When looking for a commercial real estate agent in Fort Lauderdale, numerous skills make up a great commercial real estate agent. I’m going to cover quite a few topics in this article that will help you understand the importance of choosing the right commercial realtor in Fort Lauderdale. Furthermore, I will give you some ideas of the questions you can ask when speaking to a realtor who says they do commercial real estate in Fort Lauderdale.
Commercial Real Estate Experience
I’ve been in real estate for ten years and when I originally started out my sole focus was residential. I can tell you that residential and commercial are two completely different businesses and it’s extremely difficult almost impossible to do both at the same time at a high level. When I was doing residential I only did one commercial lease and I had no idea what I was doing. It was completely foreign, I did not understand the lingo, nor did I know any of the commercial brokers at that time. Also, I was not able to provide any insight to my customer as I had zero experience. After I quit residential and switched to commercial, it took me about two years to understand what I was doing. There is a lot to learn in regard to contracts, zoning, forms, contracts, and the players. I felt it was important to share some of my experience before I go into why experience matters.
5 Questions to ask a Realtor
- Do you do residential real estate?
- The answer should be no! There are a few exceptions to this rule, but the majority of commercial real estate agents in Fort Lauderdale will say no! If you call me, I will tell you no. I have a residential agent that can help you, but I focus on commercial real estate. Do I know how to do residential, yes! But I am 100% focused on commercial real estate and I do believe if you want to be the best at something you need to specialize in it. There are many pitfalls in this business and if you are spread thin dipping in both pools, mistakes can be made.
- What do you specialize in?
- This one can be a little tricky as there are quite a few Brokers that are doing business in multiple property types. This question isn’t necessarily a qualification question like the last one, but to make sure the realtor is the right fit and wants to work with you. For instance, CBRE which is the largest commercial real estate company places its talent into a specific zip code and asset class. An office Broker is not going to help you with industrial property. They may be able to refer you to an industrial Broker at their company. However, if you are buying land, and then are to develop it into flex spaces you will need leasing as well. That could be multiple Brokers in the company that will have to help you. This is where Adam Docktor at Native Realty shines. At Native we do not specialize in only one asset class. We can work across many asset classes. Currently, I helped a developer buy a piece of land, and now we are leasing his asset. Once we stabilize it, we will sell it stabilized with a cap rate. That could be potentially 2-3 different companies. That’s the benefit of working with a boutique brokerage like Native Realty.
- What areas do you cover?
- It’s important to understand what areas the commercial real estate agent covers. South Florida is a huge market and traffic can gobble up a massive amount of time during the day. If a Broker is located in West Palm Beach, but is willing to work with you in Miami, you will need to understand the process may not be very efficient. When I get clients deep into Miami or West Palm Beach, depending on deal size will dictate if I can work with this client. I want to be cognizant of my time and my clients. I do not want to say yes to an opportunity if I know I cannot service it correctly. I’d rather find a very local Broker in that area and refer it to them. I have enough connections that I know who to call on for help.
- What does your process look like for this task, how do you work?
- Rarely do I ever get asked this question due to my internet presence. Normally, if someone finds me online I am well-reviewed and they assume I am qualified. However, if I meet someone randomly, or if it’s a high-profile client for a listing, I will get this question. I think it’s a great question, and it allows me to show case my thought process, organization skills, communication and my marketing prowess. I do recognize that consumers generally do not understand the workflow that happens. A good answer would be something like this: I have you come in for a consultation, diagnose your needs, and get to know about you. Figure out size, price, layout and location. Search through current inventory, and understand what type of terms may be needed and what type of ownership is on the other side. Pulling floor plans and layouts. Speaking with the Brokers to understand the economics, availability and what type of tenant improvements may be available. This is just the tip of the iceberg. But you will know if a commercial real estate agent is experienced or not by hearing some of the basics like this.
- What is your availability to work with me?
- I think this is a great question as commercial brokers can be very busy and need to prioritize clients. It’s a good idea to ask them realistically how long it will take to diagnose your needs, make calls, and set up showings. The busier a commercial realtor is, the smaller the window of time they will have for you. Some agents have assistants, some don’t. Some have families some don’t. Some brokers travel a lot or have deadlines etc. Many factors can go into availability. It’s good to understand timelines of commercial realtors so you can know what to expect.
If you are looking for a dedicated professional, well versed and easy to work with, call Adam Docktor with Native Realty.
