23 Dec How Do I Choose the Right Commercial Real Estate Broker?
When you’re ready to list your commercial real estate, whether it’s an investment property or a brick and mortar storefront you used for your business, one question looms large:
How do I choose the right commercial real estate broker?
There are a few things to take into consideration, including the size of the brokerage, their location, and whether or not you connect with the brokers themselves. But the best way to go about choosing a broker is to request that they create a proposal.
Within that proposal will be a marketing plan. When you’re listing a property, you obviously need people to see it and know that it is for sale. So, how will the broker go about marketing your property?
A proposed marketing plan will detail how much, if any, money they plan to spend marketing your property or if they plan on listing it online and waiting for the phone to ring or putting a sign out and walking away. You’ll find out if they stick to the basics or go beyond the norm to use a professional photographer and have drone footage taken to include with the listing.
You’ll also get an idea of how extensive their database is and how they will contact them. Some brokers prefer to email their targeted prospects while others prefer phone calls as a way to reach out to their best prospects directly. Finally, it’s important to ask how much they charge and to understand the terms they are proposing for your service agreement.
When you’re ready to reach out and hire a commercial real estate broker, it’s definitely in your best interest to do your homework. Request proposals from multiple brokers and compare their strategies and costs with your needs. Making the most informed decision is the best way to ensure your success.