You wouldn’t wander the wilderness without an experienced guide to lead the way. Similarly, it’s wise to seek assistance from an expert when you venture into complex commercial real estate markets.
Whether you’re looking to buy, sell, or rent commercial real estate, you need someone on your side who knows the lay of the land and can ensure you get the best possible deal and achieve your objectives. That’s where commercial real estate brokers come in.
The right broker will help you avoid pitfalls and find your ideal tenant or the best space for your business. Hiring a commercial real estate professional can save you time and money in addition to giving you access to their expertise and connections, according to the LoopNet article, “10 Reasons to Hire a Commercial Real Estate Broker.”
However, you don’t want to join forces with just anybody. It’s vital to carefully evaluate your options and select someone with the right background and skills to support you in achieving your objectives. If you’re searching for a broker, here are some key factors to consider.
1. Experience in the commercial real estate space.
Is the broker you’re evaluating brand new, or have they worked in the field for a while? It makes sense to look for someone with a proven track record assisting clients with buying or selling the type of property you own or want to purchase.
Aside from the required broker’s license, consider other degrees the real estate professional holds that could be relevant to your needs. You should also investigate whether they have a managing broker license, which affords them additional privileges, according to Illinois Realtors.
3. Local commercial real estate market knowledge.
Someone who’s spent decades in the area and knows it like the back of their hand will prove more useful than a broker who’s new in town. Seek someone with in-depth knowledge of the markets relevant to your sale or search for commercial property.
4. Top-tier negotiation skills.
A savvy broker can negotiate the most favorable deal possible, according to LoopNet. They can leverage their years of experience in the field to ask the right questions at the correct times and ensure you receive favorable lease terms. Some will even continue to advise you after you’ve signed the lease.
You want to find a broker with a reputation as someone committed to providing the best possible service. Check out Google My Business ratings, Yelp reviews, and testimonials to assess their dedication to clients.
At Avalon Realty Associates, we run a full-service brokerage system for buyers and sellers and have over 25 years of experience. Our team has in-depth knowledge of both the Chicago and national commercial real estate markets. If you’re selling, we can inspect the property, establish a pricing model, suggest strategies for sales price enhancement, and market the property like we own it with multimedia promotional materials. If you’re buying, we’ve got you covered, from needs assessments and market analyses to contracts and closing.