10 Reasons For Hiring an Exclusive Broker

The following are 10 reasons why you can financially benefit by retaining an experienced exclusive broker.

Market Knowledge
An exclusive broker with many years of experience can help you objectively evaluate all the alternatives without a "self-serving" point of view. A broker’s market knowledge is a critical factor in assuring you will be submitted all the available properties for your consideration. Maximize your broker’s knowledge base by having them focus on you.

Accountability
An exclusive broker is directly accountable to you. Simply, you will not receive the same amount of responsiveness, dedication and accountability from a non-exclusive broker.

Added Value at No Cost
Think of the real estate broker as your very own real estate department without paying for it. The owner of the property typically compensates the real estate broker. Most owners already have included in their budget a sale or leasing fee for the brokers.

Broker Selection
Using an exclusive broker allows you to select and retain the best professional available. Consider interviewing at least three (3) brokers with at least five (5) years experience. Your broker of choice may not be the broker that has been calling on you for years. Retain the real estate professional with the best track record with properties like yours, regardless of the length of time they have been calling on you.

Indicates a Serious Prospect
Hiring an exclusive broker will indicate to the owner’s and brokerage community that you are a serious prospect. This may place you at the head of the pack if you find yourself competing for a property.

Negotiating Experience
The experience of a broker in negotiating a lease or purchase will result in obtaining better terms and conditions for you. The broker’s “deal making experience” is vital to you achieving your relocation plans.

Efficiency/ Minimizes Legal Entanglements
An exclusive broker provides you with a single point of contact. Without an exclusive broker you are faced with wasting your valuable time screening a multitude of brokers, ownership calls and or proposals.

Extensive Industry Contacts
An experienced broker will have extensive contacts with the owners of properties, vendors/contractors, and the brokerage community. These long term contacts in the industry will save you time and money.

Lease Ownership Analysis
A knowledgeable broker has the financial analysis tools and access to information, which will help you evaluate the best real estate solution for your company.

Selection and Coordination of Space and Design Firms.
An exclusive broker can assist you in the selection and coordination of space planning and design firms.

The use of an exclusive broker will maximize the leverage you will need to stragetically plan and relocate your facility at the best economic terms and conditions possible. Your relocation will be fully documented and best of all, most of the time the property owner pays the commission. An experienced exclusive broker with a "deep bench of contacts" on your team could potentially save your company well above a hundred thousand dollars ( $100,000) against the bottom line. TRY USING AN EXCLUSIVE BROKER ON YOUR NEXT LEASE OR PURCHASE.

For more information on working
with an exclusive broker
Please Contact
Dan Weil
310) 792-9400

dweil.wcp@gmail.com
www.weilcommercial.com

10 Questions To Ask Before Hiring An Industrial Real Estate Broker

Since industrial real estate is a specialized field, not all real estate brokers have the level of experience necessary to finalize an industrial real lease or sale in a competent manner. The following suggested questions will help you pick an experienced industrial real estate broker with a track record in the type of industrial property you want to buy or lease.

How long have you been an industrial real estate broker?

Industrial real estate is a practice that requires special training. Just because a broker has a license doesn’t mean they know the complex issues that may come up during the transaction process. That is why hiring a broker that is a real estate specialist with a case load of industrial experience is vital in protecting your interest. Suggestion: Make sure your real estate professional has a minimum of five (5) years industrial real estate experience.

Do you have many long term clients?

This is a tell tale sign on whether or not the broker will be looking out for your interest. People will usually be loyal to one broker if the broker demonstrates they care about them, performs as expected, and stays in touch after the transaction closes. Industrial real estate is still very much a local relationship oriented business.

Do you have a referral list of clients?

Ask to see this list and ask for the approval to contact the client’s on the list. Do make the calls yourself and ask on a scale of 1-10 on how satisfied they were with the broker’s service in terms of market knowledge, negotiation skills, people skills, organization, and perceived weaknesses, if any. This information will help you winnow the group down to a very short list of potential candidates to consider.

