Hiring the wrong broker on a buy-side commercial real estate transaction is an expensive mistake to discover after you’re already under contract. Before engaging anyone, these are the questions to ask a commercial real estate broker that actually separate a genuine buyer’s advocate from someone forwarding you public listings off Crexi.
1. How do you source properties beyond public listing platforms?
Any broker can send you what’s on CoStar, Crexi, and LoopNet — you could find those yourself. Ask specifically what off-market channels they use: broker networks, direct owner outreach, industry referrals. If the answer is vague, they likely don’t have one. Read how we source off-market inventory →
2. Do you actually underwrite deals, or just pass along listing sheets?
A listing’s advertised NOI and cap rate are marketing numbers. Ask whether the broker will rebuild the operating statement, model financing scenarios, and stress-test returns before you make an offer — or whether that work is left entirely to you. See our underwriting approach →
3. Who pays your fee, and does it change your incentives?
On most buy-side commercial transactions, the broker’s fee is paid by the seller out of the cooperating broker commission already built into the listing — meaning representation typically costs the buyer nothing directly. Confirm this in writing, and ask what happens on off-market deals where that commission structure isn’t automatically in place.
4. What property types and markets do you actually specialize in?
Commercial real estate brokerage is not one discipline — auto repair shops, QSR real estate, net-lease investments, and industrial flex space each have different valuation drivers, buyer pools, and deal risks. A broker who claims deep expertise across every property type in every market is usually overstating their depth in most of them. Ask for specific transaction history in your target property type.
5. How will you handle due diligence coordination?
Sourcing and underwriting a deal is only half the job. Ask how the broker manages Phase I environmental assessments, lease audits, estoppels, and financing timelines once you’re under contract — and whether they run that process actively or leave it to you to chase down. See how due diligence coordination works →
6. Can you speak knowledgeably to current cap rates in my target property type?
Listed cap rates on offering memoranda are frequently 25–75 basis points more aggressive than actual closing cap rates. A broker with real transaction visibility should be able to discuss current closing cap rate ranges for your specific property type and market — not just repeat what’s printed on the marketing materials. For current ranges relevant to your target property type, contact us directly.
7. Will I be working directly with you, or routed through a team?
At larger brokerages, buyer engagements are frequently handed off to junior associates after the initial pitch. Ask directly who will be sourcing, underwriting, and negotiating on your behalf day to day.
Frequently Asked Questions
What’s the most important question to ask a commercial real estate broker? How they source properties beyond public listing platforms. Off-market access is the clearest differentiator between a broker who adds real value on the buy side and one who’s simply forwarding listings you could find yourself.
Should I ask a commercial real estate broker for references? Yes — specifically references from buyers in your target property type and price range, not just any past client. Property-type-specific experience matters more in commercial real estate than in most other brokerage.
Is it normal for buyer representation to be free? On most transactions, yes — the broker’s fee comes from the seller-paid commission already built into the deal, not from the buyer directly. Confirm this specifically for any off-market transaction, where the fee structure may need to be negotiated separately.