Finding the perfect property for your business is not always an easy task. There are many things you’ll need to consider in order to find a property that will accommodate the spatial needs and locational requirements of your company. If your list of must-haves gets to be a bit too long, it can be quite beneficial to bring in a professional. Working with professional commercial real estate services will save you from becoming overwhelmed at the prospective properties, while also ensuring that you end the hunt with the perfect space for your business. In order to make the process as painless as possible, it’s important that you and your real estate broker are on the same page at all times. Below are several important questions to ask a commercial real estate broker to help streamline your entire search.
What locations are you most familiar with?
Most commercial real estate brokers will specialize in a certain location. Working with a broker who is familiar with your desired area will help streamline the process significantly. They will be well-versed in knowing which areas receive the most foot traffic and can attest to the overall success of businesses in a specific area. Because your broker will be familiar with the area, you can spend less time looking at undesirable properties and can therefore find your optimal location far faster.
Do you specialize in specific types of commercial properties?
In addition to specializing in certain areas, some commercial real estate brokers may also specialize in finding specific types of commercial properties. The requirements for an office space are far different from those of a retail space, for instance. Working with a broker who specializes in your niche industry ensures that all items on your must-have list are provided and perfected.
Can you share some of your success stories?
When it comes to finding the best broker for the job, the proof is often in the pudding. A broker’s past successes will speak much louder than any promotional materials or expertly crafted pitch ever will. Ask your broker to share specific stories about particularly challenging scenarios to see how they worked with the client to find success. The way they managed past clients will give you an indication as to how they will approach your specific scenario.
Where do you see the market going right now?
This is by far the most informative question to ask a commercial real estate broker. The current real estate market can make or break your sale and can make it very hard to find a good property within your price range. Asking this preliminary question will let you know if searching for a new property is a smart move at this time or if you’d be better off waiting. During this conversation, you can also discuss whether your broker thinks it is better to lease or purchase a property at this time, given the current market. The current real estate market can also affect how long the search for a new property will last and what the average cost would be to lease a new property at this time.
Thanks for the suggestion about asking about previous success stories when interviewing a real estate broker. One of the things that has always stuck to me from a business elective I took in college is that it is less risky to get have investments in different places. As such, I’m considering to dip my toes into both commercial and residential real estate once I begin to comfortably understand the distinct differences and similarities between the two.