Every owner and investor has a different approach when it comes to choosing a leasing or investment sales broker. Some owners have long term relationships with an individual broker or firm and exclusively use that broker for all their deals. Others identify a broker on a case by case basis, and choose a broker who is most relevant to their specific deal or property.

As an owner and investor with more than 70 properties across the country, Passco Companies is no stranger to the art of selecting the right broker. Over the years many brokers have asked us just how we choose a broker for our properties and deals. Below is a list of questions we ask when identifying a broker, and questions brokers should likely keep in mind to ensure they are staying competitive.

1. How well do they know the market?
   Market expertise can go a long way when selecting a broker. Brokers with a specific niche expertise in the market in which we are buying, selling or working to lease a property, are generally going to garner more of our attention.
   
   
2. How do they attract tenants or buyers?
   Are they so busy working with other clients that they solely rely on building signage, their website, mailers and or email blasts to garner potential tenants or buyers? Or are they hitting the pavement actively marketing current assignments?
   For leasing, do they know when leases are coming due at competitors' assets and are they prepared to fill our spaces if a current tenant doesn't renew? Has the broker sold in the market, how recently and was it a similar asset?
   We take a good look at how a broker is managing their current assignments as a strong indication of the work they will do for us. As an owner, every vacant space costs us money and having a broker who makes their current properties a priority is paramount.
   
   
3. How realistic are they in terms of pricing?
   If Passco Companies is looking to invest in a market, chances are we know what the going rates are for both purchasing assets and leasing space. Brokers who promise over the top prices for sales or rates for leases, are not going to get our attention.
   
   
4. Do they have references?
   We want to see past clients, with a similar product, in a similar area and hear what a broker did for them. There is nothing like strong third-party references to shoot a name to the top of our list. Brokers should have their own list ready and updated at all times.
   
   
5. What is their reputation?
   If we are entering a new market, we make it a point to ask our peers who they use in that particular area. We also ask our local brokers if they have affiliated brokers to recommend in that submarket. Chances are if everyone knows a broker's name, we will want to know it too. This is where networking within ICSC pays big dividends.
   
   
6. Are they in the news?
   We take a serious look at who has a high volume of sales or leases in the submarket. We read publications like GlobeSt.com to determine which brokers are working with similar property types, in similar areas and are garnering press due to their success.
   In addition, we take note of which other companies are currently working with these brokers. If the top-tier investors are all working with the same broker, there is usually a reason.
   
   

With all that said, selecting a broker is certainly a personal preference for each company. At Passco we use a mix of both approaches, utilizing loyal brokers who have proven their worth to us, and also concentrating on finding the best new brokers based on the specific deal and market when applicable. While a national brokerage broker may be better connected nationally for a property in a major MSA, a smaller, more localized broker may be better equipped to market a property in a smaller market.

When it comes down to it, brokers should strive to be as knowledgeable, well-connected and hungry as possible in order to gain owners' and investors' attention and ultimately win their business.