When you are in the market to lease commercial property, your commercial real estate broker will be one of the keys to your success throughout the real estate transaction. Before you commit to anyone, you should always take the time to properly assess the ability and skills of the broker, in order to select the right broker for you and also ensure success. It’s important that you don’t take everything — and everyone — and face value here. You will need to dig a little deeper, asking the right questions to learn more about the person who will potentially be handling your very important commercial real estate deal.

With this mind, here are 5 questions you should ask when hiring a commercial real estate broker to help you lease space.

What cities or neighborhoods are you most familiar with in your brokerage? 

As a tenant, you need a professional advisor with a deep level of knowledge about specific markets. If you are deciding between multiple locations for your commercial space, the right broker can help you narrow down your choices to those that are the best fit for your organization’s specific needs. Be sure that you are working with a broker who has this knowledge of any particular markets you are interested in.

What is your experience as a broker?

This may seem like a no-brainer or even an insulting question, but hear us out. Just as we don’t hesitate to ask other professionals we work with — such as a contractor, a financial advisor, or a doctor — about their professional experience, it never hurts to ask a broker about their professional experience, including requesting client referrals, asking about particular industries he or she has served, and anything else that you may feel important in your real estate search.

And when asking about experience, keep in mind that it’s usually better to ask about the number of closed deals, rather than the number of years in the industry. It’s always better to work with someone newer to the industry who consistently has deals in the hopper, rather than someone who else has remained barely active for a number of years.

Would you mind sharing some of your success stories? How have you helped your clients overcome obstacles?

As in any type of job interview, these “real world” questions can give you a glimpse into how . your potential broker does business. And pay close attention to how he or she talks about overcoming obstacles… true experts thrive in the face of challenges. Look for someone who is tenacious in solving problems, but someone who acts fairly in the best interest of his or her client.

Do you specialize in any particular type of commercial space?

Often, brokers tend to specialize in one particular type of commercial space — whether they mean to or not. Whether it’s retail, industrial, warehouse, office complexes, or something else, many brokers will find themselves in a niche, and they are especially comfortable and skilled in negotiating leases in these types of spaces. If you have any demands or specifications that you think would benefit from this type of expertise, it never hurts to see out a broker who specializes in that you’re looking for.

Have you ever worked with a company like ours before?

Just like brokers, no two companies are built exactly alike — meaning that there’s no other company out there that will have the exact same needs as yours. However, there are some trends that tend to carry throughout industries. Finding a broker who can draw on his or her past experiences with similar organizations will help deliver insights that you will have a hard time finding anywhere else.

Thinking about leasing commercial office space? The convenience of an office space can bring newfound credibility to you and your brand. However, there are some things you would want to ensure you consider prior to signing a lease.

Let’s take a look at 5 considerations you will want to make before leasing that new office space, and why these things are important to consider.

1. The Cost

This one may seem painfully obvious, but don’t skip over it just yet. The cost of your new office is more than just the monthly rental expense. Keep an eye out for what the lease says regarding rental escalations or increases over time. Sometimes, these increases can be determined by the consumer price index. The CPI can change based on the market so be aware. Additionally, you’ll want to see how damages are handled, and how your security deposit is used. All of these things can go into the overall cost of the office.

2. The Lease Term

Consider the Lease Term prior to deciding on your new office space. The term (or length of the lease) may have very specific contingencies. First, keep in mind how long you realistically see yourself staying in the location long-term, you may have an edge when it comes to negotiating with the landlord, as they often prefer longer, secure leases. However, as the market changes, a long, fixed rate lease term could mean paying more than market value if the market declines. Keep these things in mind and research what kind of lease term would be right for you prior to signing your next lease.

3. Location

Location can be a key factor in a business’s success. For example, a tenant may be better off leasing a smaller space in an area with their ideal demographic; rather than a large space with people who would not be likely clientele. Additionally, factors such as distance to public transportation and parking can impact employee happiness and client convenience. So, ask yourself, is the surrounding environmental ideal for me, my employees and current or future clients? Be sure to choose wisely when looking at the location of your new office.

4. The Space

What kind of concept are you going for with your new office? Is it just you alone, or you and a current or future team? These are all questions that need to be asked regarding office space. You may know you’d like 1,200 square feet, but be sure to delve deeper and get more specific. How do you want the space laid out? Do you want an open floor plan or more privacy? Additionally, think of the future, will you need additional space for growth? Can the space be modified or changed in any way? Upon termination, will the property have to be restored to what it was?

Additionally, keep in mind common areas. From restrooms to hallways, what are the specifics on those? Keep in mind if your lease has factored those things into your rental cost. The office plus common areas are often known as total square footage, this is different than usable square footage, which would be the actual office’s size.

5. Building Management

Make it a priority to meet the building management, especially if there is one on sight prior to signing. Get their name or company the building employs. You can google reviews regarding how the management has handled past and current tenants. See if they cover the cost of cleaning, or common area, or office maintenance. Additionally, ask any questions you may have.

Moving to your first office or a new office can be an exciting but stressful time. Ensuring that you have taken the aforementioned steps prior to signing the lease can help make everything go more smoothly.

