1. How active is the broker in the marketplace?

If the broker you hire is very active in San Jose, but never works in Oakland, it would be a mistake to work with them. They might be worth hiring if they can prove to you that they have the ability to find the tough to find spaces and get information on the most recent transaction. If they can pass both of these hurdles and seem qualified, an out of town broker can provide the right level of service. If not, ask them for a referral to a local broker.

2. How long have they been in the business?

Less experienced brokers might work very diligently but you are more exposed to common mistakes. Veterans of the industry can quickly make you aware of common mistakes and help you avoid them. A good rule of thumb is within 3 years, a broker has learned all the necessary tricks of the trade.

3. References?

Will the broker provide some contact information for recent clients who can speak to their diligence throughout the process? Questions you ask these references should be specific based on negotiating skills and time spent on the process.

4. Do you have a specialization?

Many brokers specialize in types of firms or industries. If you can find the broker who specializes in your industry, you might get a leg up in the negotiation. Specialized brokers might have some other clients who are going through the process at the same time and excess information helps throughout the process.

5. Do you have any conflicts of interest?

Some brokers might work for many landlords throughout the city. If they do, at times their fiduciary duty is challenged when they represent both parties. Most brokers are ethical and this would not create a bad situation, but exceptions do exist.