Your search for a commercial real estate broker should be similar to how you approach looking for a good dentist, doctor, or even lawyer. Get references from friends and professional connections, do your due diligence on researching as much as possible, and use a hefty amount of common sense.
With that being said, there is still plenty of inside information that’s handy to know. We’ve compiled a list of some of the key tips to keep in mind while on the hunt for the best commercial real estate broker.
Identify What You Want From a Commercial Real Estate Broker
Not all properties are the same, and when you’re considering putting down a sizeable chunk of change into one you should be looking for someone who understands your wants and needs. Of course, that only works if you know what you’re looking for first. Get a clear sense of the types of properties you want and the minimum and maximum you’re willing to spend.
Find Someone Who’s Knowledgeable About Rental Rates, Trends, and Landlords
A broker with experience will understand more about how the industry’s changed and grown in addition to key info like current market trends. Commercial real estate brokers can quickly identify which landlords understand the current market, building expenses, and standard tenant/landlord responsibilities. They’ll also be able to tell you which landlords perform maintenance quickly and effectively when it’s needed.
Find a Broker That Understands the Area
So you’ve recently found an experienced commercial real estate broker, but they’ve only been in the area for less than a year. That’s not a good sign they’ll be able to help you if you’re trying to find a local commercial property.
Instead, you’ll want a broker more established in the community. They’ll be able to tell you more details about the nearby businesses, and info on market demographics and financial analysis. Most often, a commercial real estate broker gets paid when the deal is done, according to the size of the rent. The best brokers will have the stability to put your best interests first and not rush through the process.
For example, TAFCO Realty Corp. has been serving local Kelowna businesses for over thirty years and have an excellent sense the geography, and past and current trends in the area.
Do They Have Experience Finding a Space for Your Product or Service?
Your product or service should be sold out of the best location that makes sense for it. You likely wouldn’t want to be selling retail products from the top floor of a building, or have people navigate through a winding, maze-like hallway to get to the office at the very back for more urgent services.
There are significant differences between retail, office, and industrial properties. The physical aspects of each are unique, and so are the term conditions, lease structures, operating expenses, and more. Therefore, your search for a broker should also take this into account.
Finally, it’s important to restate just how important it is of finding someone who puts your interests first and makes you a priority. Pay attention to their response times and overall professionalism. This is an important business relationship and you deserve to have someone who takes your time and investments seriously. Following our aforementioned tips will have you well on the way to finding the best commercial real estate broker for your needs.