Hiring the Right Broker

Hiring the Right Broker

Statistics show that more than 90% of all real estate transactions involve one or more brokers.  This, of course, excludes Do-It-Yourself apartment leasing, mini-storage rentals and small commercial leases.  But, for major transactions, you will want a broker’s help.  Brokers know the market, are familiar with pricing, terms and concessions, and know how to negotiate offers to buy, sell or lease. 

Having the right broker can make a transaction go smoothly.  Conversely, the wrong broker can make life miserable and cost you big-time.  So, how do you know to hire?  How do you know who’s right for you?  After all, it seems that real estate brokers are everywhere – your neighbor down the street, the wife of your business associate, a nephew or niece.  Sometimes you may wonder who isn’t a real estate broker.

To select the right broker, you have to do your homework.  Don’t be swayed by fast-talk and glitzy marketing.  Remember, you are relying on this professional to guide you through a complex and expensive transaction.  It’s no time for on-the-job training.  Find out what relevant experience they have.  Ask to speak with past customers.  Request examples of their work-product.  Ask for references from attorneys, lenders and title companies.  Top level professionals welcome this kind of scrutiny.  They know they it will elevate them above the competition.

Then, ask yourself – do you feel a connection with the broker?  Are you comfortable talking with them?  Do they give you a sense of trust?   Are you confident they will act in your best interest?  A simpatico relationship cannot be overstated.  Think of it as going into battle.  Who do you want by your side when problems arise?  Who has your back when times get tough?

Experience is the best teacher.  But that doesn’t mean you have to make mistakes to learn.  Just do it right from the beginning.  Take your time, do your research and be choosy.  Hiring the right broker will be well worth the time and effort you expend on the front end making your selection. 

For more about this and other topics, contact Tom Gibson at tgibson@gibsoncompany.com

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