Whether you are a seller or a buyer in commercial real estate, it’s important that you have the best people on your team to get the most out of the deal. Cue a well-qualified commercial real estate broker. We’ve come up with a few things we think are critical qualifications for brokers to possess and for you to look for when making your decision on who to bring onto your team.
As in any profession, experience is a valuable thing to uphold in commercial real estate. An experienced broker will save you time and money by prospecting, utilizing his/her contacts and connections, and negotiating the best terms. Well-qualified brokers also typically specialize in a specific sector of commercial real estate such as retail, office, industrial, or land so that they can best direct their expertise.
- Market Knowledge
It’s one thing to “know a market” and it’s another to “understand a market.” A valuable broker knows where a market has been and where it’s going. A broker should be in the market frequently learning of recent closings, property history, upcoming developments, renovations, etc. Who owns this property or that piece of land? What did that space just lease for? This sort of knowledge means that the broker can optimize the deal for you whether he/she is suggesting a listing price or finding the right tenant.
- Accreditations/continuing education
The commercial real estate industry is ever evolving and continued education is crucial for keeping up with the latest trends. Brokers are not required to obtain accreditations so the individuals who have taken the initiative to pursue any of them shows that he/she knows the importance of always gaining new knowledge. There are many designations within the industry that brokers can pursue- some more specialized than others. One that stands out amongst the entire industry is the CCIM, which stands for “Certified Commercial Investment Member.” This certification is one of the most difficult to obtain with hours of in-depth market and financial analysis coursework and a required portfolio of completed deals proving the individual’s expertise. At Southpace, we are proud to have 13 CCIM members under our roof (that’s the most of any firm in Alabama) and to have our own training course for our younger brokers- the Southpace Learning Series. Check it out here.
A commercial real estate broker can save you time, money, and give you peace of mind through the buying and selling process. At Southpace, you will be represented with years of continued experience and passion for this community. When you’re ready to invest in a new property or sell your current one, contact us.