14 Questions to Find the Best Commercial Real Estate Broker in Any Niche

Do you have Commercial Real Estate Brokers as part of your investment team? A good broker is an essential team member because they have access to opportunities, before they are listed. But how do you develop a professional relationship with a local broker when you are in a new market? Here is how to approach them.

Find agents with experience in your identified niche. Use several in each market and build professional relationships based on mutual contacts. Brokers make a living selling commercial real estate and they will be your best connection in a chosen market IF you can close on a property. Close once and you they will introduce you to their network.

Here are fourteen questions that will get you started finding a great broker:

ASK FOR AND CHECK AT LEAST THREE REFERENCES from similar completed transactions.
Inquire about their experience. How many years do you have as a licensed real estate professional in my niche?
Regarding their time management: How much time do they spend as a broker as opposed to managing, insurance, syndication, non-real estate and other activities?
What deals have they taken to contract in the last year?
Do they maintain a staff, organization, and access to off market listings?
Ask about the most recent closed properties where they represented a buyer, what about the seller?
Ask for character and ethical references for these buyers and sellers.
What professional membership organizations are they active?
What market factors should I know about?
Who is my competition?
What amount of time can I expect you to give to my purchase?
I would like access to market data in my niche, what do you have available that I cannot get elsewhere.
Regarding sales: will you advertise our listing, or purchasing and do you work with other brokers?
Recommend the top three, Property Managers, Commercial Mortgage Brokers, Commercial Real Estate Attorneys and experienced Escrow / Title agents, you have worked with.