Choosing a Reliable Real Estate Broker

Employing the services of a real estate broker is sometimes the best option when you are buying or selling a property. For this reason, it is crucial for you to find a broker who is dependable and with whom you can have a comfortable working relationship.

The potential broker should have the proper credentials including their years of experience in the trade. You may also want to check out their license to engage in the business as well as some references if possible.

Doing transactions with real estate brokers requires you to work closely with them, which means personality becomes an important factor in your relationship. Choose a broker who is easy to get along with and can communicate well.

You would feel more comfortable if your broker is quite familiar with the locality you are planning to settle in. Try to find out whether or not they have successfully served clients in the area in buying and selling property.

To make their jobs easier, real estate professionals use the Multiple Listing System, or MLS. You can avail of the benefits of this system's database through your real estate broker and use the information to your advantage.

Choose a realtor who knows how to focus on your needs and knows how to deal with different kinds of people. Remember that real estate business is one of negotiation and persuasion, therefore, your broker should have these skills.

Keeping a good communication channel with your realtor is essential to ensure you are constantly on equal footing. Even if your broker may sometimes be unavailable to answer your calls, they should be responsible enough to resolve matters in a timely manner.

Exercise caution when you are asked to sign any agreement. Never hesitate to ask questions before signing and try to understand details so you can keep yourself safe from ambiguous or hidden provisions.

Dave Manner has been writing articles about brokers for the past two years. He also enjoys writing about New York real estate topics, such as commentary about East Village apartments and Gramercy apartments.

Dave Manner

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Choosing the Right Real Estate Broker

Choosing the right real estate broker is important whether you are buying or selling, so make sure to shop around first. Talk to at least a few brokers before making your final decision, since you'll want to make sure you feel comfortable working with them.

It's also important to make sure any broker you select has the proper qualifications. Pay attention to how many years they've been a broker, and ask about their success rate.

Personality is also an important consideration since you'll be working closely with your real estate broker. Choose one that is easy for you to work and communicate with effectively and that will be reliable with respect to answering your phone calls or emails.

Make sure whoever you choose is familiar with the area you are interested in. Check to make sure they've actually completed real estate transactions, both buying and selling, in the neighborhood where you want to buy.

Real estate brokers have access to many tools that a home buyer or seller wouldn't have on their own, such as the M.S.L. Take advantage of these tools and use your broker to his or her best advantage.

Be sure your broker focuses on your needs and has good customer service and people skills. Real estate transactions often take a certain degree of negotiating skills, so keep this in mind as well when choosing a broker.

Maintain good communication with your broker through a variety of channels to make sure you're both on the same page at all times. Your broker might not always b e able to return your calls immediately, but they should at least be timely about it.

Pay close attention to any contracts that you may be asked to sign. If you have questions, ask before signing so that you protect yourself from any hidden terms.

Josh Craver has been writing articles about brokers for the past five years. He also enjoys writing about NYC real estate subjects, specifically providing commentary on Chelsea apartments and West Village apartments.

Josh Craver

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Commercial Tenant's Guide to Choosing the Best Commercial Real Estate Broker

Choosing the right real estate professional is the first and most important decision you will need to make when embarking on the commercial real estate leasing, lease renewal negotiating, subleasing or buying process.

As a prospective buyer or tenant of commercial real estate, it's important to take advantage of the valuable service a professional real estate advisor can add to a process can quickly become risky, expensive and time consuming. Like any large business undertaking, failure to seek professional advice on an area outside of your expertise may lead to misinformed decision making that will place your business at risk and certainly the lack of market knowledge and negotiating expertise to extract the maximum concessions from a transaction.

Fortunately however, most business owners are only faced with a corporate real estate transaction or challenge every couple of years. That being said, if you don't already have one, how do you go about choosing a commercial real estate advisor who's qualified to achieve your goals? And if you do, how do you determine your current representative is up to the job this time around?

Below are eight hard and fast rules to thoroughly consider for choosing the best commercial real estate advisor for the job:

1. Choose a broker who will represent your best interests, not the landlord's or seller's, to avoid a Dual Agency situation.

First and foremost, choose a broker without the conflicts of interest associated with representing landlords and sellers. And whatever you do, don't choose the landlord's/buyer's broker to represent you! While this may seem obvious, it's the biggest mistake tenants and buyers make, often perpetuated by the listing broker who may claim you will save money because they don't need to pay your representative and you will save time as you can negotiate direct. It's important to understand the listing broker is motivated to create a dual agency situation because he will receive the entire fee for negotiating against you, the tenant or buyer, who lacks his negotiating expertise and market knowledge. Hence the landlord wins, you get a raw deal and can only hope that the listing broker assists you with the often time consuming tenant improvement and relocation process once the deal is closed and he's been paid.

