Before starting your
rental space search, think more carefully about the type of destination and
building that best suits your business, evaluate the maximum rent you're
willing to pay, and set other objectives, such as the size and rental space
configuration. If your rental needs are relatively clear, the types of spaces
that you want are available, and you are confident negotiating lease terms with
the landlord, you can find space on your own take help from an agent. But if
you want to work with a real estate broker, you will need to do some searching.
What to Look for in a Reliable Commercial Real Estate Agent
It's not all that
different from finding a decent doctor, lawyer, or dentist to find a commercial
real estate broker. The trick is normally done by strong application of common
sense, technical and personal relations, and some independent analysis. When
looking for a broker, the same strategy works. Here is what you should look
for:
Expertise in commercial properties. Make sure that the agent you select is skilled
in helping tenants locate a business, retail, and other commercial spaces.
Experience serving commercial real estate tenants. Ideally, you'll want a dealer who only deals with
tenants on an ongoing basis, but it may be difficult to locate such a broker,
particularly if your business is in a close-knit community.
A business developed within your geographic region. Look for someone who has been long enough in
commercial real estate to know how deals are being made and how the landlords
and their agents are operating. Furthermore, experienced and successful brokers
will have the economic stability to allow them to put your best interests
strongly at the forefront. Remember, in most situations, when the deal is
signed, a broker gets paid, depending on the size of the rent. A broker who
isn't greedy would be less likely to hurry negotiations or settle for a more
costly outcome.
How to Find a Commercial Real Estate Agent
Other commercial tenants
in your society will be the best brokering source of leads. Ask companies if
they've hired a broker and who they'd recommend. Look for tenants who are
looking to run a viable market.
By approaching tenants
whose businesses are similar to yours, you can narrow your area of research,
particularly if you're in a major metropolitan area where brokers may have
segregated the market into smaller niches, with some concentrating in office
space, and others focusing mostly with the minute industry.
Brokers can also
concentrate on different neighborhoods in some cities. If you want to locate in
a specific area, take full advantage of adjacent businesses, traffic patterns,
or predicted rents, it makes sense to look for brokers in the neighborhood who
have already done deals.
Seek to get feedback
from several tenants and business people. You may see the same or familiar name
on top of the list. If you have whittled down your list to two or three
potential names, you'll want to ask your contacts about the strong and weak
points of the broker before you meet and pick an agent.
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