a broker that has helped other businesses similar to your own find a property. This will ensure that the broker knows about the needs of your business and will know what to look for in a property.
Of course, you need to go further than the word of the broker. If possible, ask for references from small businesses similar to your own. You should also describe your rental priorities and ask the broker how they would help you.
If you are able to get references from other small businesses, you need to ask them about the strong and weak points of the broker. You should also find out how accessible the broker was to them while they were looking for a property. You do not want to work with a broker that has poor communication because this will lead to problems.
What Is The Size Of Their Office?
There are times when you will need to choose between a broker in a large real estate office and one in a small real estate office. To determine which broker you should choose, you need to assess your needs. If you are a small business with modest space needs, you might get lost in the shuffle of the large real estate office. These large offices will generally have much larger clients and they are more likely to get the brokers attention.
If you do go with the larger office, your account may be handed to an inexperienced broker. However, if you choose the smaller office, they may have more time for you. Of course, you will need to find out how many clients they currently have because this could affect the amount of time they have for everyone. A small office that is very busy could also hand your account to an inexperienced broker.
What Are Their Compensation Practices?
Commercial real estate brokers will not work for free and you need to know what their compensation practices are. Most brokers will work on a commission basis and not a salary basis. This means that the commission will increase with the length of the lease, the rent and the square footage. The problem with this is that the broker may not have your best interests in mind when they show you a property if they are working in this form of commission.
There are some firms that place their brokers on a partial salary which will reduce their dependence on a commission. This will lessen the pressure on the broker close an inflated deal. This will also ensure that their interests are better aligned with your own so you will not have to worry when dealing with them.
Before you agree to work with a commercial real estate broker, there are a number of questions that you have to ask them. These questions ensure that you use the best broker for your business needs.