When you’re looking to lease or purchase commercial real estate in Los Angeles, it’s important to work with a broker who knows the ins and outs of the market. You need to find a broker that has extensive experience and a deep understanding of the unique challenges that come with doing business in LA. Here are some questions to ask potential brokers to make sure you’re working with the right person.
Here are some key questions to ask when considering a Los Angeles commercial real estate broker:
1. How long have you been working in commercial real estate in Los Angeles?
Experience is critical when it comes to working with a broker. You want to make sure you’re working with someone who knows the ins and outs of the Los Angeles market and can help you find the right property for your needs. When working with an inexperienced broker, you may end up paying more for your property or signing a lease that’s not in your best interest.
2. What type of commercial real estate do you specialize in?
Not all brokers specialize in the same type of commercial real estate. Some may focus on office space, while others may focus on retail or industrial properties. It’s important to find a broker who specializes in the type of property you’re interested in so they can help you find the right option.
3. Do you have any experience with my type of business?
If you’re looking for office space for your law firm, you’ll want to find a broker who has experience working with businesses like yours. They’ll be familiar with your needs and can help you find an office that meets all your requirements.
4. What are your fees?
Commercial real estate brokerage fees can vary depending on the services provided and the type of property you’re interested in. Some brokers may charge a flat fee, while others may charge a percentage of the lease or purchase price. It’s important to ask about fees upfront so there are no surprises later on. Be sure to ask your broker about their fees upfront so there are no surprises later on.
5. Do you have any references I can contact?
When you’re hiring a broker, you want to make sure you’re working with someone who is reputable and has a track record of success. Ask for references from past clients so you can get an idea of the level of service they provide. Sometimes the best way to find a great broker is through a personal recommendation from someone you trust.
6. What are your thoughts on the current state of the Los Angeles commercial real estate market?
It’s important to get a pulse on the market before making any decisions. Ask your broker for their thoughts on the current market conditions in the Los Angeles area and what they think will happen in the future. This will help you make an informed decision about when to lease or purchase the property. Any additional insights or information you can glean from your broker about the market will be helpful as well.
7. Do you have experience with leases or purchases in my industry?
If you’re looking to lease or purchase commercial real estate in a specific industry, you’ll want to find a broker who has experience working with businesses like yours. They’ll be familiar with the unique needs of your industry and can help you find the right property. You can also ask for case studies of the results they delivered for clients.
8. Have you closed any deals in Los Angeles recently?
You’ll want to ask your broker about their recent deals in Los Angeles or surrounding areas to get an idea of their level of activity in the market. This will give you a sense of their experience and knowledge of the current market conditions.
9. What is your strategy for marketing my property?
If you’re looking to lease or sell your property, you’ll want to find a broker with a solid marketing plan. Ask them how they would market your property to potential tenants or buyers and what type of exposure it would get. You should also ask about their online presence and whether they have a website where your property will be listed.
10. How do you determine the right price for my property?
When you’re pricing your property, you’ll want to make sure you’re getting the right value for it. Ask your broker how they determine the price of a property and what factors they take into consideration. You should also ask for their opinion on the current market value of your property.
11. What are the typical terms of a commercial real estate lease in Los Angeles?
If you’re looking to lease commercial real estate, you’ll want to find a broker who is familiar with the typical terms in Los Angeles. Ask them about the length of leases, security deposits, and other common terms. This will help you negotiate the best possible lease for your business.
12. What are some common problems that can arise during a commercial real estate transaction?
There are a number of potential problems that can come up during a commercial real estate transaction. Ask your broker about some of the most common problems they’ve seen and how they were resolved. This will help you be prepared for anything that might come up during the process.
13. How familiar are you with the area I’m looking to lease or purchase property in?
When you’re looking for commercial real estate, you’ll want to find a broker who knows the area well. Ask them about the neighborhoods you’re interested in and what they think of them. You should also ask about any upcoming developments or changes that might impact your decision.
14. What’s your network like in Los Angeles?
A good broker will have a wide network of contacts in Los Angeles, including other brokers, landlords, and property owners. Ask your broker about their network and how they can help you find the right property. You should also ask about their relationships with landlords and property owners in the area.
15. What other services do you offer?
In addition, to help you find and lease or purchase commercial real estate, your broker should be able to offer other services as well. Ask them about property management, development, and investment services. This will help you get a comprehensive understanding of their business and what they can do for you.
The Bottom Line
Commercial real estate transactions can be complex and stressful. By asking the right questions, you can ensure that you’re working with a broker who is knowledgeable and experienced in the Los Angeles market. These questions will help you get a sense of your broker’s experience, marketing strategy, and network. Finding a good broker to work can make a big difference in the success of your commercial real estate transaction. By asking the right questions, you can ensure that you’re working with a broker who is best suited to help you achieve your goals.
I have over 17 years of experience as a Commercial Real Estate Broker in the Los Angeles area, if you’re looking for help with your next transaction feel free to contact me.