If you're a business owner, then you know how important it is to have the right commercial broker on your team. But with so many brokers out there, how do you find the one that's right for you? Check out these tips to help you choose the best broker for your business.
How can I find a good commercial real estate broker?
First, consider the broker's expertise. For example, if you're looking to buy or sell commercial property in New York City and Brooklyn, then it would be great to have a local broker who knows those areas well and has experience there.
Next, think about the broker's expertise with similar transactions. For example, if you're buying a class A building, find a broker who has lots of experience dealing with class A. Or if you need help negotiating a lease agreement, look for a broker who specializes in negotiation assistance.
Finally, consider the broker's overall knowledge and experience. This is important because it will help ensure that your broker can handle all aspects of the transaction - from start to finish. Ask questions like how long they've been in business and what types of properties they've worked on in the past.
How do commercial brokers work?
It's important to understand how commercial real estate brokers work, because this will help you choose the best one for your needs. Traditional commercial brokers work in two ways:
First, they may be working on behalf of a client who is buying or selling property (or both). In this case, their job would be to represent that client and negotiate a deal on their behalf.
Second, they may be working independently and trying to find clients who are looking for property (or both). In this case, they would act as an intermediary between sellers/buyers and try to match up parties with each other through various channels - like the internet or in person meetings.
Commercial brokers versus tenant reps
One type of commercial broker is a tenant representative. Unlike a traditional broker who will often work for both the landlord and the tenant, a tenant rep only works for the tenant/leasing party.
Finding a trusted local tenant rep can have massive upside potential in your negotiation. At no cost to you, the local tenant rep provides search assistance and location recommendations, helps plan the optimal floorplan with the help of an architect, and aids in negotiation with the landlord to protect your best interests exclusively.
Why do commercial real estate brokers exist?
On Long Island, there are many different types of commercial properties such as office buildings, retail stores, industrial warehouses and more. Some commercial properties are owned by individuals or companies while others belong to large corporations. Oftentimes, building owners are too busy or too inexperienced to find tenants for their commercial property, so they resort to a broker to help them.
Where can I find a good commercial broker?
There are a couple of ways you can find a commercial broker. First, you can rely on your own network. This is typically a good way to find an experienced representative. But what do you do if nobody can refer you?
Many people will then go to a tool like Loopnet or Property Shark. However, this isn't always a good idea. These tools have a lot of information, but they're not necessarily curated to show the best commercial real estate broker. Often, you will get a call from an out of state phone number who then connects you with the landlord's preferred broker. The main issue is, when you work with the landlord's preferred broker, you're negotiating against yourself. Naturally, the broker who works with both the landlord and the tenant will gravitate towards helping the landlord since they typically provide more repeat business than the tenant.
The final option is to work with a trusted local tenant rep, who will provide search assistance and location recommendations at no cost to you. At High Line Real Estate Advisors we can help you find the perfect spot for your business. We're a curated network of experienced tenant reps who only work with the best in the industry.
To get started, you can either contact us directly or use our search tool to easily find a property that fits your needs. You can search based on anything from parking spots, to building type, to amenities! Check out how it works below: