What Is a Commercial Real Estate Broker and Why Would You Want to Hire One?
“What is a commercial real estate broker supposed to help me with, and why should I care?” This is a question many novice investors tend to ask, as they’re just starting out and trying to figure out the best way to avoid hefty costs. It’s true, a real estate broker will require a fee for his/her services, but when you know how many thousands of dollars you could be losing without a broker’s support, the small expense of hiring one will seem minimal in comparison.
Whether you’re a real estate investor, or you own a small business, the importance of finding the right property and paying the right amount will be paramount to your business’ success. A resourceful real estate broker can achieve those results in record time.
The Qualities and Responsibilities of a Reliable Broker
There’s a lot of ground to cover, but let’s start with the basics: what is a commercial real estate broker all about? A commercial real estate broker is a licensed professional, who specializes either in finding all types of commercial real estate properties, or in closing deals on specific types of properties.
The difference between a commercial real estate broker and an agent is that, aside from a basic real estate license, the broker also has a broker’s license, and has passed a broker exam. This means that the commercial real estate broker you come across will likely have many agents and employees at their disposal.
While in residential real estate this isn’t always a huge difference, in commercial real estate it can be crucial. What is a commercial real estate broker able to do that a regular salesperson can’t? Here are a few points to mention regarding that:
- A commercial real estate broker can run his/her own brokerage or even become a qualifying broker to other real estate brokers. Such a person is much more influential and knows a lot more about commercial real estate opportunities and pitfalls.
- A managing or associate broker coordinates the brokerage activities that help with your real estate needs. They are the best people to help you find clients for your real estate property or locate a new property to lease or buy.
- Your broker will also be able to handle property management or find reputable contractors to help with repairs and renovation.
- Brokers are far more responsible. Aside from training and hiring agents, they also have the task of managing escrow, record keeping and contract reviews. Basically, a broker has to be more efficient, genuine and experienced in order to keep a firm grasp on the brokerage.
How Will Your Commercial Real Estate Broker Help You?
What is a commercial real estate broker capable of doing to help you out? If you have to find a new property fast, they can help you save a lot of time. They know all the best locations, and they’ve already done their market research before you even called. Moreover, they can handle all the scheduling work for you to view any new real estate properties, and adapt the schedules to your liking.
Ultimately, the most important benefit of hiring a broker is that brokers know what they’re doing, and they can help you avoid the commercial real estate investment pitfalls that would set you thousands of dollars short. When answering the question “what is a commercial real estate broker good for,” this is probably the best point to consider.