What Makes A Great CRE Brokerage Firm?
A commercial real estate (CRE) brokerage company will help you sell, lease, buy, or rent non-residential property. They can be essential to your success in owning, leasing or selling commercial real estate - if they have the right skills and experience. They can also save you from a slew of mistakes that can set you back and result in great liability to you or your company.
However, the wrong CRE brokerage firm can be more harmful than no brokerage firm at all. If you’re looking to purchase, lease or sell commercial real estate and want to work with a quality CRE brokerage company, take a look at these key things your CRE brokerage firm should have.
The Right Brokerage Experience
It’s not enough that a company advertises itself as a provider of CRE brokerage services. They need to have the knowledge and experience to back it up.
A CRE brokerage firm needs to have brokers with vast experience and understanding of the implications in tax law, zoning and land use, financial analysis, market data, and property management. They must know what pitfalls to watch out for and when to bring in specialized vendors and consultants.
To have that kind of seasoned wisdom and experience takes years of practice in the trade. Ask your potential broker about their work history, success stories, and whether or not they stay up-to-date with current trends and practices. If they don’t seem to have a solid track record, odds are they aren’t a top-tier broker.
The Right Focus
Consider the history of the firm. Are they solely focused on commercial real estate, or do they mainly focus on residential? Commercial and residential real estate are very different in many ways, and they require vastly different fields of knowledge in order to practice them effectively.
You should also question whether the firm has actual experience in owning, developing and constructing commercial real estate, or if they primarily function as a broker for others.
The Right Skills
Once you find a CRE firm with a lot of knowledge, make sure they have the right skillset to go with it. This means strong negotiation skills, and the ability to navigate laws and regulations, technology, prospecting, qualifying, and pitching.
The Right Approach
You want a CRE brokerage company that makes you feel valued, important, and supported - especially if you’re navigating commercial real estate for the first time. Choose a firm staffed with people who truly listen to your needs, desires, and concerns. Don’t settle for less than that.
Your CRE agent should pick up when you call, return emails in a timely manner, and give you their undivided attention when they’re with you. If you feel like you’re “just another listing,” it’s probably not a good fit for you.
The Right Reputation
Word-of-mouth still reigns supreme in most industries and professions. What do other clients have to say about the firm? What about former clients? Is the company well-respected in the local market?
You want to work with a firm that has a good name, among both their clients as well as their peers. A positive reputation often means a better local and global network. It also points to more success for you in your commercial real estate endeavors.
Is Maddox the Right CRE Brokerage Company for You?
With a great CRE brokerage firm, the commercial real estate landscape can be an exciting - rather than a daunting - process. At Maddox Companies in Knoxville, TN, we work hard for our clients so they experience success in the commercial real estate market. Check out our portfolio to learn more about what we’ve done for others - and what we can do for you.