Questions to ask a potential commercial real estate broker.
If you are trying to find a new commercial space and negotiate a lease, then it pays to have an experienced commercial realty advisor on your side. This is why it’s so important to choose a qualified and trustworthy real estate broker. But how can you find the best broker for your needs? Here are some of the important questions that you should ask.
- “Do you have experience working with businesses like mine?”
It’s important that a broker understands your business’s needs and has experience handling similar tasks. Even if a broker is supposedly a specialist, it’s best to verify their experience level before hiring them. Describe your business’s needs in detail and ask the broker what they would do to address these needs. Their answer should demonstrate a high level of experience and professionalism.
- “What are your compensation practices?”
Most brokers make money through commissions. Because commissions increase along with lease length, property square footage, and rent, your broker’s intent may not match up with your business’s needs. Larger firms may pay their brokers a partial salary. This removes some of the pressure on brokers to inflate lease factors and finalize the transaction. When you work with salaried brokers, you have a batter chance of working with an expert who will prioritize your needs.
- “How big is your office?”
You may have a choice between a broker from a large office and one from a smaller one. If you are a small business owner with modest space needs, then working with a large real estate office might mean being lost in the fray. You should consider working with a smaller company that will treat you as a premier client.
These are some of the questions that you should ask to help you select the right real estate broker. Are you looking to work with an experienced commercial realty advisor? If so, then contact the experts at California Commercial Realty Advisors, Inc. today.