Commercial real estate transactions are often lengthy and multi-faceted. By working with a broker who has the right experience, professional drive, and personality, you can save time and money and gain access to off-market properties.
Here are five questions we recommend asking commercial real estate brokers to help ensure you find the right fit for your CRE needs
1. How many years of commercial real estate experience do you have?
Believe it or not, anyone who holds a real estate license can handle commercial transactions. But just because they're legally allowed to handle transactions does not mean they should handle yours. And although there are many brokers that market themselves as both residential and commercial brokers, it's best to work with a broker who has extensive experience managing large-scale commercial transactions.
If you come across a broker who is new to the industry or hasn't handled many large-scale transactions, that's a clear sign there is a better option out there.
2. What types of businesses do you typically represent?
From retail and construction to insurance and food services, there are many different industries that require operating space and each has its own unique needs. For example, an investment banking firm will have very different needs than a coworking company. Working with a broker who has experience finding space for companies that are similar to yours can help ensure they'll be better able to find you the perfect fit.
3. What type of commercial real estate do you specialize in?
Commercial real estate includes a lot more than just office space. Retail and industrial spaces both also fall under the commercial real estate umbrella. If you're on the search for new office space, you won't want to work with someone whose primary experience is in retail space.
4. Can you share some of your biggest success stories?
This is a great question to get a sense of a potential broker's biggest accomplishments! It can also tell you a lot about the scope and scale of work that they typically do. For example, here at Lavoro Consulting, we've helped negotiate lease savings of over $10M in a single transaction.
5. What’s included in your CRE transaction management services?
Like we said, commercial real estate transactions are often multi-faceted. As such, we recommend working with a company that can offer full-service transaction management so you have the support you need at every step of the process. Here at Lavoro, we assist with:
- Tenant representation
- Site selection and feasibility
- Due diligence
- Lease negotiations
- And more
Work with a top commercial real estate professional today
If your business is considering moving offices, reach out to us today at Lavoro Consulting. We have 20+ years of experience in commercial real estate transaction services.
Contact us today to get expert help finding the right space, at the right price.