When you are attempting to choose a commercial real estate broker to serve as your tenant representative, finding the right one can be a challenge. Finding the right broker is a task that requires he/she have a good personality and strong skill set. Let’s look at the top five questions and get some clarification how this entire process works!
1. What commercial real estate agent is right for you?
Choosing a commercial real estate agent is the first step to finding that perfect place. There are actions one can take to decide if they have found a good fit for an agent or if they want to continue looking. Talking to former clients of a certain agent is a greatway to get feedback on the customer service provided. An agent should have their client’s interest at heart. Also look up the licensure for the agent. Make sure they are legitimate. Look at their current listings and see how many tenants they’ve represented.
2. What type of commercial real estate am I looking for?
First, you want to decide how much space you need. Is it an appropriate time for your business to move? Take a moment and look at the market in your area or desired area to be in. How much can we afford? What does it cost to move? The answers to these questions will help you answer the question about what type of commercial real estate you are looking for.
3. Can changes be made to a prospective property?
Some changes are necessary while others are cosmetic. The answers is usually yes; changes can be made. It’s important to note that the cost of these changes could affect price or change agreement guidelines. So, expect to foot the bill for the changes to the space, including landscaping and parking facilities.
4. How can I finance this endeavor?
Where do you even start to get a loan? What are the interest rates? How much do you need to put down on the loan? Speak to different banks to answer these questions. If financing through a bank is not a possibility, you may consider owner financing, second mortgages, or lease with an option to purchase.
5. Should I lease or buy?
Experienced commercial real estate brokers know that the right answer to this question is usually to start asking more questions. Both options can work, and your tenant representative should be flexible enough to help you choose the right type of occupancy for each of your locations.