Real Estate 101

How to Work with a Commercial Real Estate Broker

Working with a commercial real estate broker can be the best way to ensure you’re getting the best price for your business space - whether you’re leasing, buying, or selling commercial property. Here are the basics of what you need to know to work well with a commercial real estate broker.

Nadine Anderson

Nadine Anderson

How to Work with a Commercial Real Estate Broker

Working with a commercial real estate broker can be the best way to ensure you’re getting the best price for your business space - whether you’re leasing, buying, or selling commercial property. Here are the basics of what you need to know to work well with a commercial real estate broker.

How to Choose a Broker

Here are some questions you can ask to help you find the right broker for you.

What Kind of Experience Do Prospective Brokers have?

In an industry that is ever-changing and full of complicated concepts, it’s important to know that your broker knows what they’re doing. Find out how much experience brokers you’re considering have and find out where they’ve worked. A broker with local experience will have a handle on the local market and may have contacts that can help you find a better deal. It’s also a good idea to ask what kinds of commercial real estate they have experience with.

Referrals are Gold!

One of the best ways to decide if a broker is the right one for you is to ask. Ask brokers you’re considering for references from past clients and actually follow up with those references. You can also ask business owners in your area and/or industry about their experiences with their broker or if they have anyone they recommend.

Tips for Working with a Broker

Here are some tips for getting through the property buying or leasing process with your broker. This process typically starts with pre-shopping paperwork and discovery, then moves on to property viewings, making an offer, negotiations if that offer isn’t accepted immediately, and then the closing process.

Don’t Be Afraid to Ask Questions

Your broker doesn’t expect you to know everything you need to know about leasing, buying, or selling commercial property. It’s why you hired an expert! They’re your representative and it’s their job to help you get the best deal possible.

A good broker wants you to be well-informed - they should be able to tell you about market trends, rent assumptions or even what a CAP rate means. 

Get Organized

There’s a whole lot of paperwork involved in real estate, and your broker will need copies of lots of documents. If it’s not offered, ask your broker to give you a list of the documentation needed so you don’t have to scramble for it when it’s time to get down to business.

Know What You Need from Your Property

If you’re buying or leasing, it’s important to figure out what you need from a property before you start looking. How much space do you need? What type of layout would work for your business? Do you have a particular neighborhood that’s best for your business? 

Your broker can usually help you identify factors to help you narrow down your list of potential properties. They may also be able to help you find potential in a property that didn’t seem quite right.

The whole point of working with a commercial real estate broker is that they make your search for the right property easier and more efficient, and they serve as an advocate for you in any real estate transactions that take place. If you choose the right broker, they’ll do all that and more.

At Keyway, we’re happy to work with the real estate professional of your choice, so you can achieve your goals. Feel free to have your real estate professional reach out directly to us on your behalf.