How to Choose a Broker

Welfont is a boutique commercial brokerage company that focuses on helping our clients find, analyze, finance, purchase, manage and sell commercial real estate properties. We specialize in representing real estate investors and tax-exempt institutions. Using IRS-approved tax strategies, including 1031 Exchange and the IRS Section 170 Bargain Sale, we help clients reach their giving potential. Welfont Joe Johnson is the CEO of the company.
Commercial real estate can be complex. Closing the deal for a seller may mean finding a good broker to shepherd them through a search and/or transaction. It is essential to choose a broker who will present the best options possible, including an IRS Section 170 Bargain Sale. The Bargain Sale allows a nonprofit to purchase a property through a combination of cash and tax benefits stemming from a qualified appraisal. The tax benefit may be used for the current year and up to five additional years.

Selling or Leasing a Property

A representative with an emphasis on the Seller side of the transaction may be necessary if considering selling or leasing a property. If the Seller intends to establish a long-term relationship for multiple transactions in the future, hiring a firm or individual with broader expertise may be essential.
Clients often focus on the commission structure, which is important but shouldn’t be the main concern. Commissions tend to be standardized. Therefore, finding that right broker becomes much more imperative than the percentage charged.

Broker’s Market Presence

One major consideration for the client should be the broker’s presence in the market. That presence may include a combination of the number and quality of contacts, knowledge of the market and online marketing.
According to Linda Day Harrison, a Certified Commercial Investment Member and founder of theBrokerList.com, a brokerage that maintains a blog may be an important indicator. “To me the folks that blog are hardworking, dedicated and the most aggressive marketers,” Harrison says. “In addition, they are demonstrating their commitment to the industry and are ‘all in’. These folks have a long-haul plan.”
An internet search may reveal a broker’s online authority. And, there may also be a list of recent transactions. It is a good practice to contact listed clients for a candid opinion of their broker’s attention and competency.

Choose a Broker Based on References

References from a seller’s contacts may be one of the best tools at his or her disposal. If they’ve recently completed a transaction, or know someone who has, ask for a referral. Even with a referral in hand, do your homework and gather other clients’ opinions, because not everyone’s experience with the broker may be a good one.
A seller may want to consider the level of interaction with the broker. Do they like the idea of the broker with the “biggest footprint” in town? Or, is the seller happier with a more one-on-one experience? If so, a smaller “boutique” company may be the best selection.
Welfont is well-known as a boutique brokerage firm, with a wide-range of experience. However, some clients prefer personalized attention. Our team has completed transactions in 30 states, acquired 10 million square feet and shepherded $200 million in the specialized field of IRS Section 170 Bargain Sales. Our emphasis is personalized service and we stand ready to help you find your way through a commercial real estate transaction.

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