Posted on August 28, 2020
It goes without saying, but successful commercial real estate (CRE) brokers possess a particular set of skills, knowledge, experience and expertise. It’s a body of knowledge that differs significantly from that of qualified residential real estate agents.
Navigating the CRE market is not for the inexperienced. So, if you’re looking at buying, selling or leasing a property for business purposes, you’re wise to be on the lookout for a good CRE broker to help guide you along the journey.
Here’s what to look for in a qualified CRE broker.
A successful CRE broker has experience with the often complex and intricate transactions that are commonplace with buying, selling or leasing commercial properties. A broker should be willing to share with you a portfolio of their past transactions—and a list of some previous clients for reference.
Pay attention to the size of the transactions they’ve handled. This will help you to determine whether they are qualified or suited for your particular property or office space needs—however large or small.
As with any type of real estate, a commercial real estate broker needs to know the local market and industry. A quality broker will understand an area’s history, the state of the current market and anticipated or potential future changes.
A good CRE broker stays current and keeps their clients informed by providing updated industry news. For instance, did you know there may be commercial real estate grants available for some businesses in Utah? This type of information is invaluable for potential tenants and leaseholders in the Beehive State—and would likely only be known to a qualified CRE broker.
There are a wide variety of commercial real estate properties. Look for a broker that specializes in, or at least has experience with, the type of commercial property you’re trying to sell, purchase or lease. Some of the common types of CRE include:
In real estate, it’s often more about who you know than what you know. And that’s even more so with CRE brokers. Effective brokers develop and maintain strong connections, allowing them to become aware of available properties before listings are widely known. A successful broker will also develop relationships with real estate attorneys, contractors, architects, city and county personnel, financiers and others.
Qualified CRE brokers have a commitment to their clients and the unique nature of their individual needs. They maintain a keen awareness of local CRE markets and the overall industry.
Contact Chris Falk if you’re looking for an experienced broker to help you navigate the CRE landscape in Utah. He has helped negotiate more than 800 transactions in his more than 16 years’ experience—all exceeding $1 billion. Born and raised in Utah, Chris has the industry connections, market awareness and CRE background to help with many CRE needs in the Utah marketplace.