4 things to know before hiring a commercial broker
Finding the right commercial broker to negotiate lease renewal or relocation isn't always easy. to help simplify the process, here are 4 things I suggest you consider before hiring someone:
1. a track record of success (in your city)
Keep in mind there are many types of brokers, with lots of different areas of expertise. Hiring someone who understands your ideal location, market and industry, and who has a proven record of successfully negotiating office lease and purchase agreements is essential. For instance, as an LA-native with 14+ years of experience as a broker in LA and NYC, my specialization is in office leasing and sales, particularly working with women-focused creative brands in the competitive and fast-changing Los Angeles market.
2. The resources + Relationships you need
It's taken me YEARS to cultivate the relationships that land my clients the very best office spaces for the best price. This includes relationships with the local brokerage community, landlords, lenders, banks and others. Without these relationships in place, you and your broker may struggle to find the right location for your business.
You'll also want to ask about your broker's access to off-market listings, research capabilities (do they have a team to support them? access to research software? or are they doing it all on their own?) and related listing services. To ensure a successful lease or purchase negotiation, it's critical that your broker is plugged into your local market and can bring these valuable resources and relationships to the table.
3. An understanding of your brand + business
This one is often overlooked by clients, but in my opinion is one of the most critical factors to having a successful and enjoyable real estate experience. Most traditional brokers will ask for a list of essential requirements (location, price range, size, etc.) and go from there, never taking into account the unique aesthetics or needs of your brand, the importance of a space that is as functional as it is beautiful, or consider the needs of your growing team or customers.
4. Likeability + Trust
You may not realize it, but a lease renewal or relocation is a lot like a construction project. (In other words, finding the perfect place, from start to finish usually takes longer than you originally plan.) To make the process more enjoyable, hire someone you personally connect with and trust. Plus, as an added bonus, your agent's likability factor will likely bode well for you when she negotiates the term of your lease or purchase with the landlord (so long as she knows when and how to be firm.)
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