I’ve Hired an Industrial Real Estate Broker. Now What?0

Posted by Thomas Miller, CCIM

peeps7An industrial real estate broker is like any other service professional, with one notable exception. They don’t hand you a big bill when their services are completed. In fact, you get no bill at all. What could be better? If you’re wondering what else you should expect from your brand new broker, read on.

  • Expect your broker to aggressively represent your interests.
  • Expect your broker to offer sound, meaningful advice every step of the way.
  • Expect your broker to not only guide, but to streamline the transaction process.
  • Expect your broker to point out items that have yet to occur.

Remember, a professional agent’s experience is vast – his advice should keep you out of scrapes that others might have to deal with, particularly if they’re navigating the process on their own. If you aren’t feeling nudges and pulls in certain directions from your agent, you need to wonder why. Is he inexperienced? Is yours a different type of commercial real estate than he typically handles? Is he not paying attention? Is he lazy? Whatever the case, you should be concerned. You should be partnering with an industry expert who is comfortable enough to be guiding every phase of the process as needed. The broker should be facilitating and looking ahead. If something pops up unexpectedly, that’s a big red flag. Chances are that no matter what it was, an experienced broker with expertise in the commercial real estate you are looking into should have expected it and been prepared for it.

 

Rarely, things happen that no one could have planned for. But allow me to share a personal anecdote that illustrates my point. For years, I drove a race car with a professional team and I’ll never forget a famous driver who said, “There is no accident you are involved in that is not your fault.” I always found it an odd statement because in racing, things happen. But as I gained experience, I came to completely agree with this viewpoint. All accidents in which you were involved were actually your fault because you didn’t see it coming or you put yourself in a situation in which another’s mistake or poor judgment impacts your future. The same is true in commercial real estate. Your broker is there to insulate you from all issues that could have any negative impact on you. To do less is to fail you. Your job is to conduct a proper interview process to assure you are getting the best broker for your needs. Don’t educate an agent at your expense. Remember that it’s his job to provide excellent solutions within your budgets and timeframes. These may sound like high expectations, but real estate transactions are extremely important ventures and you deserve expert representation for expert results.

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About the Author

Thomas Miller, CCIM

Thomas Miller, CCIM is the president and broker of Miller Industrial Properties in Reno, Nevada. He has worked in industrial real estate since 1991, with 15 years of previous experience designing and building industrial warehousing and manufacturing facilities in the northern Nevada market. Contact Tom at tom@mipnv.com or 775-742-9891.

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