The right real estate experience starts even before you begin the process of finding property for your small business. You first need to find an experienced commercial real estate broker to help you through the process. When you have the right broker, it makes everything go more smoothly so you have fewer, if any, problems down the road. Therefore, it is important to be careful in your selection. Follow these tips to choose the right commercial real estate broker for your small business.
Match your needs to the broker’s niche
As a small business owner, going with a large brokerage company with numerous corporate clients may not be the best fit. Neither should you go with someone who mostly works with residential properties and picks up commercial ones on the side. Make sure the broker has experience helping businesses of your size in your industry and works with properties in your price range.
Check the broker’s level of success
Ask the broker how many transactions he or she has achieved in the last few years, whether they were for buyers or sellers. No matter who the broker represented, a transaction means the broker was able to match the right buyer with the right seller. Ask questions such as what problems the broker faced and how the broker resolved them.
Review references from multiple sources
Talk to other small business owners who have used the broker. Furthermore, you should speak with other professionals who have worked with the broker, such as lenders and contractors, to find out their opinions on the person and brokerage company. Look for the following qualities:
- A high skill level
- A knowledge of rates and trends
- Networking and collaboration
- Accessibility to many industry resources
You want someone who is both efficient and trustworthy, so consider both the broker’s business practices and personality.
Talk to an attorney
The broker will have a commercial real estate lawyer review all contracts, documents, negotiations and the like to ensure everything is correct and fair. Although this is part of the transaction, you can still speak to another lawyer on your own for a second opinion. It can be wise to have your own legal representation who is not also working with the broker. This ensures the protection of your rights and needs.
Do not underestimate the importance of choosing the right commercial real estate broker for your small business. Doing so can reduce the chances of needing litigation later on for any reason.