When you’re investing in commercial real estate, it pays to know when to call in the professionals. Choosing the right commercial real estate brokerage firm can save you time, money, and headaches. How do you know which firm is the right one for you?
You wouldn’t choose a doctor without an interview. The same is true of a brokerage firm for commercial real estate. You want to know what you can expect from the relationship with your broker. The best way to learn what to expect is to have a conversation and ask the right questions. Some things you would want to know are:
- How long have they been in business and what familiarity do they have with your property type? What kind of representation do they offer?
- How do they plan to market the property?
- What is their fee structure?
- How many deals have they closed recently?
It is important to know that the broker representing your interests in the transaction has the requisite experience, knowledge and professionalism to properly market your property. The questions above are ones you will want the answers to after speaking with any prospective broker.
Negotiate Your Contract
Once you’ve obtained the relevant information to make your decision, the next step is negotiating your contract with the firm. This is when you discuss the terms of service, as well as the finalized costs of those services. Typically, you would have gotten a rough estimate of fees in the preliminary interview phase of the process. Having the terms negotiated will give you confidence in moving forward.
The Houlihan Family has been in the real estate business in the NY Metro area since 1883. Houlihan & O’Malley is a multi-functional firm, representing sellers, buyers, landlords and tenants. With decades of experience in Multi-Family, Industrial, Retail and Development, Houlihan & O’Malley is positioned to help you with your commercial real estate needs. Contact us to schedule an appointment to discuss our services.