Hiring a commercial real estate broker can save you time and money because a good broker knows the market. A good broker is also going to know who the property owners are, what will soon be available, what market rents and sale prices are, and what to look for, and look out for in a building. Commercial brokers also do this full time. Most businesspersons will lease/purchase a property every few years, whereas a broker works on transactions every day.
How does a broker get compensated?
A commercial real estate broker are paid a commission by the property owner when a building closes or when a signed lease is fully executed. This means if you are looking to lease or purchase a space your representation by a professional broker comes at no additional cost to you.
How much should I offer on the property?
New Mexico is a Non-Disclosure State, which means sales records are not distributed to the public. Fortunately for my clients, I diligently track sales and lease data of properties throughout town. I know what the neighbors of your property paid, and will use that data to help make sure you are not overpaying for your lease or purchase.
Should I purchase or Lease my next space?
This is a complicated question and the answer varies depending on your goals. I will sit down with my clients and help them understand the pros and cons of each scenario and help them decide what aligns best with their financial goals.
Why should I use tenant/buyer representation instead of the landlord’s/seller’s broker
Although It might seem easier to use the seller’s or landlords broker, it is important to remember who that broker is working for. Landlord and Seller’s brokers have an ethical and legal obligation to watch out and represent their clients first. This means if the space you are looking to buy is selling for $250,000 and there is a property down the street going for less, they are not obligated to tell you about this property.
When I work with tenants and l buyers, It is my number one job to represent them and find them the best possible deal.
About the Author
Thomas is a fifth-generation New Mexican, born and raised in the Albuquerque area. He attended public schools and graduated from Cibola High School in 2008.
Thomas found his passion for real estate early in life, making his first buy at the age of 16. As a student at BYU-Idaho, Thomas interned for Allen Sigmon and also worked the following year as an intern for Keller Williams in Idaho. He was an apartment manager during his junior and senior years of college.
After graduation, Thomas spent 2 years as an analyst for Honeywell. Thomas then returned to work as a broker for Allen Sigmon Real Estate Group, where he is today.
Thomas has quickly excelled as a commercial real estate broker. He has honed his skills working with clients such as Jiffy Lube, New Mexico Radiant Heating Supply, Triumph Motorcycles, Mighty Auto Parts, and multiple Real Estate investors, large and small.