The amount of experience a commercial broker has is meaningless... if you as a client have a bad experience with them. A commercial broker's extensive resume sounds nice, but is quickly be overshadowed if you don't have good interactions with them.
The truth is, the experience that you have with a broker is far more crucial than the broker's years in the business. You will always remember how they made you feel.
As business owner or operator, there are so many challenges. This is why the broker who helps you get your space right is a must. Let's dive into why focusing on client experience is vital and how you should be treated when you work with commercial brokers.
Effective communication is the foundation for any successful relationship, and even more so in commercial real estate. Whether you are looking to sign a lease, buy a building, or purchase land, being up to date and on the same page is essential.
Frequent Updates: You need to be kept in the loop as a client. Regular updates about new potential properties, market conditions, or any changes in the process. It is not simply sharing the right information, but sharing it at the right time. You deserve to be in the know.
Active Listening: A good broker will not talk, but listen. They will ask additional questions to understand your needs, concerns, and preferences. Asking the right questions and tracking the answers.
Transparency: Your broker should be open about the challenges and the hurdles that may come up. You will appreciate and trust your broker more when they are upfront, and don't paint a picture that everything is easy.
New clients often feel overwhelmed by the process. By clearly outlining each step, a broker can relieve some of the stress, and help you feel comfortable and in more control.
Initial Consultation: This is where brokers should explain what they do, how they can help, and what the client can expect throughout the whole process. This will help you know where you are in the process each step of the way.
Market Analysis: A good broker will provide you with the current market conditions around you specific needs. This will include available properties, pricing trends, and future projects in your area.
Property Tours and Evaluations: You will learn how a property tour will work, and talk through what to look for during them. You should also know how you will find the information about the properties you visit.
Negotiation Strategies: You should know how the negotiation process will work. Understanding what is common and how you will handle negotiations with the other side will make you less anxious when the time comes to talk about terms.
Closing the Deal: The final stages of a deal can be the most daunting. Clear explanations of the paperwork, legal considerations, and closing costs can make this phase smoother.
Having realistic expectations from the start is a key to ensuring that you have a great experience. Overpromising and underdelivering can damage the relationship between you and a broker.
Market Realities: You should know what kind of market it is. Does the market favor sellers or buyers, landlords or tenants. They should explain how the conditions of the market give leverage or advantage to you or the person on the other side of the deal.
Timeline: You should have a grasp on how long the entire process will take, and how long each step will take.
Financial Expectations: Your broker should understand your finances. What can you afford and how much are you comfortable spending upfront and ongoing.
Conclusion: The Client-Centric Approach
Commercial Real Estate is no different than any other service industry. There are those who prioritize their client experience by maintaining clear communication, outlining the process, and setting realistic expectations, and those who focus on their earnings and availability.
Experience in years is valuable, but your experience during the journey is priceless. A broker's role is not just to close a deal, but to guide you through one of the most significant financial decisions you will make.