This article originally appeared on the News section of Centennial Retail Service’s website.
Thinking about selling, purchasing, or leasing commercial property and need to find a Broker? At Centennial Retail Services, we have experience working with clients from all levels of experience and we know how to represent those that have properties to sell or a need to purchase but do not go through the sale or lease process on a regular basis. If you are unsure of where the current market is or have questions about what can be done with your property, we are here to walk you through every step of the way.
Perhaps you have a piece of land that you need to sell and you are not sure what you can do with it or what the zoning means. This is where you can rest assured and rely on our expertise, knowing that we have handled these types of situations before. When representing you, we have your best interest as our first priority.
Brokers have all different types of clients with different levels of experience and sophistication. No matter what the circumstance is, we owe the same level of service and due diligence to each client. A Broker has to be able to understand the mechanics of the transaction and know what is required in the due diligence.
As you begin to think about hiring or interviewing a Broker, you might be wondering what you should expect from that Broker and what you should ask for. Our market knowledge as Brokers allows us to help our clients set the parameters for the transaction based on what we are currently seeing in today’s market including rent, TI, earnest money, inspection periods, and more.
Brokers must keep their eyes toward deadlines. Whether they are dealing with lawyers, engineers, environmentalists, or perhaps none of the aforementioned professionals, Brokers must be aware and proactive to manage the process and monitor all aspects of the deal to make sure that everything is met on time. It is vital that the Broker provide a level of service that makes the transaction flow as smoothly as possible. This is especially important in times like these when attorneys, Brokers, engineers, and all other professionals are extremely busy. Regardless of whether the Broker thinks their client is managing deadlines, it is essential that Brokers are always there as a backup. Oftentimes, clients are working on multiple transactions. Even if they are paying people internally to monitor things, it is easy for something to fall through the cracks. As a Broker, it is very important to look at a deal and manage it in such a way that one would for their own account.
You should also expect the Broker to be there to let in vendors when appropriate or help conduct tours for whatever due diligence vendor there might be. It is also often necessary for the Broker to keep the line of communication open such that they keep the other Broker involved in the process. This helps make sure that deadlines are met on their side and also ensures that all materials, studies, and other information are promptly delivered.
As a Broker, it is my responsibility to provide a turnkey seamless service from start to finish. This means that from the Letter of Intent all the way to closing, there should not be one aspect of the transaction that I am not aware of. It is my job to always be there for my client, making sure that time is not lapsing through due diligence. When you are looking for a Broker to represent you in your sale or purchase, this is what you should expect for them. We take pride in providing this level of service and hope to provide clarity and guidance in terms of the expectations that you should have for your Broker.
Make sure to keep all of this in mind when you are interviewing a potential Broker and asking them about their process. Consistency throughout the transaction is key. At Centennial Retail Services, we are happy to be there for you during this process and we are confident that we will take care of all of the important steps described above. If you need help and would like to reach out to us, you can do so by calling 615.234.4900.
Please feel free to contact Arthur Perlen, CCIM, author and Centennial Retail Services broker, to talk retail any time you’d like. You can email Arthur at email@example.com.