You will want to dig deep and take your time when choosing a broker to help you find commercial space for your business. Whether they are negotiating a lease on your behalf or closing a deal it takes more than luck on the brokers part. You’ll want to ensure that the broker’s skill level, experience, and personal style line up with your needs and wants.
Ask yourself these important questions when choosing a broker.
1: What is the broker’s reputation for the qualities you are seeking honesty, experience, and thoroughness?
2: What are the broker’s weak points?
3: Is the broker not responsive to emails or a good communicator?
4: What are the broker’s strong points?
5: What are their areas of expertise?
Three things to know when searching for a commercial real estate broker.
1. Every real estate agent is not created equal.
Residential deals are not the same as commercial real estate transactions. Don’t make the mistake of having a residential real estate broker take care of your commercial real estate needs. Residential brokers are not qualified and do not have enough experience to give solid advice on commercial real estate. Choose a brokerage that has agents who specialize in the type of investment property you’re interested in buying, selling or leasing.
2. Money always matters.
Knowing what a commercial real estate brokerage will want to charge you in terms of a fee is an obvious deciding factor, but it’s important to note that commercial real estate commissions are different from other real estate commissions. Compensations in commercial real estate can fluctuate and are negotiable. They are usually paid by the landlord or seller in a transaction.
3. Professional sources are a huge asset.
When buying, selling or leasing a commercial real estate property, you will most likely need to work with a variety of professionals. These may include real estate lawyers, property inspectors, contractors, appraisers and more to close the deal. A seasoned commercial real estate brokerage will have a valuable network of professionals within reach.
Don't rush when finding the right commercial real estate firm. Do your research and find a brokerage that will not only fit your needs, but will be a partner for future investments.
1: Demonstrates commitment to the Commercial Real Estate Industry
It takes extraordinary drive and commitment to successfully complete this designation. Just as someone pours a lot of time and resources into earning their doctorate, a CCIM has also labored for long hours and invested a lot to earn such a title. They are not looking for the easy way out and will work tirelessly on your behalf.
2: They are an elite group of real estate professionals
Only an estimated 6 percent of the 150,000 commercial real estate professionals in the United States hold the CCIM designation. Narrowing down your selection of potential brokers to only those who are a CCIM will help you rise to the top when doing real estate deals.
3: Provides access to a vast professional network
Having a CCIM designation provides independent brokers with access to a professional network of over 13,000 CCIM’s across the United States. This network extends not only in the US but in 30 other countries. You can see it as an exclusive society of real estate professionals who all share the same level of education, knowledge, and dedication.
4: It guarantees you are working with the latest tools and technology
CCIM designated professionals have access to exclusive technology and tools. With the help of the CCIM Institute, all CCIMs are provided with access to tools that help them stay ahead of current trends.
5: CCIM requires competency and experience
To become a CCIM, you must do a lot more than fill out paperwork and pay a fee. This designation is granted to real estate professionals who complete over 160 hours of graduate level courses and pass an exam covering financial analysis, market analysis, user decision analysis and investment analysis. The CCIM must also prepare a portfolio showing real - world experience. The portfolio is a combination of competency and experience. To be a CCIM you must have both you cannot have one without the other and call yourself a CCIM.
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