Not all broker referrals lead to a good deal—some come with vague praise that hides red flags. Many owners make the mistake of trusting generic recommendations without asking the right business broker referral questions. This can cost time and money, and it can even affect the success of the sale.
To identify a qualified broker who knows how to attract potential buyers, assess business value, and close deals, you need to dig deeper. These three simple but powerful questions help business owners, real estate agents, and other agents separate top producers from those who just sound good on paper.
The Power of Asking the Right Referral Questions
Many owners rely on referrals when trying to find a qualified broker—but not all referrals offer clear insight. Asking the right business broker referral questions turns vague advice into real, useful information you can act on.
Avoiding Empty Praise With Targeted Prompts
Most people won’t offer detailed feedback unless asked directly. A friend or real estate agent might say a broker was “great,” but that doesn’t help you assess their services or results. Asking targeted questions pushes the conversation beyond surface-level praise.
You get details on how the broker handled the process, managed broker fees, or helped clients through tough parts of the sale. These prompts help you identify a good fit for your business, not just someone who was nice to another person in a different situation.
Turning Referrals Into Real Data Points
An experienced broker stands out because of what they consistently deliver: qualified buyers, strong marketing materials, and smooth deals. The best brokers don’t just promise results—they produce them.
Asking the right questions gives you answers with real weight, such as how many offers were made, what professional valuation was used, or how quickly the sale moved. These data points help business owners compare brokerage firms and determine who adds real value.
The Three Broker Referral Questions That Matter
When asking for referrals, specific questions help you go beyond opinions and into measurable results. These three questions will help you assess risk, identify potential sponsoring brokers, and find someone who actually gets deals done.
“Which broker did you last work with, and how many serious offers did they generate?”
This question gives you two critical facts: who the person trusted and how effective that broker was. If the broker brought in multiple serious buyers, it shows strong market access and smart positioning.
For anyone in the real estate industry or selling small businesses, offer count can give a general sense of buyer interest but should be considered alongside buyer quality and overall deal progress. It also signals how recently the broker was active and involved in new business.
“What’s one thing you wish you’d clarified before signing with them?”
This question helps uncover regrets people rarely mention upfront. Someone might admit they didn’t discuss the commission split clearly or didn’t understand the time needed for the interview process.
These lessons help you avoid similar issues. The goal is risk mitigation—knowing what to expect when hiring a broker for your company or office.
“On a scale of 1–10, how responsive were they—and why?”
A clear number makes it easier to assess communication, an essential part of any sale. Many owners just say the broker was “responsive,” but that doesn’t tell you much.
A score, followed by a reason, helps you understand how well the broker handled follow-ups, emails, and last-minute changes. Responsiveness is key in keeping communication smooth and deals moving forward, especially for sellers focused on timely updates and buyer engagement.
How to Use Their Answers to Evaluate Brokers
Once you’ve asked the right business broker referral questions, the next step is making sense of the answers. Strong responses help you compare options and determine which brokers are worth your time.
Look for Patterns Across Multiple Sources
Ask different people—like your accountant, commercial banker, and fellow business owner—about their experiences with brokers. If the same established broker gets praised for consistent follow-through, accurate marketing materials, and satisfied clients, that’s a strong sign of proven value. When several sources highlight the same strengths, you’re likely looking at a professional who delivers across industries, not just in one deal.
Spot Red Flags in Vague or Evasive Replies
If someone avoids specifics or can’t recall details about a broker’s process, it may signal weak performance. A response like “They were okay” or “It worked out” doesn’t help you assess the broker’s services or success.
Press gently for clarity: ask what kind of deal it was, what the broker actually did, and how they handled buyers. A lack of insight could mean the broker didn’t play an essential part—or worse, slowed things down.
Use Answers to Build a Shortlist
Use each person’s answers to shape a real broker profile. Combine offer numbers, responsiveness ratings, and regrets to determine fit. Think about what matters most—speed, communication, or access to qualified buyers—and prioritize brokers who meet those needs. Don’t just rely on name recognition or someone calling themselves a top producer. Look for brokers with a track record of supporting small businesses, managing client expectations, and communicating professionally.
Add These Questions to Your Referral Tracker
Tracking answers helps you stay organized and makes it easier to compare brokers. A referral tracker keeps key insights in one place so you can make smarter hiring decisions.
Update Your Worksheet With Each Response
As you speak with contacts, record their responses to all three referral questions. Note how many potential buyers the broker attracted, how responsive they were, and what the person wishes they’d asked beforehand. Highlight standout details like “closed two deals in three months” or “missed key deadlines”—this helps you assess each broker with real data, not just opinions.
Follow Up Based on Strength of Feedback
If someone shares clear, positive experiences with a broker, ask for an intro or begin the interview process. A strong referral from someone in your network can offer more personalized insight than general online reviews. Focus on brokers who show consistency, communicate well, and deliver for many owners. These qualities can contribute to a smoother selling process and help reduce common deal delays.
These 3 Questions Reveal the Truth About Brokers
A referral alone isn’t enough—you need sharp, specific business broker referral questions to uncover who actually delivers results. These three questions are designed to reveal deeper insights into broker performance and communication, helping you make more informed comparisons. Use what you learn to compare brokerage firms, interview qualified brokers, and make a confident, data-backed hiring decision that protects your time, money, and business value.
Frequently Asked Questions
What’s the most important question to ask about a broker?
Ask how many serious offers the broker generated in their last deal to assess effectiveness.
How do I know if a broker referral is reliable?
Look for detailed, consistent feedback from trusted sources like accountants or other agents.
Can I ask more than just these three questions?
Yes, but these three are essential for getting clear insights fast without overwhelming your contacts.
What if someone won’t give a clear answer?
Lack of details may signal a poor experience—ask gently for specifics or move on to the next person.
How should I compare broker responses from different sources?
Track answers using a referral worksheet and look for patterns in performance, communication, and client results.
References
- OBS Business School. (2025). Commission agreement: definition, how it works, and commercial obligations. https://www.obsbusiness.school/en/commission-agreement-definition-how-it-works-and-commercial-obligations-cp
- Internal Revenue Service. (2020). 4.48.4 Business Valuation Guidelines. https://www.irs.gov/irm/part4/irm_04-048-004
- Investopedia. (2021). Business Broker Definition. https://www.investopedia.com/terms/b/business-broker.asp
- Investopedia. (2025). The Differences Between a Real Estate Agent, a Broker, and a Realtor. https://www.investopedia.com/ask/answers/101314/what-are-differences-among-real-estate-agent-broker-and-realtor.asp
- Score.org. (2023). The Checklist: Buying and Selling a Business Part I. https://www.score.org/losangeles/resource/blog-post/checklist-buying-and-selling-a-business-part-i
- U.S. Office of Personnel Management. (n.d.). Assessment and Selection. https://www.opm.gov/policy-data-oversight/assessment-and-selection/
- U.S. Small Business Administration. (2023). Table of size standards. https://www.sba.gov/document/support-table-size-standards
