Choosing the Right Real Estate Broker
For many companies, their real estate is one of the most expensive items on their profit and loss statement. For investors, structuring the transaction to achieve the best return is critical. Because of the hefty price tag for real estate, looking for the right real estate broker should be taken seriously.
The first step is to determine your needs. What is it you’re trying to accomplish? Experience is critical; seek out specialists that have experience based on your real estate needs.
Next, seek a broker that has a National Designation such as CCIM or SIOR. For international transactions seek a CIPS designated specialist.
Once your initial research is done and you have a list of brokers, the next step is to determine their experience level; track record and what support the broker will receive from their firm.
Some companies might hire one firm to handle all of their real estate transactions. For most companies their best bet is to find a specialist in the type of transaction they’re looking for and a broker who will offer their undivided attention.
Ask for a proposal and find out who will actually be handling your project. Most successful brokers work as teams and have access to a strong support staff. You need to seek out the best team for your project. Not necessarily a company that has the most agents. In a typical firm, each agent is an independent contractor and they compete against one another.
Successful brokers are involved in the entire process and have a good understanding of the financial analysis that is necessary to accomplish your goals. Command of contracts, market knowledge, deal experience, along with customer service, character, professional appearance and ethics are some of the other points to consider.
A good commercial real estate broker needs to interface with many people in the transaction. For many transactions, once the contract is signed the real works begins. Seek a broker that has a track record of orchestrating and closing your type of transaction.