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Here are some of the main reasons why you should have a Commercial Real Estate Agent representing you!
Potential Cost Savings
Unwillingness to pay the broker commission is one of the top reasons that companies choose to forego using a tenant agent. Yet businesses seldom have to pay out-of-pocket for this commission. The landlord budgets a 4% to 6% commission for the listing agent, which is split with the tenant broker upon completion of the lease. The split is most often 50/50, but can be as low as 90/10 in favor of the listing agent. In general, the broker's commission costs your company nothing.
Other cost savings are gleaned by virtue of the broker's market knowledge, access to privileged information, and skill and experience at negotiations. A business owner could successfully navigate the process, but might miss important market information a broker could supply that would maximize profits as the business expands. He or she might not recognize potential negotiation items that would save them hundreds or thousands of dollars over the course of the lease. Having an agent that represents your interests could translate into money in your company's pocket.
Who is Watching Your Back?
Listing agents are duty-bound to protect the landlord's interests. If company managers only works with listing agents, they must rely on their own wits to protect the company's interests. This creates a decided disadvantage at the negotiations table, as only the landlord is represented by professionals familiar with the process.
A tenant agent will work for your company's interests at every stage of the process. They can more disinterestedly search for properties listed with many brokerages, and can take into account your company's situation and needs, rather than working to fill a building at the best price for the landlord.
Working only with listing agents might also limit the properties you are shown. They will be motivated to steer you to their own agency's properties in order to receive the maximum commission (especially since you were thoughtful enough not to bring an agent with whom to share it).
The Value of Time
Without a broker, the list of properties available and their favorability with respect to your business's best market location can seem overwhelming. The broker brings experience and a solid understanding of markets in your metropolitan area, and can help winnow out office space that is not ideal for what you do.
In addition to avoiding the heavy investment of time just to find the property, time savings can be realized as the deal progresses, in organizing inspections, negotiating and re-negotiating terms, completing plenty of paperwork, and making offers. Because the broker has experience and connections, the search for a property, as well as the completion of all the contingent steps to signing the lease can be streamlined.
Commercial Real Estate Market Knowledge Provides an Edge
Real estate brokerages pride themselves on knowing the local market, and can help companies find the most potentially profitable spots for their specific kind of business. An upscale clothing retail company might better be able to pinpoint locations where their kind of merchandise is sought, and tap into broker's data on foot traffic and retail sales in certain areas.
Brokers often know right off the bat which buildings are available, plus any restrictions, zoning, and proposed development the company owner might not be aware of. They are familiar with areas, trends, and even local business owners and landlords--all information providing an edge to the client in his or her search for office space.
Brokerages also spend thousands for proprietary reports on market data on sales and leasing, including traffic counts, demographics, and comparable leases and sales. They often are privy to offers not available to the public, like office space set to be made available.
Commercial Real Estate Negotiations
Successful negotiation can be stressful. A commercial real estate broker negotiates for a living, and can provide a buffer between the sometimes rocky process and the client. Negotiations can be complex, and it is helpful to have an advocate on your side that can spot hidden charges or profit centers for the landlord.
Leases are legal documents, which no one likes to read--they are confusing and full of jargon that often obscures meaning. A good broker can read and interpret these legal documents, and help negotiate lease clauses that could be harmful to their client. Buying or leasing, our services are FREE! Put our real estate representation to work for you. We're always looking out for our client's best interest. Let us handle showings, negotiations, and contracts, so you know it's being done to the letter of the law.