When investing in commercial real estate, you need to work with the right commercial broker to achieve your investment goals. The following five main considerations determine whether the real estate adviser will give you the flow of quality property you are looking for and make your business a priority.
Start by giving your broker candidate the same care as real estate itself. This increases the likelihood that the broker you choose is the right broker. Make sure you make a policy that contains your specific goals and needs to qualify your prospective broker.
Keep in mind that choosing the right commercial real estate agent can potentially bring you millions of dollars in time and money.
There are many real estate agents who switch from residential to commercial property to "make lots of money". What they don't realize is that commercial real estate is more than just selling or buying real estate.
This requires the ability to understand and interpret profit and loss accounts, the role of leases, contracts with third parties, and many other specific documents that are relevant to each transaction. This is more than just writing a contract.
If your prospective broker can't understand building operating profit or can't tell you how much debt service coverage you have, there's no need to search anymore.
Ask your real estate agent about qualifications, certifications, and information about selling commercial real estate. Your commercial real estate agent may have years of experience, but must also be able to adapt to new sales or purchase methods.