Here's Part 2 of How to Choose the Right Corporate Real Estate Broker. If you missed Part 1, here's Choosing the Right Corporate Real Estate Broker!
Now when it comes to choosing your ideal commercial real estate broker, there are several factors to keep in mind. It is not enough to just search brokers that handle only the commercial sector, or even those brokers, who work specifically in your region or industry. Your search should be refined and tailored to your very specific needs.
Obviously, you should be looking only at commercial real estate brokers, they should be brokers that have worked in your area, or at least have the ability to perform the necessary research to develop extreme market intelligence. You certainly do not want your agent to get you the best deal he or she could get, only to learn upon signing that there are ten to fifteen sites you didn’t consider that are at least comparable to (and maybe even better than) your new site. This is simple economics: competition drives prices downward. Using your market intelligence means effectively leveraging it to lower rates, in which you will be locked over the next five to ten years.
The broker you choose should have a working knowledge of your industry. Say your company requires a great deal of land for the majority of your sites. Your broker, when gathering information on potential sites, should be aware of the certain risks, like flooding, for example, which could be very damaging to your company’s assets. Or if you are considering moving your headquarters out of town, you will want to consider the affect it has on your employees. Will they be able to commute to the new location? Will they have to relocate themselves? Getting the best deal on your new site is more than finding the cheapest direct expenses associated with the space. It is finding space that matches all the needs of your company, and your broker should be considerate of all of these factors.
Here is Part 3.
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