Choosing a Commercial Real Estate Advisor: Preparing for the Interview

Selecting your commercial real estate Advisor starts with knowing what to look for. It’s important to research potential Advisors and their firm, then prepare questions that will reveal their experience, communication skills, strategies, and knowledge of the national and local marketplace. Set the expectations for the Advisor by sharing your goals and objectives.

The first step in selecting an Advisor is to conduct a series of interviews with trusted and reputable firms who have demonstrated success in completing property assignments similar to yours and includes a team of marketing, support, and IT members. Prepare a list of questions to ensure the company’s goals and objectives are aligned with your best interests.

Prepare for the interview

Once you have established that a firm’s commercial division has the collective knowledge and track record that aligns with your objectives, it’s time to narrow down your search to an advisor. This means interviewing potential Advisors to determine who you feel a connection with – who has demonstrated experience that aligns with your objectives and will represent your best interests.

Things to consider:

• The Advisor should be actively listening as you share your objectives for an investment and asking questions on your level of risk, cash flow, appreciation or a combination of both.
• Ask about demonstrated success. They should be able to provide examples that demonstrate their experience and expertise in successfully completing assignments that are similar to your property.
• Pose financially based questions to gauge their ease with financial analysis and if they can articulate recommended strategies, risks, and potential total returns.
• Can they provide examples where their role as a negotiator proved instrumental to the success of a project or assignment?
• As they discuss your interests, can they demonstrate their knowledge of the local and national marketplace, developing trends that may impact it, as well as their knowledge of potential economic conditions that could affect your interests?
• Can the Advisor clearly articulate their strategy for success in a way that you understand and is realistic?

Selecting a commercial real estate Advisor is one of the most important things you will do to protect your interests. Choose an Advisor that works with an experienced, trusted and reputable team at their side. Ask tough questions about their track record and strategies. And remember that your Commercial Division Team should possess local and regional market knowledge, provide expert analysis, depth and breadth of experience and demonstrated success with assignments that are similar to your property and above all else, ensure your best interests are at the forefront of what they do.