How to find a good commercial real estate broker

Last updated on October 18th, 2022 at 05:41 am

When moving your business to a new location, it is paramount that you find a good commercial real estate broker. Without one, there is a good chance that you will make a costly oversight and put yourself in a difficult situation. But where does one actually find a trustworthy commercial real estate broker? And, what traits should a good real estate broker have? Well, these are the questions that we are going to answer in this article.

Traits of a decent commercial real estate broker

While different successful real estate brokers have different approaches to their job, there are certain traits that almost every commercial real estate agent needs to have.

Without these, they will have a hard time finding suitable commercial real estate for you. So much so that you might even be better off going online and searching for real estate by yourself. This is not to say that a good real estate agent won’t be worth the money spent. They will be. So, here is what to look for in a commercial real estate agent.

Prior experience and connections

When looking for a new home to relocate to, you can take your chances by hiring a real estate agent with little experience. They are often cheaper, and if motivated to get better, can get the job done. But, know that this isn’t the case for commercial real estate. Finding and acquiring decent commercial real estate requires experience and connections. An experienced commercial real estate agent will be aware of potential real estate before they are even shown online. And, due to connections, they will be able to get you a good deal. These two traits alone put experienced commercial brokers on a different plane when compared to inexperienced ones. So, even though a real estate agent might seem cost-effective, please think twice before hiring them. Know that the job you are asking them to do will have long-term consequences for your company.

Knowledge of the local area

Another trait to look for is the knowledge of the local area. Good real estate agents, in general, tend to have in-depth knowledge of the area they operate in. Only by keeping their finger on the pulse of local real estate can they react promptly and catch good real estate.

Furthermore, knowing the local area allows them to give you valuable info about how a particular location or property may affect your business. Things like:

• Local traffic.
• Zoning and legal requirements.
• Public transport.
• Local businesses.

All of these can be important for your company. So, the more knowledgeable your real estate broker is regarding the local area, the better.

Understanding of your business

Different businesses have different real estate requirements. Some have virtual teams and can do away with a couple of offices. At the same time, others require ample open space and even storage capabilities. Therefore, to find a suitable piece of real estate for your business, you need to know your business needs. Unfortunately, this is easier said than done, as business needs are hard to predict. It is also why having a real estate agent that understands your business is vital.

A knowledgeable real estate broker will not only help you find a suitable commercial space but will also give you tips on how to move your office. Knowing how to prepare your inventory for the transfer and find a good moving company can be difficult. This is why the prior knowledge of your real estate broker will come in handy. Furthermore, if they have had prior experience with your type of business, they can tell you how your business will probably develop and what your business needs will be. So, use their knowledge to better prepare for the future.

Where to find a good commercial real estate broker

Now that you know the traits that constitute a decent commercial real estate agent, where are you supposed to find one? Well, in essence, there are two ways to look for an agent: using referrals from other companies and looking online. Ideally, you will use both.

Looking online

Finding a real estate agent online is a fairly straightforward endeavor. You need to look for online listings and check for real estate companies that operate in the area. Make sure that the company has all the necessary licenses and that the agents you check out have positive reviews. Our advice is to come up with at least five agents before going to the next step. As you might guess, it is essential to find a real estate agent that suits you. So don’t jump into working with someone that doesn’t seem right, even if they have good online reviews.

Using referrals

Another way to start looking for real estate agents is through referrals. Look for companies, ideally similar to yours, and see if any of them have moved recently to your area. Then proceed to inquire about who helped them and how satisfied they were with their experience. Whatever way you start looking for real estate brokers, we suggest that you use both referrals and online research. The more info you have on your potential real estate brokers, the better the odds you will pick a suitable one.

Handling the interview

Once you collect your potential real estate brokers, the time will come to conduct an interview. During your conversation, you need to see whether the broker suits you and whether you can work together. Know that looking for a piece of commercial real estate can be a time-consuming process. So make sure to find a good commercial real estate broker that you can easily communicate with. A motivated real estate agent will do you much more good than the one who resents working with you. They will, in essence, become a temporary member of your company. So, do yourself a favor and find someone you can trust and rely on.