Buyer guide

How to choose a commercial real estate broker

Leasing, buying, selling or financing a commercial property. What to check, what to ask, and what the public record can tell you about the firms.

Published 2026-10-21. All guides · Commercial brokerages hub

Our perspective

Fees are the least visible part of commercial brokerage. None of the six national commercial brokerages we profile publishes a fee schedule; the closest public number is Marcus & Millichap’s reported 1.82% average commission rate for 2025, which is an outcome across its deals, not a price list. (Marcus & Millichap 10-K for FY2025 (SEC)) That makes the written engagement letter your price sheet. Reach is easier to check: CBRE, Cushman & Wakefield and Newmark list offices in all 30 of the largest metros we track, but a local office is not the same as a local specialist in your property type, so ask who will actually work the assignment. (Real Estate Industry Reviews, commercial city hubs (office pages cited on each hub))

Checklist

Confirm each agent’s and the firm’s license in your state (many state regulators can be searched through ARELLO; some states run their own lookup). (ARELLO, real estate license verification (participating jurisdictions))
Get the fee, who pays it, and when it is earned in writing before work starts, including any co-broker split and what happens if you lease or buy something the broker did not show you.
Ask for the names of the people on your account and their recent deals in your property type and submarket.
Ask how the firm handles conflicts: does it also represent landlords or sellers in buildings it may show you?
Check the length, exclusivity and termination terms of any representation agreement.
Compare at least two proposals, including one from a local or specialist firm if your deal is small or niche.

Questions to ask

Who on your team will do the day-to-day work, and how many active assignments do they carry?
Which comparable deals have you closed in this submarket in the last two years, and can I speak to one of those clients?
How are you paid on this assignment, and does your compensation change depending on which property I choose?
Do you or your firm represent the other side on any property you are likely to show me? How do you disclose it?
What market data will you share with me, and will I keep it after the engagement ends?

Red flags worth clarifying

None of these proves a problem on its own. Each is a reason to ask for an explanation in writing before you sign.

The fee or who pays it is not written down before work starts.
Exclusivity with a long term and no clear way to end it.
Reluctance to name the people who will work your deal.
Dual representation that is not disclosed in writing.
Market claims (“largest”, “No. 1”) with no source you can check.

What the public record can and can’t tell you

Can show

Revenue, growth and margins of public brokerages (10-K, 40-F)
Which metros a firm lists offices in (firm websites)
Reported average commission rates where a firm discloses them
Licensing status of individual agents (state regulators)

Can’t show

How a particular broker negotiates or communicates
Fees on your specific deal
Local market share, which most firms do not report

How our scores work here

Commercial brokerages are scored with our service-firm model: scope of services (25%), fee transparency (20%), client experience (15%), market coverage and specialization (15%), responsiveness (10%), verified reviews (10%) and scale (5%). Client experience and responsiveness need client surveys, so they stay pending and the score is computed on the remaining weight with the math shown. Boutique and regional firms are profiled, not scored, until they publish enough to fill the criteria; that is a gap in the record, not a judgment. Scores are shown as a number out of 10 with no label or tier.

Explore

Commercial brokerages hub · National firms · Boutique and regional firms · City hubs · Top commercial brokers · CBRE · JLL · Cushman & Wakefield · Colliers · Newmark · Marcus & Millichap · CBRE vs JLL · Cushman & Wakefield vs Colliers · Newmark vs Marcus & Millichap · New York · Dallas-Fort Worth · Chicago · Los Angeles

Questions

Is a big national brokerage always the right choice?

Not necessarily. National firms list offices in nearly every large metro, which helps with multi-market searches. A local or specialist firm may know a submarket or property type in more depth. Compare the people and their recent deals, not only the brand.

How are commercial brokers paid?

Usually a commission set out in a written agreement, often paid by the landlord or seller and shared with the tenant or buyer broker. No national firm we profile publishes a fee schedule, so get the terms in writing.

Does the NAR settlement change commercial deals?

The practice changes NAR describes (written buyer agreements before touring, no compensation offers on an MLS) are framed around residential MLS transactions. Ask your broker how they apply to your deal and state.

What does the score on a brokerage page mean?

It is a number out of 10 showing how the firm’s sourced record fits our published criteria, with the breakdown. It is not a recommendation.

Regulatory and legal points summarize the linked primary sources as read on 2026-10-21. Rules vary by state and change over time; this guide is general information, not legal or financial advice.

Sources

Marcus & Millichap 10-K for FY2025 (SEC) · accessed 2026-10-20
Real Estate Industry Reviews, commercial city hubs (office pages cited on each hub) · accessed 2026-10-20
ARELLO, real estate license verification (participating jurisdictions) · accessed 2026-10-20
National Association of REALTORS®, NAR Settlement FAQs (PDF, updated Oct 29, 2024) · accessed 2026-10-20

Last verified 2026-10-21. Figures were re-read from the linked sources that day.

View changelog

2026-10-21 Guide published.