How do I choose the right broker for my needs?
While there may be many people that feel that every broker is the same, the truth is that they are not.
Choosing a broker is an important decision. You should feel that your broker is knowledgeable, timely, and experienced. When meeting with a commercial broker, these are some of the most basic questions that should be asked:
1. What areas are your primary focus?
If a broker primarily focuses on real estate in Brooklyn, It’s obvious that he may not be the right broker to service your need for space in Manhattan.
2. Do you focus on commercial or residential real estate?
Obviously, if your broker is mainly a residential broker, you would not want him to help you with a commercial requirement. Residential and commercial real estate are worlds apart and have a different set of rules for each. When you choose a broker, choose one that specializes in your area of interest.
3. How long have been in the business?
I often see clients who use brokers that just entered the industry. While I understand that a broker has to start somewhere, do you want to be the tenant who is a new broker’s guinea pig? Any client that utilizes the service of a new broker may most likely not receive the best negotiated terms.
4. Do you focus on landlord representation or tenant representation?
While a landlord rep spends the bulk of his time representing landlords and their portfolio, a tenant rep will often solely focus on tenants. If you are a tenant, I suggest only working with a tenant representative. As a tenant, you should avoid working with a broker who has a relationship with landlords where he currently represents some of their properties. This relationship could hinder the broker’s ability to represent your needs to the utmost degree.
Have any questions for me? Contact me anytime so we can get started.