Do you need the services of a commercial real estate broker? Are you trying to partner with them? Do you know you can ask them certain questions before you employ their services or partner with them?
A commercial real estate broker is an intermediary between sellers and purchasers of commercial real estate. They provide the services of selling, leasing, or buying commercial real estate.
Before employing their services, asking them certain questions can guide you in getting the right person who’ll serve you better.
So, if you need questions to ask a commercial real estate broker, this article has got you covered.
In this article, I’ll be discussing 35 questions you can ask them. Whether you’re a client or an agent, these questions will be useful to you.
35 Questions to Ask a Commercial Real Estate Broker
There are numerous questions to ask a real estate broker.
Some important things to ask them include what part of the state they cover, the type of space they sell, references from previous clients, what strategies they apply in selling, and several more.
Below are 35 questions to ask a commercial real estate broker:
- What part of the state do you cover?
- What type of commercial space do you do?
- Are you readily available, or do I always have to wait for you?
- Do you have references from previous clients you have worked with?
- Are you part of a team or do you work alone?
- How long have you been in the business?
- Do you do real estate full-time
- How well do you know the state’s policy on housing?
- What strategies do you apply when marketing real estate?
- What strategies will you apply to close my deals?
- How long does it usually take before you sell off properties?
- What will it take to partner with you?
- What are the policies guiding charges and commissions?
- What are your realtor fees?
- How do you split commissions?
- What about charging fees?
- What about agent expenses?
- What about cap commission?
- Do you use any technology for lead generation?
- How many leads should I expect daily, weekly, and monthly?
- What’s the usual rate of conversion on your leads?
- How do you follow up with the latest on the market?
- How long do you usually handle a job?
- Do you provide training?
- Are you ready to provide a variety of options for me?
- Can you help me compare the options available?
- Can you share challenges you have faced in the past and how you scaled through them?
- Have you had similar business experiences previously?
- Do you have other agents working with you?
- How are meetings scheduled?
- How often am I required at the desk?
- What’s the atmosphere here like?
- Will I speak to you directly if I have any questions about a contract?
- What’s your refund policy?
- Are there other questions I’m missing?
What Part of the State Do You Cover?
“What part of the state do you cover?” is one of the questions to ask a commercial real estate broker.
First, commercial real estate brokers have the areas they’re focused on. Although they can have multiple areas they cover, they can’t cover a whole state.
So, if you want to sell properties or buy in a particular area, you’ll need the services of a broker in that area. This question is necessary to avoid getting involved with scammers.
Also, this is a question you can ask as a client or an agent.
What Type of Commercial Space Do You Do?
Different types of commercial spaces include offices, industries, hotels, etc.
Before employing the services of a commercial real estate broker, “What type of commercial space do you do?” is one of the questions to ask them.
This question is important to know if they suit your needs. For instance, if you need to sell hotels, you’ll need brokers that do hotels. So, don’t fail to ask this question.
Are You Readily Available, or Do I Always Have to Wait for You?
Brokers can be very busy and might not be readily available, especially those who have established big businesses.
Asking them if they’re readily available is a necessary question if you need their service urgently.
Do You Have References from Previous Clients You Have Worked with?
References can assure you that you’re going for the right person.
Asking a broker to provide references from people they have worked with is necessary to see the kind of services they provide. While some may be good in what they do, their customer service might be poor.
So, this is a question that can help you decide quickly.
Are You Part of a Team or Do You Work Alone?
Commercial real estate brokers can work independently, employ the services of agents, or be part of a firm.
So, asking them if they’re part of a team is a necessary question. If you need someone who works on their own or is part of a company, without asking them this question, you might not know.
How Long Have You Been in the Business?
Another important question to ask a real estate broker is how long they have been in the business.
While someone new can get the work done, an experienced broker knows the ropes better and can provide better services.
However, this is not to say you shouldn’t work with someone new to the business. Nevertheless, you should ask the questions to know how to follow them.
Do You Do Real Estate Full-Time?
Another question you can ask a broker is if they do the real estate full-time.
While being a part-time or full-time broker shouldn’t affect the quality of the work brokers provide, some clients might need the services of a full-time broker.
So, if you’re one of those, this is a question you shouldn’t fail to ask.
How Well Do You Know the States’ Policy on Housing and Real Estate?
Each state and locality has its policies regarding real estate. How it works in Illinois can be slightly different from the way it works in Alabama.
A commercial real estate broker should be familiar with the policies that work in the area they’re covering.
So, don’t fail to ask them this question to be sure they know their work well.
What Strategies Do You Apply When Marketing Real Estate?
While the goal of every business is to provide services that satisfy their customers, each businessman employs strategies that work for them.
A broker can have a unique strategy they employ in penetrating the market and getting results. So, you can ask them about these strategies to be sure they know their job.
What Strategies Will You Apply to Close My Deals?
You can also be more specific and inquire about the strategy a real estate broker will employ to meet your needs.
If you need to sell off a space or several spaces, a broker should be able to tell you what they’ll do to get it done at a good time, convincing you that they’re the one for the job.
How Long Does It Usually Take Before You Sell Off Properties?
Another inquiry to make of a commercial real estate broker before employing their services is how long their listings stay on the market.
While listing periods can vary due to the state of the market, the area, and other factors, a typical listing period can run from less than a month to three months or more. However, something very long indicates a problem.
So, before employing a real estate broker, you should know how fast they sell off their properties.
What Will It Take to Partner with You?
