Tips For Bird Dogs Looking For Commercial Real Estate Brokers

For you bird dogs looking for commercial real estate brokers please understand that you will do well if you seek out brokers that have experience in commercial real estate.

In residential, you can buy and sell houses without using a real estate broker. Now, don’t get all ruffled. I’m not advocating that you not use a real estate broker for your residential transactions. You all know what I’m talking about. If the margin of profit is tight, you’ve got to do what you’ve got to do. Now of course, my choice is to always have enough spread so using a real estate broker doesn’t make or break the deal. However, commercial real estate is a different animal and I encourage bird dogs looking for commercial real estate brokers to do their due diligence and recognize the difference between a residential real estate broker a commercial real estate broker.

When possible, I work with commercial real estate brokers who work exclusively for me. For instance, if I’m the buyer, my broker will declare themselves a “Buyer’s Broker”. What this means is that they represent me and have notified both parties of what their role is. Just because they are “working” for me does not mean I am responsible to pay their commission. I don’t advise using a commercial real estate broker as a buyer’s broker if they are also representing the seller. If the broker knows your buying strategies don’t you think it puts you at a disadvantage if they are also working for the seller? Hello?? It just doesn’t make good business sense to me.

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Here is another little nugget for you bird dogs looking for commercial real estate brokers. Just because your Uncle Fred is a residential broker does not mean he can fill the shoes of a commercial real estate broker. Ask me how I know this? This was early in my commercial real estate days but I learned quickly the importance of having competent commercial real estate brokers on my team.

Here’s a quick recap: I was looking at a marina in Florida on the Intercoastal Waterway. It was a tired marina but it had great potential to make it a beautiful fractional resort. Uncle Fred just didn’t realize that commercial deals take longer, he had very little patience and well long story short, the deal went south. I feel confident that had I used an experienced commercial real estate agent things may very well have turned out differently. Seriously, would you let your Cousin Larry perform heart surgery on you just because he worked at the hospital and had experience pushing people into surgery every day? You may laugh at this analogy, but if you are inexperience bird dogs looking for commercial real estate brokers, please catch this. Do not let friends and family talk you into letting them be your commercial real estate broker. They’ll see the big money they can make and will insist (even resort to begging) they have what it takes to be your broker. Even if they are a true commercial real estate broker, I would proceed with caution. However, I will say this. Over the years, one of my best commercial real estate brokers has become a very close friend but she’s my broker first and we both know that.

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In case you bird dogs looking for commercial real estate brokers do not know, the percentage of commission paid to a commercial real estate broker is usually less than the percentage a residential broker is paid. Commission percentage can be a negotiated item but don’t beat up your broker’s commission. If it becomes an issue, you better think again if you should be buying this piece of real estate or not. When you find a loyal commercial real estate broker, they will work hard for you and will help you make a lot of money. Share the wealth. There’s always plenty to go around and when it goes around, it comes back around again. Trust me on this. There is plenty for everyone!