How do you find the best commercial real estate brokers?
What are the best ways to find commercial real estate brokers in your local area? I’ve been looking for a retail space in the Bay Area to purchase or lease and it’s hard to identify which commercial real estate brokers are actually good to work with.
[{"id": "gxcbg10", "text": "CoStar", "replies": [{"id": "gxcbjq7", "text": "Unfortunately I don\u2019t have access to CoStar. Are there any other ways, possibly online?", "replies": [{"id": "gxckj3n", "text": "Loopnet\n\nAlso google costar power broker awards. Every year they identify the top brokers by total SF leased or total sales for each market.", "replies": [{"id": "gxcwqfe", "text": "Definitely will do that, thanks!", "replies": [], "depth": 4}], "depth": 3}, {"id": "gxddzl5", "text": "If you PM your area and what type of asset you are looking for, I can pull a list of Costar Power Brokers for you.  I run a regional CRE firm on the east coast and don't mind pulling a list for you.  I can't vouch for them but depending on your area, I maybe able to refer someone.", "replies": [{"id": "gxdmw7a", "text": "Just sent you a PM, thanks!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gxcci6c", "text": "loopnet DIY", "replies": [{"id": "gxccoxr", "text": "Yeah that\u2019s what I\u2019m currently doing. Is there a list by a publication or NAR of top performing commercial real estate agents?", "replies": [{"id": "gxccwta", "text": "Many listings do not pay it agent.  Best is ck out what u like call the listing agent ur self.", "replies": [{"id": "gxcczgo", "text": "Every agent claims he is the best.", "replies": [{"id": "gxcd7gv", "text": "Yeah it makes it tough to see which agent is actually worth working with.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "gxckqe4", "text": "Avoid NAR. Realtors are great for homes, terrible for commercial.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gxce3s6", "text": "Get a referral from someone operating a similar local business, if possible. I like to see who has local listings in the sector I'm looking for, whether that be looking on loopnet or driving around and noting signs. Even then you need to talk to a couple brokers, bc listing volume might not mean they're a good tenant/buyer broker. Also important to find someone interested in your deal size and that can sufficiently match your communication style so you're not left frustrated.", "replies": [{"id": "gxcn3e4", "text": "Makes sense. If I\u2019m looking to lease should I just select tenant brokers? Same logic for purchasing with buyer brokers?", "replies": [{"id": "gxcviel", "text": "There are generalists, landlord brokers, and tenant brokers. In a large, active city like SF there are probably a number of good tenant reps. Some tenant reps prefer to let their clients get all the attention, and then the clients refer. Meaning they often don't show up in Power broker awards and such. I'm just up the coast and tenant brokers are v quiet, but active and successful.\n\nGo talk to your peers in business. Ask them who they used, how they felt about their representation, and for a referral.  :)", "replies": [{"id": "gxcwkso", "text": "Thanks for the insight!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gxce8d1", "text": "Drive around. Whose signs do you see?", "replies": [], "depth": 1}, {"id": "gxcg5uk", "text": "How much space (sf), what\u2019s your price for purchasing, what business, what part of San Francisco?", "replies": [{"id": "gxcin6c", "text": "Looking for 12k-15k in space with an ability to obtain a CUP for a banquet hall. Purchasing price anywhere around $5.25M.", "replies": [{"id": "gxcqsgo", "text": "Part of a building like a condo or stand alone? Where in San Fran?", "replies": [{"id": "gxcwt0n", "text": "Specially up the corridor San Leandro - Newark or Concord area.", "replies": [], "depth": 4}, {"id": "gxcwwcu", "text": "Could be a stand alone or part of a strip mall. Best banquet halls usually are in a strip mall with one big box tenant. Tons of parking.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gxcgn6w", "text": "Other professionals like CPAs, business managers and real estate attorneys are good sources for referrals so are other business owners. Another route is to \"desktop tour\" a bunch of listings on loopnet etc, contact brokers and see how you like them.. also often times good marketing = sign of a good broker if their listings are complete, up to date and have crisp flyers/offering memorandums that's a great sign. Lastly one piece of advice is to pair yourself with a broker that is going to spend the requisite time with you--the most senior broker may be the \"best\" in a market but not spend time on your little retail assignment and frankly be overkill to find you a small space while a hungry junior broker might bird dog a ton of spaces for you and hunt off market etc.", "replies": [{"id": "gxcihvg", "text": "Really appreciate the insight!", "replies": [], "depth": 2}, {"id": "gxcx5pb", "text": "Love it. That\u2019s me, hungry junior broker bird dogging the hunt. 8 months in, 46 yrs old. Submitted nice 4500 sq ft restaurant LOI today.", "replies": [], "depth": 2}], "depth": 1}, {"id": "gxcm1wm", "text": "Look for designations like SIOR and CCIM. CPAs are also good references as well as other friendly competitors. Also the good old fashion interview is the way to go. Even big REITs and owners have a dog and pony show.", "replies": [], "depth": 1}, {"id": "gxe7dsn", "text": "NAR Commercial Brokers have access to more listings than a broker who does not belong to their local MLS. Ask to see a list of past clients that the broker worked with. If they can\u2019t produce a list, take a pass. A great new website to research commercial companies/brokers in your area is InclusiveCRE.com.", "replies": [{"id": "gxfbszi", "text": "I\u2019ll check that website out, thanks!", "replies": [], "depth": 2}, {"id": "gxls673", "text": "Which markets use MLS for commercial deals?", "replies": [{"id": "gxlvws5", "text": "I can\u2019t speak for other markets, but I can tell you that the Chicago market (local MRED MLS database) as of this writing has 5,100+ commercial listings (retail, office, industrial), plus 749 land listings zoned commercial/industrial use. More than half of these properties are not listed in Costar/LoopNet.", "replies": [{"id": "gxnkvd9", "text": "I know the market and had no idea MLS had this many non-residential listings. I can't imagine any of the larger brokers using this so are they typically smaller sized deals?", "replies": [{"id": "gxnosr1", "text": "All price ranges. I pulled up Industrial for sale highest listed price $15,900,000. Office for sale highest price $6,500,000. It\u2019s a treasure trove of goodies that the Cushman\u2019s, CBRE\u2019s, and JLL\u2019s of the world don\u2019t have access to. Plus a commercial broker with MLS data can send clients automatic feeds in real time. When a new property hits the MLS, the client gets a notification within seconds, so they are always first to know. By the time the listing reaches Costar/LoopNet, it\u2019s too late.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "gxepa90", "text": "If in a major market (Bay area certainly is) co star publishes annual \"power broker\" awards by property type. Personally i have never met a top broker with one of those ccim, sior designations. Nobody cares. I'm in NYC for reference.", "replies": [], "depth": 1}, {"id": "gy0xmbf", "text": "I know I\u2019m a little late to the game but I\u2019m in the Bay Area and in my network there are quite a few top notch retail brokers who can help out. If you feel like you need a recommendation, feel free to PM", "replies": [], "depth": 1}]