Finding The Right Commercial Real Estate Broker
Ashford Properties - Principal
For clarity, everything in this article is written as an opinion - an extension of what we believe and how we work. We write these articles as commercial building owners, and as a property management team from Moncton, New Brunswick. During our 20+ years in commercial real estate we’ve always believed that creating mutually beneficial partnerships and putting people first will ultimately define a company’s long-term success. We hope you find a nugget or two of information that will help your team’s culture thrive as a result.
Space to Grow – A Business Strategy for Success
Should Commercial Tenants Expect Lease Flexibility?
As a CEO or business owner looking for commercial space, finding the right Commercial Real Estate Broker can pay huge long-term dividends. The wrong one can unknowingly handcuff you with a lease and building owner, that does nothing but frustrate.
Every Commercial Real Estate Broker worth their salt needs to be knowledgeable within their market to ensure lease terms are fair, be aware of available space, and be committed to delivering on their client’s ask. But what separates average from extraordinary? We all know what ‘average’ looks like, but with 70+ commercial tenants and 20+ commercial buildings we’ve also worked with some of the best Commercial Real Estate Brokers in the business.
That said, here are 7 Significant Ways Top Brokers separate themselves from the herd:
1
Top Brokers are on a first-name basis with the commercial building owners in their market. One of the most important, and rarely realized Broker attributes, is the importance of knowing a building’s owners on a first-name basis. What is their philosophy? What is their track record? Do they have multiple buildings they can leverage on your behalf? Knowing how an owner thinks and works can go a long way to helping a tenant succeed.
2
Top brokers think in terms of a client’s best interests, not a payday. At the end of the day anyone can show you a listing – what has true value as a prospective tenant, is advice and insight. A top Broker is willing to warn you of a listing and provide you with the unvarnished truth, where an average Broker is simply happy that you signed the lease.
3
Top brokers are focused on win-win-win partnerships. In reality there are 3 parties in your commercial space journey. You (the business owner), the Broker, and the Building Owner. If another is putting their interests ahead of yours, everyone loses. Successful long-term relationships are built on proving our worth as building owners and Brokers from the moment you meet us.
4
Top brokers share stories that demonstrate a building owner’s value. Who wants to be a commercial tenant in a building where the owner(s) are unwilling to find a solution that works for everyone? Top Brokers have stories to share that will demonstrate a building owner’s ‘have your back’ commitment. In our world, actions speak.
5
Top brokers think beyond current listings. If your broker tells you that your only options are what’s currently on market - then they are compromising your ability to find the right space. We understand that this sounds counter-intuitive but think of it this way - if brokers are working in partnership (see points 1 & 3) with commercial building owners there are going to be short-term and long-term options available that have not yet hit the market.
6
Top brokers know what lease flexibility means to your bottom line. It’s easy for building owners to sing a different tune once you’ve signed a commercial lease. Top Brokers will want you to appreciate some of the ways that the building owner has created ‘flexibility’ for their existing tenants. Better yet, the building owners themselves will want you to chat directly with the tenants first-hand.
7
Top brokers think in terms of your growth strategy. Understanding your plans for growth should dictate how a broker approaches your evolving needs for space - which requires a like-minded building owner. Are they invested, or simply selling a service?
It may sound like a lot to expect from a Commercial Real Estate Broker, but it isn’t. The true professionals we work with go the extra every day.
Space to Grow – A Business Strategy for Success
Should Commercial Tenants Expect Lease Flexibility?
