The Pros and Cons of Hiring a CRE Broker
Turner Levison | May 5, 2017
When it comes to CRE, there are some options. You can use a broker, or you can do it yourself. Both of those choices can be good ones, depending on what you’re looking for.
The best way to determine what you really need is to consider what you’re specifically trying to accomplish, along with the pros and cons that you’ll get with or without using a broker. When you’ve thoroughly thought about everything and looked at it from all angles, then you can more easily choose whether to use a broker or just decide to handle things on your own. But a broker can help you navigate more easily in many cases.
Reasons to Use a CRE Broker
One of the main reasons to use a CRE broker is convenience. When you are trying to buy or lease commercial properties, you want someone who can handle everything for you. A good CRE broker is not only up to date in current technology, but also knows the ins and outs of the business.
That way you don’t spend all your time trying to do things, and you also don’t have to worry about whether you’ve gotten the right deal or missed an important step in the process. That frees you up to focus on things that might be more important to your overall business, while you have the confidence of letting your broker handle the rest of your concerns.
Should You Do Things Alone?
Not everyone wants to hire a CRE broker. Some people choose to go it alone, or they decide that they don’t want to spend the money that hiring a broker would entail. Brokers who handle commercial real estate can sometimes require higher commissions than those who work with residential properties, so you’ll need to look carefully at the cost of the broker’s help versus what you get for that money.
If you have a lot of real estate knowledge in the commercial sector, you may prefer to handle things on your own rather than add a commission plan and other factors into the process.
What If the Path Forward Isn’t Clear?
The path forward may not always be clear. The pros and cons may add up to be very equal, or you may think that some pros or cons have more weight when compared to what others would prefer. That’s worth taking a careful look at, since not every decision is as cut and dried as you would hope for.
In the end, choosing to hire a CRE broker is a personal and financial decision, that has to be made in the moment with the best level of knowledge you feel comfortable with.
Make Sure the Broker Uses the Right Platform
When you choose a commission management platform like Commissiontrac, you get the benefit of a proper accounting software coupled with a commission structure and plan that can be adjusted to work for you and your brokerage. That way, you have the option to enjoy your time in the commercial real estate world, instead of only focusing on the commission plan and any problems that might arise with it.
You won’t have commission platform problems when you have the right platform, and that means everyone gets paid the right amount and on time.