Need an experienced commercial broker? Here are some tips by The Society of Industrial & Office Realtors (SIOR) of Washington, DC:
1. Do a preliminary needs assessment to determine exactly what you require. You now need to find the specialist that can meet your needs, whether it be a type of building, particular area, purchase, sale or lease.
2. Question candidates as to their specific experience and deal history. Take special note of those areas that fit your desired objective. If your needs are industrial you don’t look for someone with extensive office building experience. How many years recent experience do they have in your area?
3. Assess a broker’s education, affiliations & memberships (CCIM, CoreNet, SIOR). Do they have access to the netwoks to find property? Do they possess the interdiciplinary skills you may require (finance, accounting)? Are they up to date on the latest acquisition techniques & financing options?
4. Question the candidate on their business practices & skills. See that they mesh with your expectations. Do you require regular updates & reports? Are they prepared to deliver them? How extensive & qualified is their support staff?
5. Get to know their personality. You will want a commercial broker for the long term. Since you will be communicating often, any personality conflict can cause undue tension.
Drawing by J.N. Smith for GSA, Gouche on Board (1961).
