How to Hire the Best Real Estate Broker
When it’s time to execute your next commercial real estate transaction, you will have to make a number of major decisions. Arguably, the most important move is select the correct broker. In most cases, you will be in contact with at least one broker, if not more. In fact, in Salem, there are 10 — 12 brokerages all in direct competition with one another. On average, there will be 4 — 5 brokers vying for one listing. As a client, it is important to remember that you hold the power. At the end of the day, the decision, for better or for worse, is yours. However, you don’t need to be uninformed. Carefully examine the following guidelines for the selection process:
First, you need to decide if you can trust the broker. How many years have they been in commercial real estate? What kind of transactions have they done? Have they successfully closed transactions that are similar to yours? Do they seem knowledgeable?
It is also useful to check for client testimonials — these are a great indicator of how things will go for you. Looking at a broker’s past clients or even reaching out to them is a great strategy to ensure that you make the correct decision. While these are not always the most reliable resources, they are useful tools that reflect past clients’ experiences. You might even consider calling up someone they have worked with in the last year.
During this process, you need to consider one important aspect: does the broker do a good job of listening to you? Do you think they really care about your needs? How quickly do they respond when you reach out to them? It is vital that you work with someone who is a good listener and who understands what’s most important to you. There is nothing worse than a broker who ignores your special request or doesn’t value your opinion. Make sure they are enthusiastic about the prospect of working with you.
In addition, you need to pay attention to detail. Does the broker fully understand the forms that they’re asking you to sign? If you ask them a question about where a specific provision is within the form, can they locate it easily for you? If so, this is a good indication that the broker has spent time both reading and understanding the form that they’re asking you to sign, which is a great indication that they could be a good broker for you.
Another issue to avoid is pushy, sale-obsessed brokers. In our lifetime, we encounter salespeople who are constantly trying close us on what’s really best for them, instead of being focused on what’s best for the customer. To avoid this situation, take the time to select a commercial real estate broker who takes pride in their work and wants to provide the best service imaginable. Ideally, this person will care more about your success than their personal commission.
You are going to make a very important decision in your next commercial real estate transaction, one that will probably involve hundreds-of-thousands or even millions of dollars. If you follow these guidelines and carefully consider all the options, then your chances for a successful transaction are maximized.