Simply explained, a commercial broker is a special type of real estate broker that works especially with selling and listing various types of commercial properties, including industrial properties, businesses, office buildings, and even apartments. If you are going to be involved in commercial investing it is imperative that you find a good commercial broker. A great broker is very important if you want to be able to find some great properties. Having a good working relationship with a commercial broker can give you some access to hot listing that most people will never even see, such as future listings, current listings, and even pocket listings.
So, now that you realize how important a commercial broker is, you probably also know that you need to make sure that you pick the right commercial broker for your needs. Picking the right broker can help you succeed in commercial real estate; however, the wrong broker may lead you into a disaster. The following are some great tips that will help you pick out the best commercial broker for your needs.
Tip #1 – Check Their Specialties – When trying to pick out the right commercial broker, you will want to check and see what their specialties are. You will probably want to pick a broker that has specialties in your area of investing. Some brokers specialize in leasing, buildings, land development, and land. Once you find out their specialty you can decide whether they will be a good fit for what you are looking for.
Tip #2 – Find Out How Experienced They Are – Another thing to keep in mind is the amount of experience that the broker has. You want a broker that has experience in the commercial real estate market and that knows what they are doing. Going with a broker without much experience may not be the best choice.
Tip #3 – What are Their Transaction Volumes – You may also want to find out a bit of their transaction volumes as well when considering a broker. Find out the volume in the number of sales they make and the number of dollars as well. This will clue you in to whether or not they are really doing a great job at what they do.
Tip #4 – Do They Have Any Affiliations or Accreditations? – Also find out whether a broker you are considering has any affiliations or accreditations, such as with the CCIM. This will let you know a bit about their professional life and how reliable they may actually be.
Tip #5 – Do They Have Connections? – Often in the field of commercial real estate, having the right connections can be very important. You want to look for a commercial real estate broker that has connections with city planners in the area and that is also connected to the political processes in the area too. Also find out if they have good mortgage broker and banking connections as well, since these will be important to you down the road.