If you are a seller or owner looking to lease your commercial property, there are many questions you should ask a commercial real estate broker. Commercial real estate has its own set of challenges and requires expertise different from residential real estate. It is essential to know how well the broker understands the commercial property trends and best practices in your geographical area. The following questions will help you determine whether or not the commercial real estate broker you are considering working with will best represent your interests.
Here are 20 Questions to Ask Your Commercial Real Estate Broker
Ten Questions for Sellers to Ask:
- What is the recommended price for my property?
- Are you familiar with the market for this kind of property?
- May I see your portfolio?
- What are a few similar transactions that you have completed?
- Do you have success with similar clients?
- How will you advertise the property for sale?
- What is your marketing strategy for my specific needs?
- Is there any aspect of my commercial space that will deter buyers?
- How does the listing, to contract, to closing process work?
- How long do you think it will take to find a qualified buyer and then close the sale?
A competent broker will have a successful sales record for the area, specifically in like-kind property sales, and know if there are parties interested in your type of property. The broker should be honest about your chances of selling at the highest and best price in the shortest time.
Most brokers have years of experience in selling properties as quickly as possible. They often have a keen eye for any red flags in your property that will dissuade potential buyers or lower your property value. Ask your broker if there are any quick repairs or changes that will get your space sold faster.
Experts will know where and how to advertise your property online and in publications. The size, asking price, and location of the property will define the market and the advertising program.
You may want to sell your commercial property in the Palm Bay, Melbourne, and Titusville market areas of Brevard County, Florida, but it is also necessary to advertise outside of the area. People all over the world are interested in investing in Florida commercial real estate, and a successful broker will know how to reach them.
Ten Questions for Property Owners Leasing Commercial Space:
- What other locations in this area does the broker represent?
- Does the broker have any conflicts of interest?
- Can you dedicate the necessary amount of time to advise me and update me on my properties?
- Do you have references?
- Do you have experience handling properties similar to mine?
- Do you have marketing and demographic information on the area?
- How do you plan to advertise the space for lease?
- Can you refer me to other professionals such as real estate attorneys and appraisers?
- What pricing and lease terms are typical for this type of property to achieve the highest lease rate in the shortest time?
- Can you manage the property, including collecting rents and handling repairs, insurance, and refinancing?
Many commercial real estate brokers are also property managers who collect rents and contract with other services to maintain the buildings. You can learn about their subcontractors and even get references for the broker and contractors.
An excellent commercial real estate broker will advise you on the best way to sell or market your property. A knowledgeable broker can also advise you on commercial real estate investments in the area.
Contact The Ullian Realty Corporation in Melbourne, Florida for information on property sales and leasing for all of the Palm Bay, Melbourne, and Titusville market areas of Brevard County. We will advise you on the best real estate process for your commercial real estate needs.