We are going to go over the best questions for your commercial real estate broker. Your lease will have a large impact on your business so it’s important to find the best commercial real estate broker possible.
There are a lot of commercial real estate brokers serving as tenant representation now. Therefore, finding the right agent can be a challenge.
Chances are there are a lot of good commercial real estate brokers near me no matter where I am in the states. The right broker for you will fit your personality and have the right skills to properly represent you.
Make sure that you interview tenant representatives as you would candidates for a job. The right candidate will win the opportunity to represent you. Asking the right questions will also help you narrow the field.
Here are the top 5 questions to ask a commercial real estate broker:
1. How many tenants have you represented? How many were like me?
The right commercial real estate broker will have the right tenant representation experience. They will also have experience with businesses that are similar to yours. If you’re a small business than it probably makes sense to get a broker that deals primarily in small business. If you want to lease warehouse space it might a good idea to use a warehouse specialist.
Ask about long-term and recent history with the broker. Commercial real estate is constantly changing so make sure to ask about recent deals.
2. How do you handle transactions outside of your local area?
If you think your business may expand outside of your local area you need to plan for that when selecting a broker. A commercial real estate broker with a large network of colleagues in different areas has an advantage over a less connected broker.
The more your broker knows about other brokers, landlords, and opportunities the better your service will typically be. A broker with a lot of solid personal relationships can often get things done in ways others cannot.
3. Should I lease or buy?
Most commercial real estate brokers know the right answer here is given by asking more questions. Should you lease or buy is a question your tenant representative should be able to help you answer. Each location may have a need for a different type of occupancy.
4. How will you help me compare options?
There are different types of leases and many other variables. This can make it hard to compare the different options. A commercial real estate broker should be able to help you compare the different options. The broker should also be able to speak with your accounting team and use financial metrics to compare the total cost of the lease options. The broker will help you avoid any potential hidden costs in a commercial lease.
5. What else should I be asking?
A good commercial real estate broker will both ask and encourage you to ask a lot of questions. A good tenant representative keeps the conversation going to get as much information as possible. Commercial leases are big decisions that have a long-lasting impact on your business. Therefore, it’s important to find a tenant representative that is going to ask a lot of questions.
Tenant representation in Dallas and Fort Worth
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