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The value of the commercial real estate broker: What is takes to sell and their role in the transactionThe purchase or sale of your commercial property is the most important investment sale of your life. What does it take to sell a commercial property and what is the role that a competent commercial real estate broker plays in the transaction? Finding the property, or finding the buyer is only a small piece of the puzzle. What to Consider in the Selection ProcessIf you own, or are searching for a commercial property, hire a broker who specializes in commercial property. Hiring a residential agent, or a residential agent who does some commercial, is like going to the foot doctor when our eye hurts. Ask the broker what specific types and how many transactions they have closed. Many residential brokers who take commercial listings are unable to properly evaluate them and do not understand how to get them closed. A competent broker who specializes in commercial real estate will have developed relationships with the the major real estate players in the area, with local and government officials, and with people in related businesses whose knowledge can be tapped into when answers to tough questions are needed! Expertise Expertise includes an understanding of the market, the competition you are facing, and knowledge of zoning issues. A broker who understands the issues of a particular area can be of great value. In commercial sales it is essential to understand how the property can be used. I have seen several transactions where after the purchase, the buyer found out the property could not be used for what they intended. The Role of the Exclusive Listing Broker What does it really mean to have an exclusive broker representing your interests as a seller? The listing broker is in charge of monitoring or managing the transaction, similar to the role that the office manager plays in making sure that everyone is doing their job. The broker, as the manager of the transaction, knows who is visiting the site and keeps records of this for you. When a For Sale By Owner sign is put in front of a commercial property, most of the calls the owner will receive will be from the brokers. Therefore, it is most likely that a broker will be involved in the transaction and have to be paid anyway. That being the case, you may as well pay someone who will give you the kind of service that should go along with this payment. Problems arise on a consistent basis that need to be solved. An broker experienced in commercial transactions knows how to solve these issues. The brokers job is to understand the business issues, while the lawyers job is to understand the legal issues. The exclusive broker will be there to make sure everything is running smoothly, field all questions, assist you through the entire process from beginning to end and take total care of you and your transaction. An effective broker knows how important it is to work alongside your attorney. Brokers who know how to effectively work alongside attorneys, help to establish a very strong team. The truth of the matter is that a commercial closing can be very complicated and it takes a team of professionals to enable a transaction to come to a close. Many property owners take the view that there are plenty of brokers out there or that they can do it themselves. Here are some good ideas to consider: 1. The broker can assist the property owner by having developed relationships with planning or zoning board officials who can be a great help. 2. Since commission may have to be paid anyway, why not, for the same price, have someone to manage the sale of leasing of your property? 3. Did you know that when there is no listing broker and no one to manage or keep track of who has seen the property there is a chance of having more than one broker make a claim for commission on your property? 4. Hiring an exclusive broker guarantees that you will have a broker who is representing your interests! 5. Time is money. A good broker will know how to get your property sold quickly and for the highest price! Whos Looking Out For You? Hiring a broker who has good relationships with other brokers is essential. Unless there are specific issues involved where the property listing needs to be kept private, your listing broker should be willing to immediately put your property out to other brokers and be willing to co-broke. It is in your best interests to have the largest pool of potential buyers available to you at all times. Sending your listing out to other brokers is a great way to accomplish this. When a broker is liked and has rapport with other agents, that translates into your property receiving the greatest exposure and the greatest chance of being sold quickly.
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