It might seem obvious that you’d want to work with a broker who has high standards when you’re selling your home or commercial property. There are many requirements for salespeople to be able to work in the market. It is important to look for signs that the broker has a good ethical code of conduct throughout the entire sales process. A trustworthy broker will put your interests above their own. A professional will put themselves in your shoes and be client-centric. As I mentioned in my previous article, it’s really important to have a professional put themselves in your shoes and be client centric.
Follow these guidelines to learn more about a broker’s standards and evaluate if they align with yours.
Check for Real Estate Credentials
It’s common for brokers to have state licenses, and many also obtain higher levels of certification. This could include certifications like CCIM (Certified Commercial Investment Member), which indicates that they are recognized experts in the commercial real estate industry. The broker may also have completed additional coursework through their local board of real estate. They may have higher learning, such as continuing education, professional studies, or a master’s degree.
Review the Commissions Landscape
If a broker is representing your property for sale, they’ll be receiving offers which could come directly to them or be from another broker. The broker could earn a full commission if they receive the offer directly. However, if it comes from another broker they may have to split their fee. This means that a direct offer could yield double the commission for a broker compared to a split commission with a co-broker involved.
You’ll want to watch and listen to make sure your broker handles these situations wisely. It could be that your broker is trying to avoid splitting the fee with another broker by working with a direct buyer. You can observe the conversation to determine what they say and ask. You’ll want to be working with someone who is looking to get the best offer for your property, regardless of how the commission will be impacted in the end.
Check the Broker’s Interest in Purchasing