Partnering with the right commercial broker is an essential step in not only securing or selling properties but in meeting your unique business, investment, and portfolio-building goals. The question is: how do you do it? Start with these five tips.
Working with the Right Commercial Real Estate Agents and Brokers
1. Understand Your Goals. Why do you need a commercial broker, and what do you hope the partnership to produce? Clarify your wants and needs before you enter into a relationship so you can maximize, and clearly track, your results.
2. Make Sure They Offer “Pocket Deals.” Anyone can go online and find properties. But you need more than that from a broker: they should offer deals that are not online and/or are exclusive. You’ll have better chances of finding great deals that haven’t been picked over.
3. Connections Matter. You want a partner who has built and maintains a strong network. This way, they can develop those relationships and secure pocket deals. They can also provide referrals to key industry players, such as lenders, attorneys, inspectors, surveyors, investors, and property managers.
4. Rely on Referrals. Word of mouth is the best way to find the right commercial broker. Find a colleague, investor, associate, etc., who has had a positive experience with their broker. Ask about their strengths, weaknesses, and if they would use the same person again. If not, continue your search. It is worth a little bit of legwork at the onset to make sure you’re getting the right fit for your needs.
5. Look for the Total Package. From connections to access to comprehensive market data (e.g., sales comparables, rents, demographics, etc.), a broker should offer end-to-end service that encompasses both the human and technical aspects of the industry. They should be as skilled in communicating with you as they are in analyzing data. If they can’t return calls or emails in a timely manner, if they are unclear or vague, or if they don’t take the time to understand your goals, move on.
These steps will get you started and help you find exceptional commercial real estate agents. If you have any more questions, do not hesitate to contact the Keller Williams Commercial Real Estate team today.