Hiring a commercial real estate broker for your property can help save time and money down the road.
We have seen time and time again that your broker can be the difference-maker in your asset’s lease-up activity. A broker’s main job is to know your asset, your market and your potential tenants well enough to make recommendations that can improve the leasability of your building, and communicate the value clearly to the clients touring your building. Finding a broker who is experienced in your market and asset type, while also having the bandwidth to familiarize themselves closely with your asset and guide future tenants though the value is critical.
Commercial Brokers should communicate with the Property Owner regularly, provide monthly marketing reports, check the property regularly to ensure marketability and communicate with the Property Manager regarding any deficiencies.
To help make the selection process easier for commercial real estate owners or investors, here are 4 questions to ask when hiring a CRE Broker.
It is important to establish lease guidelines for your asset that will not only identify the term, rental rate and escalation, but will explain how expansion rights, renewal options and concessions are treated. A commercial leasing team needs to provide a lease economic analysis for each lease transaction to ensure adherence to guidelines.
