Business Facilities - April 2008 - (Page 45)

FEATURE How to Choose the Right Commercial Real Estate Broker retail, industrial, investment sales, etc.) and similar size transactions? What is her or his experience in your industry? • The broker should be able to speak about all issues related to the deal, including strategy, financial statement impact, sub-leasing, and early termination issues. • Many transactions are complex and often require areas of expertise outside those possessed by the brokerage team, such as financial analysis, appraisal, financing, sales, and project management, to name a few. Does the firm have access to these resources either in-house or through alliances with external experts in these areas? PERSONALITY AND CREATIVITY • You will be spending a lot of time with your broker, so chemistry is important. The time spent on a transaction will be much more pleasant if you like and respect your broker. • A broker should be a trusted advisor and advocate, not just an intermediary. The account should be important enough to the broker that she or he will lose sleep over “sweating the details.” The broker should also demonstrate a desire to build a long-term relationship. THE SELECTION PROCESS To be able to compare several brokers against each other, it is helpful to prepare an RFP (request for proposal) for the brokers under consideration to answer. There are many different formats to these RFPs, but generally they include the following items: firm description and philosophy, team organization, available services, approach to transactions, approach to portfolio management and lease administration, management and leasing for investment properties, technology capabilities, quality assurance and performance tracking, compensation structure, and experience and references. Most importantly, always check a broker’s references and ask for specific examples of how she or he has helped other clients. Mike DeJohn is pleased to announce the formation of Owners Representatives LLC Providing Project Management Consulting services for new building and interior renovation projects for commercial office, institutional, non-profit, medical, retail, residential and hospitality clients. NY: 1440 Broadway, 23rd Floor New York, NY 10018 646-512-5155 NJ: 1123 Sheridan Street, Ste. 203 New Milford, NJ 07646 201-836-5475 www.mdjownersreps.com #0013 at www.BusinessFacilities.com BUSINESS FACILITIES 45 http://www.mdjownersreps.com http://www.mdjownersreps.com http://www.BusinessFacilities.com

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Business Facilities - April 2008 Contents First Word Snapshots Corporate Moves: Ohio Businesses On the Move Corporate Moves: Nebraska If You Build It, They Will Come A Tale of Two Industries Economic Transformation In the Islands Diversity: A New York State of Mind Growing in the Sun Key Kansas Industries Get a Boost How To Choose the Right Commercial Real Estate Broker Missouri Downtowns Dare to Dream Advertiser Index Ask the Expert

Business Facilities - April 2008

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