NYC Real Estate – Finding a Good Commercial Real Estate Broker In NYC

Finding a competent commercial real estate broker in NYC doesn’t have to be a painful task for anyone. In this article, I will share with you some information that will help you find a reliable broker easily.

Did you know that real estate agents earn their living by earning a commission for every transaction they bring to a close? Unlike the residential sector where you pay the commission for renting an apartment, in the commercial sector it is the landlord who pays the finding fee, or commission, to the agent. Bearing these facts in mind, you should expect to get nothing less than a superb service from the broker you will end up choosing.

One question that I often come across is “Do I really need a broker”? Well, if you intend to rent a commercial space in Midtown Manhattan, between 34th and 59th streets, and in the Wall Street area, then the answer is a resounding yes. In other areas, however, especially in the smaller buildings where the commercial space is located on the first floor, while the rest of the building is dedicated to residential purposes, in such a case, you can do without one.

Finding a Good Commercial Real Estate Broker In NYC

Just like in any place in the world, when looking for a broker, the best place to start is with people you know. Use your network of friends and colleagues. Ask each and everyone if they happen to know a good commercial real estate broker. You will be surprised how often such a simple action can result with an array of solid, promising, leads.

If you know the person who made the referral and trust his or her judgment, then chances are that he or she has already done the hard work of checking the broker’s credentials. Therefore, you can go ahead and work with the recommended broker.

Finding a representative through people you know is the best and often the fastest way to employ a great, competent, broker. In such a case you will be relying on other people’s experience, which will help you choose wisely.

If you come up empty handed, after asking people you know, then the next-best thing is to contact The Manhattan Association of REALTORS® [MANAR] located at: Manhattan Association of REALTORS®350 Fifth Avenue, Suite 4711, New York, NY 10118, Phone: 212-594-2233 Fax: 212-594-3338

Known for its fairness and integrity, MANAR, is a non-profit organization that “is dedicated to assist the Manhattan real estate community in conducting their business successfully and ethically; and to provide the consumer the opportunity to choose a REALTOR┬« who can be relied on for competency and integrity.”

When contacting MANAR, make sure to tell them what your needs are. Furthermore, you want to ask them for the name and contact information of at least three brokers.

Once accomplished, call each one and schedule a meeting to discuss your needs. Now, you will have the opportunity to sit together with a broker who is a member of MANAR and get the feel of the person. When interviewing a real estate broker make sure to check out his or her demeanor; is he or she calm or anxious? Is he or she pushy or rather laid-back and listens attentively to your needs and concern? Choose the person you feel most comfortable with.

Once you have chosen a broker you are happy with, even though he or she was recommended by MANAR, you should still want to let him or her know that you are a person who is assertive and will be expecting good service. You can accomplish that by asking them for references. You want to call a few people they had represented in the past and find out from them about their experience working with the company and especially with that particular agent.

Another important quality that your broker should have is knowledge of the city’s laws and regulations as they pertain to commercial real estate. Your broker should also be able to explain to you in plain language the terms and conditions the landlord is offering.

Do not forget, the broker – although paid by the landlord – is working on your behalf as well. Therefore, do not be shy. Be specific about your needs in terms of space, location and your budget. Normally, you would want the broker to get you the longest lease possible at a rent you can live with and with lowest, yearly, increases.

Yes, a good broker can negotiate with the landlord on your behalf but don’t forget, it is the landlord who pays the commission and therefore, having a lawyer on your side will ensure that you have someone who looks after your interests, not the landlords.

As you can see, finding the right agent need not be difficult. If you are looking for a commercial real estate broker in New York City, the information provided above should help you find one easily.