Whether you’ve got an up-and-coming tech startup, the next hot restaurant, or an established business or medical practice that’s looking to expand, you can benefit from working with a commercial tenant broker. There are plenty of commercial properties on the market throughout Maryland, but finding the right property and negotiating a fair price is often harder than you might think. An experienced tenant broker can make all the difference. It’s the broker’s job to find and show you multiple properties that fit your needs, help you compare them to find the perfect fit, and then negotiate a lease that makes sense for you.
But how do you find an experienced commercial tenant broker in Maryland?
What to Look For in a Commercial Tenant Broker
Also known as a tenant rep, a commercial tenant broker is focused on your needs alone, rather than the needs of the lessor or landlord. These specialists can help you find, negotiate, and lease or buy the commercial space that is right for your business. They understand the Maryland commercial real estate market and have the industry knowledge you need. However, with so many tenant reps throughout the state, how do you know when you’ve found the right broker?
1) Ask Around
Chances are, you know a business owner or two that has been in your shoes before. What brokerage firm did they use? Did they have a good experience? Would they recommend their tenant rep? What advice do they have for you?
While it helps if your friend or family member’s business is similar to yours (industry, space requirements, etc.), any insight can be helpful in your search. If they had a bad experience with a particular broker or firm, it’s probably best to steer clear. Conversely, if they had a good experience, that might be a great place to start your search.
2) Search “Commercial Tenant Broker” in Your Area
Step two is to start doing some research. And where better to begin than on the internet. Head to your favorite search engine and start clicking. Review websites and check reviews and client testimonials. These can be a key indicator of exactly how a firm treats its clients (and landlords/property managers). If a firm has bad reviews, it’s probably best to stay away.
Starting with the brokers provided by friends and family, and adding the brokers you’ve found online with good reputations, compile a list of commercial tenant brokers that fit your needs. From here, you can start narrowing your search by looking at the different criteria that we will discuss next.
3) Larger Firms vs Smaller Local Firms
In many cases, you’ll have to choose between working with a larger brokerage firm, or a smaller, local firm. While a larger firm may have additional resources at their disposal, a smaller firm may offer more personalized service. These local reps tend to have existing relationships with the landlords and property managers in the area. These relationships can be incredibly beneficial when it comes time to negotiate your lease.
4) Specialized Services
Often, brokerage firms specialize in a particular industry. If you’re in the healthcare industry, for example, it can be incredibly beneficial to choose a broker that specializes in the representation of medical and dental professionals. Medical real estate brokers know the properties, landlords, buyers and sellers, and have access to building sales databases and cutting-edge tools to locate properties that fit the needs of your practice. They also have existing relationships with medical and dental equipment suppliers; contractors and architects that specialize in medical construction; lenders, attorneys, and accountants that specialize in healthcare; and consultants and marketers that specialize in medical and dental practices. And these brokers understand the different legalities associated with leasing or purchasing healthcare real estate (OSHA, HIPAA, Stark and Kickback, and local state regulations). All of this specialized knowledge has several unique benefits.
5) Start Calling Around
While a commercial tenant broker may look great on paper, you won’t know if they’re a good fit or not until you have a conversation. Remember, you will be dealing with this person quite a bit throughout the commercial real estate process, so it’s important to have a good rapport with your broker.
- Do they put you at ease or make you more anxious?
- Do they listen to your questions or brush you off?
- Do they have the time to dedicate to your search or do you feel like they are trying to rush the process?
At the end of the day, having a good relationship with your broker is one of the most important criteria to consider.
United Development Realty, An Experienced Commercial Tenant Broker in Maryland
United Development Realty provides tenant representation services throughout Maryland. Whether you’ve got an up-and-coming tech startup, the next hot restaurant, or an established business or medical practice that’s looking to expand, we can help. We begin 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. We are able to tap into our extensive network of property owners and developers to not only find the ideal space, but also negotiate terms that are favorable for you.Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with an experienced commercial tenant broker today.