As tempting as it might be to do a quick online search for brokers in your area and select someone from the first few results, that approach isn’t always in your best interest. When it comes to a decision as important as this, it’s important to do your due diligence and find a broker with the right attributes, qualities, and a proven track record of success.
Here are the four most important things to look for in a commercial real estate broker.
1. Extensive experience in commercial transactions
Believe it or not, anyone who holds a real estate license can legally handle commercial real estate transactions, but that doesn’t mean they should handle yours. Although there are many brokers who work with both residential and commercial properties, it’s best to work with someone who has extensive experience handling large-scale commercial transactions.
So whatever you do, don’t be shy when you’re vetting various Denver commercial real estate brokers. Ask them how long they’ve worked in commercial real estate and how many transactions they’ve handled that are similar to yours.
2. Knowledge of the local market
Real estate markets can vary greatly across state and county boundaries. In fact, even within a single city, the real estate market can vary significantly. Be sure your broker understands your area’s specific real estate history, the current market conditions, and leverages information technology to gain data-driven insight. They should also be aware of predicted trends or changes that can help you make more informed investments and business decisions.
3. The proper tools to represent you
When it comes to commercial real estate, you want to ensure your broker has access to the proper tools and industry information to successfully represent you. At the bare minimum, your brokers should be subscribed to Costar, CREXi and Loopnet. But to really narrow it down, look for a Certified Commercial Investment Member (CCIM). Brokers with this certification, which accounts for only +/- 6% of all commercial real estate brokers, have access to a vast amount of industry tools and information.
4. Responsive and easily accessible
Last but not least, you’ll want to ensure your broker is easy to get a hold of. After all, you’ll likely be working with the person you end up choosing for many months to come, so you don’t want to hire a broker who only cares about their commission and not your investment or business needs. With commercial real estate especially, deals can get complicated quickly. You want to work with a broker who always puts you first and makes the process as smooth and enjoyable as possible.
Start vetting commercial brokers in Denver today
If you’re ready to start meeting with and interviewing commercial brokers in Denver, reach out to us at Fountainhead Commercial. We have more than 40 years of combined experience in commercial real estate transactions and we always put the needs of our clients first.
Contact us today to learn more.