3 Things To Know When Choosing a Commercial Real Estate Broker
A simple internet search will reveal multiple commercial real estate firms in your area, but how do you know which company will provide you with the best return on your investment? This important financial decision involves identifying which brokerage firm has the experience, knowledge, and tools to best represent you and your specific business interests. Whether you are buying, selling, developing or leasing retail space, multi-use warehouse property or office space, there are a few essential items to keep in mind.
1. Identify Your Requirements First
If you are shopping for a broker without first specifying your investment needs and parameters, you will likely get ahead of yourself. Be sure to determine the type and size of commercial property you are looking for, the specific market location you have in mind, and your budgetary limitations. Listing out your specific expectations will help ensure your financial success because it provides both you and your investment advisor with a well-defined path forward.
2. Experience, Area Knowledge and Expertise Will Take You Far
It is critical to hire the services of a firm with a string management team of industry experts. Researching your target market will help you obtain valuable insight from strategy experts like Paul Daneshrad, who has observed real estate investment market patterns for decades. Learning and applying relevant commercial real estate industry principles will ultimately lead you to the investment firm with the most in-depth market knowledge. Asking firm representatives for their years of experience, client testimonials, and most successful investment strategies will further help you in make an informed decision.
3. Ensure the Firm You Hire Has the Tools to Meet Your Needs
Your commercial real estate agent must be able to address every question you might have to ensure you get the most favorable market returns. The most successful firms with proven industry track records are usually full-service firms offering management, sales, investment, and development assistance tailored to your needs. Firms providing competitive services will often have multiple market information software tools with up-to-date commercial property information that gives you a competitive edge. For example, a firm representing your interests will likely have an intricate business network providing them with unlisted, off-market deals that will afford you a substantial competitive edge when making an acquisition.
Selecting a firm that does not meet your needs costs you valuable money and time, creating delays and unnecessary roadblocks when developing your commercial real estate investment portfolio.