expert opinion | top 7 skills retail commercial real estate brokers need to represent owners
January 31, 2023
Top 7 Skills Retail Commercial Real Estate Brokers need to represent Owners
Author: John Orr CCIM
Retail Commercial Real Estate is a complex and constantly evolving field, and representing Professional Owners of retail commercial real estate requires a unique set of skills. In this post, we’ll highlight the top 7 skills that the best-in-class Brokers must possess to represent these Owners successfully.
Negotiation skills: Retail commercial real estate brokers must be able to negotiate favorable terms for their owner clients, whether it’s lease terms, purchase price and dozens of other important details. They should be able to effectively communicate the value of their client’s property and guide potential tenants or buyers to make the right deal at the right time for the right reason.
Market knowledge: The best retail commercial real estate brokers have a deep understanding of their local market, including current trends, market conditions, and what potential tenants and buyers are looking for. They leverage this knowledge to make informed decisions and provide valuable insights to their clients.
Strong communication skills: CRE brokers who consistently communicate effectively with their clients, as well as potential tenants, buyers, and other industry professionals are in a special class. This includes being able to present properties in a compelling way, writing effective marketing materials, and being able to clearly explain complex financial transactions. The most important is “consistently”!
Networking: The best also have cultivated a large network of contacts in the industry, including other brokers, landlords, tenants, and investors. This allows them to stay informed about new opportunities and find the right parties for deals. You can’t know everything, but you can know everyone!
Strong organizational skills: CRE brokers are required to juggle many tasks and responsibilities at once and need to be able to keep track of details and deadlines. Strong organizational skills are critical for ensuring that everything runs smoothly so that nothing falls through the cracks.
Attention to detail: Clients rely on Retail CRE Brokers to pay close attention to the details of every transaction, including lease terms, zoning regulations, and most importantly any deadlines. They should also be able to spot potential problems before they arise and have contingency plans to mitigate them. The “devil is in the details” couldn’t be more true!
Adaptability: As retail evolves, so does the commercial real estate industry. In this constantly changing environment, the best brokers constantly adapt to use the best tools and evolve with the current market conditions. They must think creatively and be open to new ideas and opportunities to stay ahead of the curve and successfully represent their clients.
Retail CRE brokers play a vital role in the industry, and these seven skills are essential for success. A broker with these skills provides valuable guidance and representation to shopping center and other retail property owners, helping them achieve their goals and make profitable deals. If your broker doesn’t have these skills, call an Expert today.