A commercial real estate brokerage is a real estate company that employs at least commercial brokers. These brokers are licensed for real estate brokerage and help clients to lease, buy or sell commercial properties. They work differently from real estate agents and have their own brokerage exam that they must pass. Whether it’s buying, selling or renting commercial properties, you need a broker to help you get it done.
The Commercial Real Estate Broker
Brokers who work in commercial real estate are well-versed in the particular issues that come with commercial properties. They have to know the area very well, including the commercial properties on the market as well as those that will be on the market soon. They need to understand the local area and the economic processes that fuel commercial buildings. They can work for themselves or open a brokerage without at least one other broker. There are several different kinds of brokers with different specialties.
Buyers’ and Sellers’ Brokers
Within a commercial real estate brokerage, there are often brokers who specialize in different types of transactions. Those brokers can work for both buyers and sellers, many choose to specialize and become well-versed in the needs of the buyers or sellers they represent. A buyer’s broker works with sellers to get them the property they need, when they need it and for the best price possible. They find possible properties that are in the area, show properties to buyers, help the buyer to create an offer and put together a purchase agreement. They act on the buyer’s behalf, negotiating a price and working to create a smooth transaction.
A seller’s broker works with businesses to help them sell their commercial property. They list the property for sale on MLS and advertise the property through the proper channels. A seller’s broker has worked with advertisers in the area and knows how to get the right ad to the right place. They also assess the property and tell the seller what they need to make a sale faster and easier. They arrange for the photos and descriptions to be created and show potential buyers around the property. They also work with other brokers to have their clients visit the site. They submit any offers to the seller and help them to negotiate on price and terms. When they sell, they create the purchase contract.
If you are buying, selling or renting commercial property, it pays to have a broker on your side. They can help you through every part of the process and make it as easy as possible for the contract to be signed.