Finding your commercial broker is one of the most exciting and important times in your entrepreneurial journey. Working with the wrong broker can dampen everything you’ve worked so hard to accomplish. Thoroughly researching the commercial brokers in your area before blindly agreeing to their terms can save you a ton of time and money down the line.
Here are 5 signs that the broker you’re considering is right for you:
- They Make it Seem Like They’re Too Busy to Work with You
Anytime you feel like your concerns are not being answered, you’re being ignored or they have an overall demeanor showing they can’t properly serve you to the best of their ability it’s a good sign that you need to keep looking for someone else who is more attentive to your needs.
Your first impression of your broker is a great time to decide if you want to continue the relationship.
2. They Aren’t Specialized in Working with Buyers Exclusively
Now this one may seem like it shouldn’t matter much but let me tell you why it does. Imagine this, you’re a buyer looking to finance a small building for your company. If your commercial broker works with both buyers and landlords then you may begin to question whether or not they actually have your best interest in mind.
I mean think about it. If your broker works with both buyers and landlords then they’re probably (should be) looking out for the best interest of the landlords too!
This means they’re most likely going to compromise to make sure both clients are happy so they can bank the money. Buyers and landlords are at opposite sides of the business deal so be sure to find a commercial broker who only works with buyers and sellers instead of landlords.
3. They’re a Realtor Not Well-Versed in Commercial Property
The last person you want to work with is a “broker” who is actually just a residential real estate agent with no commercial real estate experience. This is a sign you should head back out and find another commercial broker.
Commercial Real Estate and Residential differ and just because someone is a realtor does not mean they’re qualified to go on the commercial side of things.
Be sure to do your due diligence and ask the person if they have their CCIM licensure which regularly keeps them updated on all things commercial real estate.
4. The 1st Impression Didn’t Feel Right
Not to be too superstitious but 1st impressions really do matter. Giving the benefit of the doubt in a business situation like this may have dire consequences down the line. If something doesn’t feel right chances are this broker is not the right person for you. You should be happy to start this new business relationship and should fully trust that your broker will accomplish what you’re hiring them to do.
In this circumstance, trusting your gut is the best way to go (especially if you’re not too fond of this broker during the 1st impression)
5. They’re Dodging the Tough Questions
Obviously this is a huge red flag. Anyone who doesn’t seem honest and trustworthy is a no go for being your commercial real estate broker. Write the following questions down:
- What are your success stories?
- Do you have experience in my industry/working with businesses like mine?
- What do you think of this market in the future?
- Do you have a specialty?
These questions will help you get to know your new broker better while also showing you if they’re a great fit for you. Remember to take your time during this process. Choosing a high-quality broker is crucial.
If you’re in the LA area and need a commercial broker then go ahead and contact us so we can get your commercial real estate goals accomplished.
Keith McLaurin | Licensed Commercial Broker ID#01190109 / NMLS#1209195