Commercial Real Estate Brokers
Commercial real estate brokers in New York City operate by arranging and negotiating transactions for real estate on behalf of buyers and sellers. Their day to day activities include listing properties on various listing services and writing contracts. Brokers also supervise real estate agents and ensure that they abide by all laws that are in place. Brokers use social media such as Instagram to stay competitive, and receive 6% of the sale price as broker commission in incentives when they help sell or buy a property.
day to day activities of commercial real estate brokers
- Commercial real estate brokers in New York City arrange and negotiate transactions for real estate. Their daily activities include contract writing, supervising purchasing activities and sale transactions on commercial property and land.
- If the brokers have agents working under them, they provide supervision and ensure that agents abides by the law, including obtaining of licenses, and behaving accordingly. The brokers also help agents market their services and maintain a website for agents to use in marketing.
activities on behalf of sellers
- Brokers list property for sale on different platforms and multiple listing services, and share the brokerage list with other brokers in order to find buyers.
- Commercial real estate brokers advise people who wish to sell their property on how to prepare them for listing and showing. They also supervise the showing of properties and report back to the seller with feedback on the status of their property that is on market for sale. If an offer on a property has been made, brokers will normally forward them to the seller so that they can be considered. They also help sellers to negotiate offers so that a purchase contract with the buyer is prepared.
- The brokers coordinate the transaction process on behalf of the seller, delivers and explains transaction items, documents and disclosures.
activities on behalf of buyers
- The commercial real estate brokers help buyers to find property that meets their criteria, including price and location. They also assist buyers to visit and view properties. If the buyer decides to buy a property, the broker helps them to draft an initial offer and a purchase agreement.
- Commercial real estate brokers also represent the buyer in negotiating with the seller's broker or agent. They also coordinate the buyer's transaction process once a purchase contract has been executed.
- The broker also explains and delivers any documents in the transaction process to the buyer. They also lead in the process of buyers inspecting the property and negotiating any repairs. Finally, the commercial real estate broker helps the buyer to close and take possession of the property.
- Commercial real estate brokers in New York City receive 6% of the sale price as broker commission when they help in selling a property. This figure is reduced to 3% if the buyer's broker takes part in the transaction, as the commission is split into half between the buyer's broker and the seller's broker.
- Some commercial real estate sellers offer incentives to brokers in New York City, which include a certain percentage of money on the difference between the asking price and the sale price. Sellers are offering incentives to motivate brokers to sell property for higher prices.
what they do to stay competitive
- Commercial real estate brokers in New York City are using social media to sell their property and stay competitive. For example, some use Instagram to showcase the properties that they are selling and this has increased their visibility among customers and led to them receiving offers all the time.
- To stay competitive, brokers in the city have also specialized in a niche market, narrowed down on their target audience and reduced competition. They have also identified their unique selling proposition and used this to beat competition.
how they bring together customers and landlords
- Commercial real estate brokers bring customers and landlords together by using the brokerage list with details of properties available to rent or buy from sellers, and specifications of what the buyer is looking for.
- Brokers who work for landlords and tenants seem to be the best as they cater for both sides and are less likely to have a conflict of interest.
- Brokers use different connections such as family and friend connections to find out about available properties and also about potential buyers or tenants, and connect customers and landlords in this way.