It’s May, the weather is getting warmer here in Michigan (finally) and the flowers are blooming. No more heavy coats and boots; it’s a time when you actually want to get outside as often as possible. In this week’s blog post, we wanted to focus on those people peeling off layers and looking for new property and new markets. We feel it is important to provide education on Commercial Real Estate so that you always know what you are getting, and that what you are getting is right for you.
So What Makes A Great Broker?
Whether you’re looking to lease space in a mall, strip center, or free standing building, finding the right Broker is an important decision for your business. Great commercial real estate brokers guide you to available properties that match your business needs, saving you both time and money. Rather than pouring through an endless array of commercial real estate listings, wouldn’t you prefer to have a capable and experienced representative to sort through the properties that are right for you and negotiate on your behalf?
Of course it doesn’t hurt if they have a spacious, comfortable, and private conference room with large plush seats and a long sturdy table to accommodate all of your team and any business partners that you want included in the process.
What could be a better setting to discuss details, go over financials, view listings, and sensitive legal disclosures? Oh that’s right, everything we just mentioned plus being located across the street from the local Starbucks…you know what they say: location, location, location!
Consider asking some of the following questions to the Commercial Real Estate Brokers you interview:
- What is your knowledge of the current market?
Brokers need to be up to speed on the quickly changing real estate market trends.
- What are some of your recent deals? Past Clients?
Knowing who the brokerage has represented in the past will give you a heads up of their skill level and ability to get the job done.
- What sets you apart?
The broker you hire needs to be able to provide you with the kind of service that matches your business needs. Do they understand what your needs are? Can they think outside the box to see the potential in a particular space or location?
So What Part Should You Play When Considering Commercial Property for Lease?
Preparation is the key when you’re ready to sit down with a Broker. Make notes about what your future space looks like to you. Is this a stepping stone for a bigger space or multiple locations? Know what your business plan is and the site criteria you’re looking for. What size space do you need? What kind of co-tenants are important to you? How long of a lease term would you like?
Is there anything else you should look for in a Commercial Broker?
It is critical that you feel a good connection with your Commercial Real Estate Broker. Let’s face it, some people you just click with and some people you don’t. Even though this is a business transaction, your personal comfort level with someone you do business with is important.
You also might find it beneficial to conduct business in a stress-free environment, complete with a breathtaking view of downtown Detroit from our 15th floor conference room, overlooking Campus Martius Park. With so many opportunities, including a grant program (learn more here), Detroit is the place to be when considering Commercial Real Estate!
If you have any questions that weren’t answered here or would like more information, please feel free to give us a call or email us!