“What will it take to partner with you?” is a question you should ask if you want to partner with a real estate broker.
Whether as an agent or another broker, you should find out about their condition before drawing up a contract.
What Are the Policies Guiding Charges and Commissions?
Another thing you should find out from a broker is the policies guiding charges.
Before several fees, including commissions, agent fees, franchise fees, and the like are calculated, you need to be aware of how it’s done if they work with a firm.
Even if they work independently, what guidelines do they work with? Is it a percentage split? What percentage? Is there any condition in which it changes? These are the things to find out from a broker.
What Are Your Realtor Fees?
Asking for their realtor fee is another question that’ll determine if you’ll be continuing with a broker.
Therefore, when talking with a broker, don’t forget to ask for the realtor fee to compare with other brokers.
How Do You Split Commissions?
Another important question to ask a real estate broker is, “How do you split commissions?”
Whether you’re an agent or you need to sell some properties, be sure to discuss commissions before proceeding.
Moreover, you can compare commission rates with other brokers to make your best choice.
What About Charging Fees?
Another question you shouldn’t fail to discuss is charging fees. Some estate brokerages request a charging fee or franchise fee, which is some percentage of the commission split.
So, make sure you ask about this to be on the same page.
What About Agent Expenses?
Another important discussion you shouldn’t fail to have with a broker is about “agent fees.”
As I’ve earlier established, some brokers use the services of agents to sell off properties or find buyers of properties.
So, you shouldn’t fail to ask them about the expenses for the agent if they’re going to be using one.
What About a Cap on Commission?
A Commission cap is the highest yearly commission a brokerage gets to keep.
So, you shouldn’t forget to inquire about these charges.
Do You Use Any Technology for Lead Generation?
You shouldn’t also fail to ask about the technology a real estate broker employs for lead generation.
Lead generation tools include the use of social media, email marketing, copywriting, websites, etc.
So, ask them what tools they are going to employ to assure you of producing results.
How Many Leads Should I Expect Daily, Weekly, and Monthly?
If you have properties for sale or lease and you employ the services of a broker, you might want to know how many leads they can get for you.
Depending on the lead generation tools they employ, results can differ. So, ensure to ask this question and make your comparison.
What’s the Usual Rate of Conversion on Your Leads?
Another thing you should find out from a real estate broker is what their conversation rate on leads is like.
It’s not enough to generate enough leads, but how many of them convert? That is, how many leads, clicks, or viewers become buyers or sellers?
How Do You Follow Up with the Latest on the Market?
A good broker should be able to keep up with the market and real estate trends. They should know when they need to adjust to what’s going on at the moment.
So, this is a question you shouldn’t fail to ask a broker. They should be able to convince you that they’re well suited for the job.
How Long Do You Usually Handle a Job?
Another question you should ask a commercial real estate broker is how long it takes for them to close a deal.
This is an important question that’ll help you decide if they’re the right person for your job.
Do You Provide Training?
As a commercial real estate agent who wants to work under a broker, one of the questions you should ask is if they provide training.
Real estate brokerages provide training from time to time for agents to keep them abreast with market trends and strategies. So, ensure you ask a broker this question while talking business.
Are You Ready to Provide a Variety of Options for Me?
As a client in need of real estate to purchase, one of the questions you should ask a mediator is if they’re ready to provide you with a variety of options.
For instance, if you want to get an office space, a broker should be able to offer more than one option so you can conveniently make your choice.
Can You Help Me Compare Options Available?
One of the services a real estate dealer should be able to offer to clients is helping them compare options available.
They shouldn’t just provide several options, they should also be able to guide their clients in choosing the right option for them. So, don’t fail to ask a broker this question.
Can You Share Challenges You Have Faced in the Past and How You Scaled Through Them?
Every business has its challenges. The ability to thrive lies in tackling these challenges and overcoming them.
So, a commercial real estate negotiator with years of experience must have faced one challenge or the other. So, you can also ask them to share these challenges and how they came out of them.
Have You Had Similar Business Experiences Previously?
You can also ask a real estate broker if they’ve had business deals similar to what you’re bringing to them.
They can share how they handled such deals to boost your trust in them.
Do You Have Other Agents Working with You?
As an agent who wants to work with a real estate broker, another question you can ask is if they have other agents working with them.
This question can help you measure their genuineness.
How Are Meetings Scheduled?
You can find out from a real estate broker how they schedule meetings if you’re going to be working with them.
This question will help you learn more about the job and how you can fit into it as a commercial real estate agent.
How Often Am I Required at the Desk?
As an agent ready to work with a commercial real estate broker, another question you can ask is how often you need to be at the desk.
If they have a physical office, this is a necessary question to know how you can adjust yourself, especially if you work part-time.
What’s the Work Atmosphere Here Like?
As an agent ready to work with a real estate brokerage company, another question you should ask is what the work atmosphere is like.
You wouldn’t want to get into a place where you’re not comfortable. They should be able to explain to you how they work with agents.
Will I Speak to You Directly if I Have Any Questions About a Contract?
Another question you should ask a real estate broker as an agent is whom you’ll be speaking with when you have questions to ask.
It’s a necessary question if you’ll be working with their company.
What’s Your Refund Policy?
As a potential buyer, you should ask a commercial real estate broker what their refund policy is.
It’s an important question before moving further with business.
Are there other questions I’m missing?
Finally, don’t forget to ask a real estate broker if there’s anything more you need to know.
This question should come after you’ve exhausted the list of questions you have.