If you spend anytime in the commercial real estate sphere, you have no doubt heard your fair share about smart buildings. But do you know what that really means? Typically, when the industry talks about smart buildings, its usually referring to the building’s infrastructure or its energy management systems. However, it’s important to note that there is smart building technology that goes beyond these infrastructures — systems that will take your building to the forefront of technology and ahead of the innovation curve.

Let’s take a closer look at some of the apps designed to make your building smarter, and communicate better or more directly with your tenants.

MyPORT

Schindler Elevator Corporation announced the release and launch of its MyPORT app in North America in 2016. By talking to the buildings’s PORT Technology elevator interface, tenants and other building occupants have the ability to walk around freely — simply by having their smartphones on their person. The app has the ability to verify user identity and call an elevator, as well as turn the lights on and off or lock and unlock doors. What’s more, unique authorization codes can also be sent to building visitors through text message, to allow for building access.

Skyrise

Skyrise is a tenant engagement app for commercial real estate, particularly office buildings, that allows for a direct link between tenants and the building’s administration team. This app has a number of pragmatic uses, such as allowing the property managers to directly broadcast messages to tenants in the event of a fire drill or a real emergency, or even share important news. Further, it also provides a type of digital bulletin board that allows tenants to connect with other tenants, sharing news or discussing other events.

Bixby

Bixby is another communication app and a web app that works with various types of commercial properties. It allows for resident relations to be filtered into one place, including a rent payment portal and a marketplace for other amenities. It also allows for direct communication between property managers and tenants, including push notifications, text messages, text messages updates, and email notifications for its clients. Maintenance requests can also be submitted via the app.

KastlePresence

Are you still scanning your standard key card to gain access to your building or office? That is so 5 years ago. Due to a set of sensors that recognize the app on your smartphone, KastlePresence allows you to enter various points in your building, such as the parking lot and front door, without having to pull anything out of your pocket or wave anything in front of a censor. Property managers can also use the technology in this app to view occupancy data trends, to help them make smarter and better-informed decisions.

By employing apps such as these, savvy commercial property mangers are upping their game when it comes to delivering top-notch tenant user experience — mastering not only tenant acquisition but also tenant retention in the process. Physical space is not just a commodity; rather, tenants view their space as a service — and they expect it to be treated as such.

Real estate has always been one of the more traditional fields; one that has often been minimally changed by evolving technology and heavily reliant on human interaction. However, in the last 5 years or so, technology has seemed to seep into every profession, including real estate. This has mainly been a positive advancement—allowing brokers to reach more potential clients, be more efficient in closing deals, and allowing paperwork and contracts to be virtually delivered, signed and cataloged.’

This all sounds amazing, but many are concerned that technology will eventually replace human jobs. One question asked is if new and expanding technology will ever replace the “human element” in commercial real estate, specifically in the appraisals and valuations area. In short, the answer is no—but let’s see why and how technology can still be a valuable addition to CRE valuations and appraisals.

Why won’t tech phase out humans in valuations?

Valuations are heavily reliant on human knowledge of the specific property they are working on. Though there are many algorithms and technological elements that can be used to aid in the process it will always come down to the physical person performing the job. In fact, appraisers go through rigorous schooling and exams to be qualified. For example, in Florida Certified General Real Estate Appraisers need to have a high school diploma, a 4-year degree, complete 300 classroom hours of pre-licensing education, have additional experience and take an exam.

All of this valuable knowledge and experience can never be replaced by technology in any form. However, there are some ways that technology can make the appraiser’s job easier by allowing them to work smarter rather than harder.

How can an appraiser use tech to their benefit?

Appraisals and valuations have always been a tedious and valuable service, and in CRE you will need one at one time or another. Though there are different types of appraisals depending on your specific situation, PropTech startups have begun creating tools to assist in the more simple valuation needs.

This can allow appraisers to be more competitive in rates and possibly gain additional business that is quicker and easier than before. One example of a PropTech company is eVest. eVest worked with software engineers and professional appraisers to help provide real-time valuations for a number of buildings throughout the U.S. An algorithm then creates valuations for other properties. This is a free service to customers of eVest’s software. This can help for surface valuations but of course, when you want to start digging deeper into a property’s true value or earning potential, you will likely need to confer with an appraiser in person.

Will we need a human element?

There are a variety of reasons someone might need an appraisal in CRE. Some reasons include finding a market value, assessing costs finding the insurable or taxable value, or investment value. Additionally, new buildings vs. buildings with significant use and depreciation have a different process entirely.

Because there are so many outlying factors that impact a CRE property’s value, technology can never truly phase out the human element of valuations or appraisals, it can only assist in making some elements quicker and easier.

They say the early bird catches the worm. In this case, the early bird is Twitter. The following list is comprised of 14 CRE technology companies, in no particular order. Check them out and make sure you are following them on Twitter for a variety of interesting, informative, and innovative tweets.

1. REIS Inc @REIS_CRE 

REIS touts themselves as the “leading provider of unbiased CRE market data analytics.” They provide comprehensive data on multiple sectors and topics for always interesting updates daily.

