Choosing A Commercial Real Estate Broker
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.
In China, you only address good friends by their first name when greeting them. If you find your self in a work-related situation be safe and address people address by their title; in social situations "Mr.," Mrs.," and "Miss" are used; at home people often refer to each other by nicknames or terms of endearment.
Terms of affection are often used for close non-relatives. A younger man often calls a man who is five years older than him "big brother" and someone who is considerably older "uncle." You may find Chinese often address their friends as juniors and seniors even if they are just a few months younger or older.
When saying goodbye it is appropriate to give a quick bow or nod to everyone present before leaving. The Chinese are not big on long goodbyes. Often after finishing a meal, they get up, thank each other, and say goodbye. After a long visit or journey, the Chinese simply go there is no reminiscing or drawn out farewell chat
Punctuality is of the utmost importance - never be late!
A useful tip - print business cards that have English on one side and Chinese on the other. Make sure the Chinese side has "simplified Doing Business
When doing business with professionals of different cultures it is important to know their expectations so plans run as smooth " characters and not "classical" characters, which are used in Taiwan and Hong Kong.
English may not be spoken in business meetings, so hire an interpreter. Some Chinese may understand English without making it known.
Chinese enter a meeting with the highest-ranking person entering first. They may assume the first member of your team to enter the room will lead your delegation. Seating is very important at a meeting in Chinese business. The host sits to the left of the highest ranking guest.
Observing seniority and rank is extremely important when doing business with Chinese.
The status of your team member who makes the initial contact with the Chinese is very important. Don't make a mistake and insult them by sending someone with a low rank.
China Relaxes On Capital Outflow Rules
In the commercial real estate industry, it is vital that we stay well-informed about current affairs. They can, in fact, make or break a deal.
In January investors and sellers were in a frenzy as China cracked down on yuan leaving the country. The country hoped to stabilize the economy. China tightened the reigns even more on corporate outflows as January progressed. Organizations with investment plans outside of China were asked to divulge the source of their funding. In addition, details on their expenditures were requested. Both sides scrambled to close deals.
Just months after putting rules on capital outflow China has relaxed some of those rules. The People's Bank of China (PBOC) is no longer requiring that banks match outflows with equal inflows sources have said. The worst seems to be over as the yuan depreciation appears to have passed. China experienced capital flows that increased in March and continued into April. The yuan’s exchange rate against the dollar has been stabilizing and market confidence in the yuan has improved significantly.
Motivated Chinese investors can usually find ways around the new rules and are not swayed in making investment decisions. Knowing the rules is the best way to tackle problems that may arise and CB Commercial Realty is here to navigate for you.
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