While dual agency is perfectly legal in California and can sometimes result in a fair outcome, it is fraught with potential conflicts that must be managed by the broker to protect the best interests of both parties to the transaction and himself. Quite frankly, no matter how convinced the listing broker is that he can avoid conflicts of interest in a dual agency situation, it's practically impossible to do so. Thus, choosing a buyer/tenant representation specialist is essential to achieve optimum results. In doing so, you instantly avoid the conflict of interest risk and can be confident that you have an expert on your side (not the landlord's!) that will work hard and provide the expertise and knowledge to understand and achieve your needs and represent your best interests only. Would you hire the same attorney as your adversary to represent you in a lawsuit? Of course you wouldn't. Hiring a real estate representative should be treated in the same fashion.

2. Choose a broker who is a specialist in Tenant/Buyer Representation

Besides not having conflicts of interest to manage, a specialist in tenant/buyer representation provides many other services exclusive to his specialty and will provide a much higher level of service and commitment than a generalist that represents both landlords and tenants. With depth of experience and expertise in specializing in representing tenants comes the wisdom to apply the knowledge, tools and resources to achieve your objectives and to serve your best interests. A specialist will also likely be able to dedicate more time and energy to serving your needs than a broker that represents both landlords and tenants. They will not be overwhelmed with having to juggle as many transactions and constantly preparing time consuming marketing reports to landlords. They'll also be there for you to project manage any tenant improvements and facility needs you have either immediately after the transaction has closed or at any time during your lease.

3. Choose a broker who has experience in your immediate area.

There is no substitute for true market knowledge; knowledge, which can only be gained through extensive transaction experience in a defined geographic area. It is, quite simply, the only way to acquire the market 'intelligence' required to drive the hardest bargain for a tenant or buyer. An experienced tenant/buyer representation specialist who works in your target market knows not only what is available in your market before anyone else, they know every landlord's negotiating strategy, motivations, financial constraints, operating expenses and other key information he can use to your advantage. Be careful of tenant/buyer representatives who don't specialize geographically. They don't have the required market knowledge to get you the best terms, and must rely on unreliable and incomplete third party databases for market data.

4. Choose a broker who has experience in your particular product type.

The importance of specialization also applies to the type of property contemplated in the lease or sale transaction. There are stark differences between industrial, office and retail properties. The physical aspects of each are substantially different, as are the lease structures, term, conditions and operating expenses, among other things. For example, a full service gross office lease is a completely different challenge than a single tenant industrial triple net lease. So, make sure that the real estate advisor you choose has a track record of handling transactions like yours.

5. Choose a broker who has experience representing your type of business

Understanding how your business utilizes space and its specific operational requirements, as well as how your space requirements may change in the future, is an important component in choosing your next location. A broker who has experience in representing businesses like yours in your industry and location will help streamline the process of finding the right property, especially if your operation requires specialized improvements, proximity to other service providers or regulatory approvals. If your real estate broker does not possess a complete understanding of what you do, valuable time could be wasted and opportunities may be lost. The first thing your commercial real estate advisor should do is ensure he fully understands your business and, in turn, your real estate needs. Experience in representing similar companies will expedite this process and may even be able to offer valuable recommendations you hadn't considered.

6. Choose a broker who has a clearly defined process for achieving your needs and a high level of accountability to you throughout that process.

While every real estate transaction will have its unique challenges, the commercial real estate advisor you choose should demonstrate to you that they employ a logical, step-by-step process for handling your assignment. Unexpected surprises will be minimized if your broker handles the mechanical aspects of your transaction in sequence and in timely fashion before moving to the next step. As important as the process is, your broker should have a way of holding himself accountable to you as the transaction progresses, so that you are assured that nothing is overlooked and your interests are being thoroughly served from start to finish. Surprises are great at parties, but not in real estate transactions.

7. Choose a broker who has the necessary tools and support to give you the highest level of service.

Having the best information at your disposal is a key element in the making of a good real estate decision. Knowledge is power and, as such, your broker should have access to the best market information, analytical tools and human resources available to assist him in executing the transaction on your behalf. Ask for a list of these resources with an eye for their relevance to your requirement. The best real estate advisors at the top brokerages have access to the best resources and the most in-depth and timely information and they know how to use these tools to your advantage throughout the real estate process.

8. Choose a broker who you trust and you connect with on a personal level.

Choosing a real estate advisor with all the skills, experience and expertise for achieving your real estate needs is all well and good but don't overlook the personal touch. We all naturally associate with people we like and have something in common with. Once you've selected who you believe can best represent your needs, be sure you both get to know each other on a personal level as best as possible. With good instincts this shouldn't take long. If you and your real estate advisor get on great, not only will you both gain each other's trust, but your representative will likely have a higher level of commitment to you on an emotional level and will want to work harder for you than if you were just another one of his clients.

Finally, when a real estate advisor claims they are the most qualified for the task at hand, don't necessarily take their word for it. Always ask for references and to see case studies that clearly demonstrate their claims. Don't hire a real estate advisor unless they can prove they've achieved great results for someone like you!

