As a buyer or tenant, it is a no-brainer to use a commercial real estate agent — it’s free, and the benefits can be astronomical. But how do you decide who to use? Here are 5 things to help you decide:
1. Geographic specialty — this is the single most important aspect to qualify. The more specific they are to your target location, the better they will be for you. They will know all the major players in the market, and have access to listings that may or may not yet be on the market.
2. Speed — This is a very dynamic industry, and speediness is a very important aspect to understand. How quickly they respond to you and to your needs, the more able they will be to get your bids in first, and get you the space you need.
3. Experience — The more experience with the particular property type you are dealing with, the more knowledgable they will be on negotiation points, good inspectors, and everything in between to save you time and money.
4. Their team — Having a team of brokers behind them will mean the potential to help you cast a broader net. Don’t expect because it is a big team or company, though, that having them there is going to do you a whole lot of good.
5. Trust — I ammend what I said before — this is the most important element of finding a good broker. Use your judgement — If you feel like you can trust your broker for their knowledge, efforts and intentions, then you will have a successful relationship. Ask lots of questions, and expect the broker to have your best interests at heart, or else move on to the next.
For more Los Angeles commercial real estate investment tips, please visit us at Monocle Real Estate Services.
