Many have been through the process of selling their residential properties, but fewer have sold their commercial properties. There are some very fundamental differences worth noting that should inform your decision regarding choosing your broker.
It is almost unheard of for a residential broker to forgo listing their client’s properties in the residential multiple listing system. They recognize that all serious buyers are represented by their own broker, and the best way to expose their client’s property to the widest possible qualified and interested audience is to list it for sale in the MLS system.
Conversely, it is common for commercial brokers to highlight to their prospective listing clients that they have a network of possible buyers. While this may be true in some cases, their personal connections represent a fraction of the possible interested and qualified buyers in the market. Even the suggestion that their personal network is relevant calls into question whether or not your best interests.. Think about it – if your property is sold to one of their long standing clients, not only do their clients have the opportunity to cherry pick unlisted properties at below market prices, but the broker receives both the sell and buy side commissions.
Personally, I take client representation and my fiduciary duty very seriously. When marketing my client’s properties, I willingly choose to c0-broker in order to expose the property to widest possible market, thereby ensuring that the highest price will be received by my client. There are approximately five databases that most commercial brokers reference when seeking properties to purchase, and I see no reason that I shouldn’t list them in those databases as well as publish an offer to co-broker and share my commission to ensure they will present your property to their clients for consideration.
The purpose of this post is to do my part to inform the public such that they may be able to make wise choices when choosing their brokers, and thereby change the world!