When retaining a broker to assist you with your office lease, what are the seven traits you should be looking for in your tenant representative? The first three traits; technical skill, market knowledge and experience are givens and at the very least, the broker you select should possess these skills. However, the last four skills set; trust, communication, creativity and vision are what separate the best from the adequate.
- Technical Skill: He or she has the technical skills to properly identify, evaluate, manage and structure the transaction that is your best solution to your space requirement.
- Market Knowledge: He or she knows the market inventory in the market(s) you are seeking space including the physical building characteristics as well as knowledge of the landlords, management companies as well as key market dynamics.
- Experience: They have the experience to deal with savvy landlords and building leasing agents as well as the knowledge of many past experiences and resources upon which to draw upon.
- Trust: In my opinion the most important; can you trust he or she to assist you in making and executing a significant financial and operational decision for your company, while feeling comfortable they are putting your interests first and foremost?
- Communication: the best tenant representatives know how to listen and effectively communicate with their clients, cutting through the clutter and focusing on the important issues.
- Creativity: Complex real estate deals don’t fit nicely into a neat little box. Every space requirement and transaction faces challenges that require creative solutions.
- Vision: they understand your real objectives and provide advice with long term benefits in mind, rather than just completing the transaction.