Advice for Finding a Commercial Broker
Hey BP, I’m looking to step into bigger (mid-sized) apartment investing and wondering what advice you would give on finding and picking a commercial broker to work with? What experiences have you had? Any resources that I should check out other than calling a random broker to interview?
I know what I am looking for and am very specific but do not have any contacts in the commercial broker realm.
Thanks!
Kevin
Most Popular Reply
@Kevin Reinell
I'm a commercial real estate broker in Seattle, so some thoughts from a broker. In terms of finding a broker, try to find those who are active in the market. Drive around and look at for sale buildings that fit what you are looking for and call those brokers and try to connect with them. Once you have found a few, if you can find one that owns rental/investment properties of their own that is going to be gold for you because they have gone through the buying process personally, and when you have money in the game you know it better than just a commission (trust me).
Once you have found that broker there are 3 things you can do to make you the #1 contact. 1) Get back to them FAST. Be a fast no, and a slow yes. 2) When you say yes, follow through (within reason) and 3) be patient, finding good property especially in the commercial world, takes time.
Happy to answer any other questions you may have!