What to Look for and Questions to Ask When Hiring a CRE Broker

There is no one best way to select a broker. So many variables come into play and have to be taken into account when making this decision. I'm leasing a space for a new business; where do I start? The first thing you need to do is to determine your needs:

• How much space do we need?
• How much rent can we afford to pay?
• How important is location?
• When does my new space need to be ready?
• Have I taken into account everything that is needed in my new space (furniture, phones, computers, copy/fax/postage machines, Internet access, etc.)?
• Do I want to find the space on my own or hire a tenant rep to assist me?

Then, it's time to consider hiring a broker. Often, it is best to use the process of elimination and look at the three things to avoid when hiring a CRE broker:

1. Don't choose a broker without first checking client references. Despite high school being over, reputation does matter. Check firsthand with the people who work with your potential client. They will be the best indicator of what kind of reputation and history your potential broker bears.
2. Understand what properties, if any, a broker has listed that could create a potential conflict of interest.  Make sure that you study your potential broker's list carefully to ensure that they have your best interests at heart. If a conflict does come up, how is your broker prepared to handle it?
3. Don't hire a broker if you are unsure about moving. Moving is a decision that should be made on your own without the influence of a broker.

I have built four medical offices in my 20 years of practice and can't say enough about  Block Real Estate Services (BRES) and the entire team in helping with this process. From my first encounter with BRES and my first office space at Roe Corporate Centre, to the 20 year “Dream Come True” office I now have, I have been grateful for the treatment I’ve received from BRES and glad I did my homework up front in looking for my CRE firm. 

My final piece of advice: The best way to get a broker to work for you is to hire them as your exclusive tenant representative. Most brokers have representation letters for you to sign and once they know that you are committed to them, they will work as hard for you as BRES did for me.

Guest Contributor:

Dr. Mirabile
Mirabile M.D. Beauty, Health and Wellness