What to Look For in a Corporate Real Estate Broker
Whether you’re an up-and-coming tech startup or an established marketing firm looking to expand, you need to find a space that fits both your physical and financial needs. But where do you even start? There are plenty of offices on the market throughout Maryland. How do you know which makes the most sense for you? And when you find a good location, how do you negotiate favorable terms? Well, the answer is actually quite simple. You need a Corporate Real Estate Broker on your side looking out for your best interests.
Partnering with the right broker can make all the difference. It is the broker’s job to show you multiple properties that fit your needs and help you compare them to find the perfect fit. Your broker will even handle the negotiations. They have access to up-to-date market data, databases, and tools that track industry trends, vacancy rates, and comparable properties. All of this specialized knowledge helps ensure that you don’t pay over market value for your new office space.
Is It Cheaper to Forgo Representation?
Actually, no! Working with a broker can not only save you time, but money. In most cases, hiring a corporate real estate broker won’t cost you anything. Almost every lease deal has a paid commission built into it, funded by rental dollars. So, when you don’t use a broker, you aren’t saving any money, but you are giving up a lot of potential leverage. In fact, you could actually be costing yourself more money by hurting your negotiating power.
Finding a Corporate Real Estate Broker
Finding the right broker for Y-O-U can seem like a tall order. However, here are a few tips to help you narrow your search.
- Ask Around – Do you have a business contact who has worked with a corporate real estate broker before? Who did they use? Did they have a good experience? Would they recommend the broker? If not, why? Start compiling your initial list from these conversations. Word of mouth can be a powerful tool in your search for the right brokerage firm. While it helps if your contact’s business is similar to yours (industry, space requirements, etc.), any insight can be helpful in your search.
- Ask Google – Once you have your initial list of potential brokers, head to Google (or your favorite search engine) and start doing some research. Review websites and check reviews and client testimonials. If a brokerage firm has bad reviews, it’s probably best to stay away. Cross them off your list.
- Ask Questions – Once you’ve narrowed down your initial list of brokers, start scheduling a few calls. Explain your business, your situation, and ask your questions. Which brokers actually listened to you? Did you have a good connection with anyone in particular? If you don’t feel comfortable talking with a broker, cross them off your list and move on. You will be working closely with your broker throughout the entire process. So, chemistry is important. If you’re uncomfortable talking with a broker, the relationship just won’t work.
- Ask More Questions – After your initial calls, if you are still unsure, set up meetings with your top choices. Here are a few questions to consider asking.
- How long have you been in the business?
- Do you have existing relationships with local landlords, buyers, and sellers?
- How do you plan to communicate with me throughout the process? And how often?
- Do you specialize in any areas, such as healthcare?
- How are you paid?
- Do you have any references I can call?
- Go With Your Gut – As we mentioned before, the best broker is going to be the one you feel most comfortable working with. They may not have the most experience, but you trust them to work with you and keep you informed throughout the entire process. Sometimes the best choice just comes down to chemistry. A broker can check all the boxes, but if you don’t feel comfortable with that person, don’t go with them.
An Experienced Corporate Real Estate Broker in Maryland
When you’re looking to lease a commercial property in Maryland, you need United Development Realty on your side. We will help you find, negotiate, and lease the commercial space that is right for your business. We begin this process by listening to your vision, your objectives, and your goals. Then, once we fully understand your business and its unique needs, we can assist you through a tailored package of services to locate a property that fits your vision.
Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with an experienced broker today. We are able to tap into our extensive network of property owners and developers to match your requirements with the ideal space.