A commercial real estate broker can be a great help in finding the office space that is precisely right for your business. Nevertheless, you cannot simply pick the first one you see on a search engine or in the Yellow Pages. In order for you to be completely confident you have made the right choice, it will take a little digging and asking the right questions.
Eugene Bernshtam currently leads the multifamily and commercial real estate firm Avalon Holdings, LLC and its affiliate entities, which specialize in development, investment, management, repositioning consulting services and underperforming real estate assets.
You will want to get recommendations from people you trust before you select a real estate broker. Nevertheless, you will have to ask them why they are making that recommendation. For example, find out what sort of reputation the broker has for integrity and honesty, how reachable he or she is, and how much knowledge he or she has. Do not be afraid to detect weaknesses as well. Regardless of how bright a report you may get, there were certainly bumps in the path along the way. Find out what the tribulations were and decide whether or not there would be matters you could overcome.
Then, ask the individual making the reference whether or not they would choose that broker again. While it may seem that the evident answer would be ‘yes’, you could essentially garner a great deal of information. For instance, the people recommending a definite broker may expand upon why they would do dealing with that company again and provide additional details that you will find useful.
What to Ask the Brokers You’re Considering
Once you have taken those suggestions to heart and lessened your list to two or three real estate brokers, it is time to ask even more questions. For instance, ask about what kind of experience the broker has with companies such as yours. This will be a great time to spell out your exact preferences. The broker may even give information you did not formerly consider that could be a huge aid in finding a space that fits your company’s requirements exactly.
Find out how many clients each broker has. If it is a tremendously large operation and you have smaller property space requirements, there could be a chance that you would get lost in the trundle, or be assigned to someone who does not have the understanding you want. You will also want information on how the broker is remunerated, whether by commission plus salary, salary only, or commission only. If a broker is paid on commission, he or she may be under a great deal of strain to try and fit you in a space that may not be what you are seeking for. However, as Eugene Bernshtam says, brokers who are at least paid partly through salary may not be as likely to use the hard sell advance.
As with any other kind of relationship, choosing a real estate broker will possibly come down to whom you belief the most and who makes you feel the most at ease. The more work you put into making that option, the higher the chances your decision will be the correct one.