Searching, selecting, securing, and shifting into a new commercial establishment – whether leasing or buying – is complicated, time-consuming, and risky. However, because you already have a business to run, the last thing you want is to spend your day conducting interviews with contractors, researching the rental rates, investigating building systems, and negotiating with contractors.
You need a commercial real estate broker to act as the middle person, bridging the gap between you and the stakeholders. Here is a complete guide to help you find a good commercial real estate broker.
1. Understanding the Role of a Commercial Real Estate Broker
There are a lot of misconceptions when it comes to the job description of commercial real estate brokers. You must understand that while the mindset of a residential realtor revolves around finding a property according to the needs of a family, a commercial realtor is more practical, and business focused. Therefore, instead of prioritizing good schools and family parks near the property, a commercial real estate broker will use facts and figures to evaluate the worth of a property.
2. Listing Your Goals and Expectations
Do you want off-market deals or pocket listings? When looking at commercial properties, you don’t want your search perimeter to be restricted to online listings only. You want to look at all options in order to make a wise and profitable investment. Thus, list all your needs, such as the type of property you want to invest in (shopping center, office building, or multi-family residential), and find an agent who specializes in the particular domain.
3. Searching for a Commercial Real Estate Broker
There are two ways to find brokers, online and through referrals. You can use search engines like Google, CoStar, and LoopNet to find realtors online. On the other hand, if you are relying on referrals, make sure to ask the right questions:
What are the strengths and weaknesses of the broker?
Would you work with them again?
What is their area of expertise?
Do they have a well-connected communication channel?
How strong is their network?
Do they work full-time or part-time?
The answers to these questions will make it easier to know what to expect from the commercial realtor and decide accordingly. However, remember that working with a real estate agent is a two-way path, so you must hire someone who identifies your needs, understands your vision, and helps you make the investment lucrative.
Commercial Brokerage In FL, DE, PA, NY, NJ, MD
Established in the early 1930s, Milbrook Properties Ltd is a family-owned and operated real estate management, development, and acquisition company. It started a small real estate business and has now evolved into a high-performing residential and commercial property management firm.
Our team of highly qualified brokers can help you from finding to leasing and maintaining the investment property of your dreams. Contact us to look for potential multi-family residential and commercial real estate properties.