How to Make Sure That Your Commercial Real Estate Broker Is Legit

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If you think that the world of real estate and finance is now safe from all kinds of embezzlements initiated from brokers, then you couldn’t have had been more mistaken. The 2008 recession was the result of the shenanigans of commercial and residential brokers and credit agencies. 

Even with the many regulations in place currently, we still find rip-offs of Jordan Belfort and Bernie Madoff with the commercial real estate agent market. 
Considering the money you have at risk here and the flipside of choosing the wrong broker, here we mention some of the tips you can follow to make sure that your commercial real estate broker is legit and not a fraud.Go through these tips and protect your interests in this world of real estate embezzlement.

Stay Safe from Cold Contacts

Any broker or investment advisor contacting you in an unsolicited manner should be an alarming sign for you. The cold contact doesn’t necessarily have to be through a phone call or any other digital medium. It can ring alarm bells, even if the contact is being initiated through email or through an official letter to your name.
Do not get roped in towards such a cold contact, even if the broker is offering you free lunches or something of that sort.

Have a Detailed Conversation

It is best to have a detailed conversation with your broker, if you are looking out for a long term contract. The conversation will help you understand the broker, and whether they are able to understand your needs or not. A good broker should be able to comprehend what you’re looking for, and should work towards ensuring that they give you the exact offer you want. This is where you should check the suitability of your broker to make sure that you’re both on the same page.

Do Your Research

While conversations can do a good job in letting you know about brokers, it is best to explore further and search the internet about the broker. If the commercial real estate broker works for a firm, this is your time to look around and see if the firm can be trusted. If the firm is not trust worthy, then your internet research will show you the answers you need. 
Go to review platforms online and see how people have reviewed the broker or firm. Also check if there has been any regulatory action taken against the broker in the past, and if they have ever been found of embezzling clients.

Suspect Wrongdoing

Take out all your stakes and cancel the deal if you suspect any kind of wrong doing. Do not belittle any sign of wrong doing and make sure that you take the required action for addressing such concerns.

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