Membership in professional organizations?

Industrial brokers that are involved in professional real estate organizations are associated with the best real estate practitioners in the industry and have to adhere to a code of ethics necessary to remain a member of the association. In order to be a member of the Society of Industrial Office Realtors (SIOR) and CCIM Institute, your broker is required to complete many hours of course study and complete millions of dollars in documented transactions. Membership in professional industrial real estate associations enhance the professionalism necessary to properly represent you in the lease or purchase of an industrial real estate property.

How can professional organizations help market the property?

One of the purposes of professional organizations is to share information about properties on the market. This is done through a multiple listing service, e-mail announcements, mailings, or direct phone contact. Membership in a professional association with a listing service is a vital tool to track market comps and promote your property at a realistic price. Membership listing services are mostly web based with easy access from most computers with an internet connection.

Have you recently sold an industrial property similar to mine?

Ask your broker for case studies of properties that are similar in size, quality, and price as your property. This will help you to narrow the field of choices between the brokers you are considering.

On average, how long will it take you to find a prospect?

This question should be answered in the brokers marketing plan.

How do you track market comps in the firm?

In addition to the answer given in questions above, make sure your broker is linked to a listing service that is networked with other commercial real estate firms in the area. The broker’s ability to receive timely market information is an essential ingredient to the successful marketing of your property.

Why should I list my property with you?

Make sure this question is answered to your satisfaction in the marketing plan.

What are your marketing plans for the building?

What unique marketing plans and programs does this broker have in place to make sure your property stands out versus the completion. Make sure the plan includes verifiable market data.


Dan Weil, CCIM, SIOR
Weil Commercial Properties, Inc.
310.792-9400
dan@weilcommercial.com
http://www.weilcommercial.com

Industrial Real Estate - Avoid These 8 Mistakes

Industrial real estate investments are easy to own and manage compared to other real estate properties. The following 8 helpful tips will go a long way in assuring your industrial real estate experience is a positive and profitable one.

1. Not putting you in the "next buyer's" shoes. Ask yourself, "based on the future of the location and condition of the property, will the next buyer find my property a good industrial real estate investment?" If you hesitate in saying "yes", definitely do more analysis before you commit to buying the property.

2. Not having the property inspected by licensed contractors prior to purchasing. Most seller's will allow a 30-45 days contingency period to inspect the property to determine environmental, zoning, flood zones, earthquake faults, roof, mechanical systems, or other costly issues that may affect the return on investment or intended hold period.

3. Work with an experienced industrial real estate lender. Save yourself time and money by working with a lender that has experience making loans on industrial real estate. Your industrial real estate broker should know the lenders that are active in the area of the property.

4. Do your homework on accuracy of information provided & market conditions. Do not buy on the assumptions of the seller’s opinion. Make sure you do your homework as to the accuracy of all claims, especially market conditions and trends. This is where an experienced industrial real estate broker can add tremendous value to your team of professionals advising you.

5. Work with an experienced industrial real estate broker. The broker that specializes in industrial real estate full time and is active in commercial real estate associations, such as; the CCIM Institute (CCIM) or Society of industrial Office (SIOR) has the experience and professional support to help you with the analysis of a property.

6. Examine operating expenses and other financial issues closely. Before you say YES to the project, ask to see the seller's last two years of tax returns and financial statements for the property.

7. Factor enough vacancy and reserves. During the ownership of your industrial real estate you will have empty space and have to perform repairs. Factor these potential costs in to your reserves to get an accurate estimate of the properties potential cash flow.

8. Use your lawyer effectively by bringing them in on the front end and by clearly defining their role in the transaction. This will minimize the risk of a law suit and save you thousands of dollars in unnecessary legal fees or judgments. A good industrial real estate lawyer can add value to your team of professionals.

Please Contact
Dan Weil
310 792 9400
dan@weilcommercial.com
weilcommercial.com