You can click HERE to view some of our clients' success stories.

For free advice, a no-obligation consultation or lease audit to determine the cost-savings and real estate strategies available to you, call Stefan Rogers direct: (949) 263 5362.

By Stefan Rogers, MRICS: (949) 263 5362
srogers@voitco.com
Voit Commercial Tenant Solutions is part of Voit Real Estate Services - 2020 Main Street, Suite 100, Irvine, CA 92614

Our corporate real estate services provide strategies and solutions that optimize business growth and profitability, maximize time and money savings, and minimize exposure to risk.
http://www.voitcts.com

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Five Key Condsiderations for Choosing The Right Commercial Real Estate Broker

Commercial Real Estate investing requires working with the right Commercial Broker to reach your investment goals. The following Five Key considerations will determine if a broker will bring you a stream of quality properties you are looking for and makes your business their priority.

Key consideration number one: Do your due diligence.

Start by doing the same kind of Due Diligence on your Broker Candidates as you would on properties themselves. This will increase the probability that the broker you choose will be the right broker. Make sure you create a guideline containing your specific goals and needs to qualify your broker candidates. I research the agents that I will potentially be working with. I read their brochures, promotional literature, websites, past closings, etc so I can cross reference credentials and history with other brokers in the marketplace. Remember, choosing the right Commercial Real Estate broker can potentially net you millions of dollars worth of time and money.

Key consideration number two: How long has the broker been in the business?

There are many brokers who cross over from Residential Real Estate into Commercial Real Estate in an effort to "make big money". What they fail to realize is that Commercial Real Estate is more than just selling or buying real estate. It requires an ability to understand and interpret profit and loss statements, rent rolls, third party contracts, and many more specific documents that are involved with each transaction. It's more than just writing up a contract. If your potential broker can not figure out the Net Operating Income of a building or can not tell you what the debt service coverage ratio is, then you need to keep looking.

Key consideration number three: Have they kept current with changes in their profession along with market changes?

Ask the commercial real estate broker about his or her credentials, certification and education in terms of selling commercial properties. Your Commercial Real Estate broker may have years of experience but they also need to be able to adjust to new selling or buying methods. If your broker is not in the loop about the newest trends of investors buying pools or how new technology is affecting the market trends, you may potentially lose out on a property. I never deal with brokers who have some commercial experience, it is important to know who you are working with in terms of their familiarity with the type of investment you are considering.

Key consideration number four: Make it a point to get to know the broker's staff.

It is important to ascertain the competency of their staff to see if your deal will be handled with professionalism and efficiency. The right broker will have key employees that have a wealth of knowledge about an area and the ability to make a transaction smooth. Things to consider are: Who do they know that will help me build my team? What type of relationships do they have in the industry? Do they maintain broad relationships that can assist me in developing market contacts?

Key consideration number five: Most of all, make sure the broker is loyal to your needs as an investor and is not in a conflict of interest.

A broker with a fiduciary interest in a property is incapable of putting my needs first. I am very careful to deal with business ambiguity up front in all contractual relationships and will work with someone based on their their loyalty to me being their first priority. Pay particular attention to how fast they return telephone calls after meeting. This may sound insignificant, but it says something about their professionalism and the way they do business. First, a broker will have information about the market that you will not, especially if they have worked in the area for an extended period of time. I have worked with brokers that have sold the exact same properties a number of times. They were able to give me history about building conditions and ownership that I was unable to get from other sources.

Interview as many brokers as needed to make sure they are a good match to do business. The right broker will find commercial properties that meet your investment and business criteria. In the long run this is a business relationship that grows over time, so make it a point to nurture this relationship. Clarity about your investment criteria will help reduce problems finding the right broker. Some resources that can help you begin your process would be The National Association of Realtors, recommendations from other investors, checking professional periodicals online and off, investment associations, and word of mouth from trusted allies.

SUMMARY:

-Choose your Broker carefully - do your due diligence here too

-Make sure they have specific Commercial education and experience

-Know the way they work and the times needed from contract to close

-Be clear on the properties you are looking for

-Make sure the Broker is always working in your best interest

-Evaluate their staff in the same way you do the Broker

-Close when you say you will - so they get paid

-Take good care of your relationship - it will get more and more valuable over time

Learn more from a proven Investor Education Resource:

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ITU is a subsidiary of the Partnered Property Acquisitions Group, The PPA Group, of Austin, Texas. The PPA Group has holdings of over $40 million in commercial real estate with a projected target of over $100 million in commercial real estate acquisitions by the close of the forth quarter of 2007. Visit http://www.theppagroup.com

The PPA Group does business in all 50 states. Monte may be contacted at (512) 651-0513. ITU is the #1 educational resource for in depth commercial real estate investment education offering a proprietary investment system taught by Monte Lee-Wen.

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