What Your Commercial Real Estate Broker Needs
Here’s one thing we know, not every commercial real estate broker is created equal. You want to take your time and make the best choice when searching for commercial real estate investments, the same goes for hiring a broker. So beyond the obvious, what is it that you should be looking for?
In this article we share with you what we consider the three pillars of any qualified commercial real estate broker. These include: market insight, industry accreditations and, definitely the most important, vast transactional experience.
If you feel something else should be on this list, leave us a comment in the section at the bottom of the article! Hopefully after reading it you will either feel confident in your current broker choice, or will quickly be shopping for a new one.
[bctt tweet="Looking for a #CRE broker? Make a good choice; ensure they meet these 3 criteria." username=""]
Local Commercial Real Estate Market Insight
A commercial real estate broker is providing you with a professional service. As such, they should be experts in their field. That field just so happens to be commercial real estate brokerage and investment in your specific market location. A good broker is going to have extensive local market knowledge. They'll know the in’s and out’s of local market fundamentals.
When hiring a commercial real estate broker make sure to look for someone who has a unique and, because they were there, understanding of not only current market conditions, but also what is on the horizon for your market. This includes recent closings, current availabilities, upcoming developments, zoning ordinances, economic snapshots, investment rates and more.
Not only will a great commercial real estate broker know everything there is about economic and real estate conditions in your market, they will also know the people who work in those fields. Make sure to pick a broker who is well connected in the CRE community and has great relationships with area brokers. After all, in order to be successful in commercial real estate you have to collaborate.
Top Commercial Real Estate Accreditations
It’s not just enough to know your local market. A top broker must be versed on what is going on in the commercial real estate industry as a whole. In order to be current on the most important and useful industry standards every quality commercial real estate broker will participate in continuing education. This education either earns them certain accreditations or membership invitation to best-in-class industry organizations.
While there are many qualified organizations, one stands out in the commercial real estate industry: the CCIM designation. Standing for “Certified Commercial Investment Member” this designation is one the most extensive, and difficult to attain. Brokers who have CCIM after their name denote that they have completed countless hours of market and financial analysis coursework. Also, they have shown, through proven years in the field, that they are truly experts in commercial real estate.
For a more thorough understanding of all of the available commercial real estate accreditations, visit this recent blog on the topic from our friends at SVN | Graham, Langlois & Legendre in Baton Rouge.
Commercial Real Estate Experience
All the market knowledge and amazing accreditations in the world can only get you so far. In order to truly be a qualified, amazing, successful and talented commercial real estate you have to have the actual work hours under your belt.
Studying is all in theory, but it’s not until a commercial real estate broker has overseen countless transactions that they truly can serve their clients. By leading numerous brokerage and investment deals, a broker learns the best practices, useful tips, most efficient processes and the little nuisances that one can only pick up by having been there, done that.
So, bottom line when looking at options for a commercial real estate broker ask them how many deals they have done, in your market, for your specific property type. It may be the question that makes or breaks your deal.
Looking for a Commercial Real Estate Broker in Hattiesburg?
If you are in the market to buy, sell or lease commercial real estate in and around Hattiesburg and have been searching for a broker, reach out to us at SVN | Southgate Realty. With over 37 years history in the Hattiesburg market, a long list of professional accreditations and countless successful transactions under our belts, we are more than qualified to assist in all your real estate needs. Contact us today!