Report: When it comes to finding a commercial real estate broker

When it comes to finding a commercial real estate broker, the old adage 'know thyself' holds true. It's not only about finding the broker with the right skills and qualifications. It's also crucial to know exactly what it is you have in mind. 'The single most important thing at the outset is being honest with yourself and adequately identifying and clarifying exactly what you're looking for,' said Randall Walker, president of the Society of Industrial and Office Realtors. All too often buyers or tenants approach real estate brokers without a clear idea of what kind of building or space will fit their needs, Walker said. They may sit down at the table with grandiose plans that they can't afford, or they might want to set up shop in a part of town for which their business isn't suited."
When tenants look for a commercial real estate broker they really should look for someone who can advise beyond the bricks and mortar, says Jim Elcock, executive vice president at Colliers Meredith & Grew in Boston.“Companies need a trusted adviser who is not necessarily transaction-motivated,” he said, but rather “someone who can serve the role of a fiduciary, who understands the client’s business, can evaluate the marketplace and help the client get its real estate plan in concert with its business plan.”“Companies absolutely need someone who knows more than just real estate,” agreed John Carroll III, senior vice president who covers the suburban commercial real estate market for Colliers Meredith & Grew.Despite the gloomy reports about an economic recession, Boston’s commercial real estate market is faring well.