2. Urban Land Institute @UrbanLandInst

With more than 138 thousand followers, ULI is one of the oldest and largest cross-disciplinary real estate, land use expert companies in the world. They’re all about responsible land use and often use tech to support this.

3. Real Capital Analytics  @Realcapital

Real Capital Analytics regularly provides easy to understand visual charts with CRE analytics. They also share really interesting economic forecasts. Their content is mainly internal with minimal retweets which are incredibly informative.

4. View The Space @WeAreVTS

VTS, which was founded in 2012, provides tech for landlords and agency brokers. They centralize portfolio data, simplify management, help with tenant relationships and help brokers get more business and stay organized. They share PropTech specific articles on Twitter daily.

5. MatterPort @Matterport

MatterPort uses 3D VR technology to create models of real estate spaces. On their Twitter, you can see the power and detail of their renderings. They also share interesting tech articles related to their services.

6. CompStak @CompStak

Called one of the hottest NYC based startups, CompStak is a CRE database that provides “timely, analyst-reviewed commercial lease comps, sales comps, and property details.” The share a variety of technology-driven articles as well as organic content you can’t find elsewhere.

7. Apto @aptotude

Apto is a Colorado-based company that provides cloud-based software for managing relationships, properties, listings, and deals. The articles they share on the Twitter are extremely thought-provoking, so be sure to give them a follow.

8. CrowdStreet @Crowdstreet 

CrowdStreet is a crowdfunding platform that allows CRE investors and borrowers to connect and gain funding for their ventures. Crowdfunding has become increasingly popular to invest and gain capital outside of traditional lending formats.

9. CRETech @DiscoverCRETech

CRETech provides information about all things tech in the CRE world. Their information is unbiased and covers a wide spectrum of topics.

11. Bisnow @Bisnow 

With more than 16K followers, Bisnow is an incredibly popular CRE based online publication. You may have seen their articles shared on friends’ or colleagues’ Facebook or LinkedIn Pages. Their articles get a lot of traction and tend to be relevant to the current market.

12. Propmodo @Propmodo 

Propmodo’s tagline is “Exploring how emerging technologies affect our built environment.” They often tweet multiple articles daily regarding tech-based CRE innovations. They also host events, which you can find out about on their feed.

13. RealPage  @realpage 

This Richardson, Texas based company is one of the leading providers of property management software. Their Twitter shares relevant content with topics like property management, tenant relations, sustainability and more.

14. eVest Tech @eVestTech 

eVest Tech is a capital raising and investment management software suite that utilizes AI and Digital Technology to help meet CRE professionals’ needs. They post a variety of information in the PropTech and FinTech spectrum. Their most recent tweet? “How #Technology has influenced our #realestate today?” Super informative in an easy to read format.

Make sure to check out these 14 CRE Tech companies and follow them on Twitter to spice up your feed with pertinent information on all things tech!

According to the American Marketing Association pop-ups are now a $50 billon industry, much of which is driven by the increased popularity of e-commerce buying. Online sales have the potential to make up to 35% of retail sales by 2030 according to a report by Credit Suisse. But fear not, retail is still thriving, and malls have the potential to still bring in great returns as non-traditional options, such as pop-ups have the capability to turn space that may have been underutilize into fantastic, new opportunities for mall owners.

What is a pop-up?

A pop-up shop is a temporary retail space. Often popular with limited run products, online retailers, start-ups, and experienced-based establishments (think The Museum of Ice Cream or Candytopia). Pop-ups have a more flexible, short-term model than traditional retail space. They often have a smaller footprint that can be rented for a shorter time.

Why do pop-ups work for malls?

Pop-ups are different from traditional stores in the sense that they have different opportunities for marketing freedoms. They normally do not have to create an identical brand pattern throughout stores because pop-ups act independently. This allows marketing teams to create a different experience from pop-up to pop-up, creating anticipation for what’s to come. The “here today, gone tomorrow” limited edition atmosphere paired with this anticipation drives sales and urgency to purchase.

This industry works for malls by creating a buzz that may have died down in recent years. Additionally, they fill retail space that could have otherwise been sitting empty creating unsightly vacancies. Pop-up shops also bring in consumers who may have not otherwise come to the mall, enticing them with limited runs and events. Since these events are normally on a smaller scale, it creates a personalized experience with engaging customer service and a focus on getting customer feedback. This can often create extremely positive experiences and memories, which translates into brand loyalty tied to positive memories.

For retailers who are especially successful with their pop-up endeavors, they may use data as motivation to open up a permanent store. Often times, these are located where the most successful pop-up took place, so for mall owners, a temporary pop-up could actually end up filling a long term vacancy. Just look at companies like Penguin, the RealReal, and Kylie Cosmetics. All brands that launched pop-up shops now and have stand-alone permanent locations or permanent displays in other retailers.

Overall, pop-up shops are part of our current visual culture. The FOMO or “fear of missing out” creates a buzz that encourages consumers to shop or to visit for the experience even if they may not have been inclined by the product otherwise. This short-term, high-value lease style breathes new life into malls, especially those with vacancies, and mall owners are not complaining.