When leasing or buying commercial real estate having an experienced, knowledgeable commercial real estate agent in your corner is key. However how do you go about choosing the broker that you want to work with? Below are some things that I would look for.
- Experience in the type of commercial real estate property that you want to lease or buy – Don’t be a training ground for them unless they have a more experienced broker working with them. Commercial real estate transactions can be much more complex than residential. The smallest mistakes or oversights can cost you thousands! Make sure whoever you work with has solid experience.
- Experience & knowledge of your desired area or location – You want them to be able to give you an overview of the entire market to help you decide where the best locations for your business are. If your using your broker who is based on California they will not be able to educate and advise you as well in Austin, unless they engage a local broker.
- Have local connections – Many deals are not listed or marketed so having a broker who is connected is key. They will be able to find things other brokers won’t know about. Also, if they have great relationships with all the other agents, architects, contractors, and attorneys in town you will be sure to find the best opportunities.
- Who else is the broker representing? – You don’t want to be the lowest priority. You also want to receive the same level of service no matter how big or small you are. Whether you are small or big you deserve big client service
- How busy is the broker? – If the broker is too busy they won’t have as much time to take care of your needs especially if you are the smaller of their clients. If they have no business then that could be a concern also.
- References & reviews from past companies that have worked with the broker
- Work style that is compatible with yours
- Follows up well
- Does not reveal vital details about the deal to others
- Has a good reputation in your area
- Speaks frankly – Communicates open about the good and bad news. You need to know everything to make the best decision.
- Has no conflicts of interest – Their company does not represent the buildings that your are considering leasing or purchasing
- Technologically savvy
Overall you need a broker that you can trust, who works well with you and who understands your needs and wants to get the job done. If you have any questions feel free to give us a call at 512-861-0525