How to Choose a Commercial Real Estate Agent
There are a few things to consider when hiring a broker. Commercial real estate and residential real estate are completely different. With commercial real estate you have to consider things like tenant improvement allowances, what are my build out costs going to be and where are my customers going to come from. Also, what is the length of my term going to be. These are things that residential realtors don’t typically encounter.
Second, when selecting which commercial real estate agent you are going with you need to be sure that you hire someone who represents your interests. If you are selling commercial real estate you need to hire someone who sells hundreds of properties every single year and is very familiar with the listing and marketing process.
On the flip side if you’re leasing commercial real estate or buying commercial real estate you need to hire someone who’s very familiar with representing buyers and tenants. That is the only way that you can ensure that your interests are protected.
Third, you need to be sure that your commercial real estate broker has specific knowledge in your specialty. For instance, a real estate transaction involving a restaurant is completely different than a real estate transaction with a healthcare practice or a veterinarian. You need to be sure that they have particular knowledge in your specialty and even in your sub-specialty.
Finally it’s important to hire someone who’s very familiar with the local market, someone that knows where the deals are, someone that knows where the growth patterns are, and where your referral sources are going to come from.