In 2018, commercial real estate sales brought in nearly $400 billion in the United States. People often seek the services of a real estate agent when they’re in the market for a new home, but they may not think they need professional help when they’re looking for commercial real estate. Locating the right place for a commercial enterprise might be even more important than buying the right house, since your location can impact your business far into the future. Here are 10 reasons why you should seek the services of a commercial real estate company.
1. Market Knowledge
Buying commercial real estate is not the same process as purchasing residential real estate. The requirements of a buyer or lessee may be different from one market to the next. Someone who wants to buy a home has a host of personal considerations, while a business owner may be in search of the right location or space to expand. Commercial real estate companies track the market and locate attractive deals.
2. Representation
If you call the phone number from a commercial building’s ad or listing, you’ll be speaking with a broker whose client is the landlord. This means that they are primarily representing the landlord’s interests. Your interests come second.
If you contact a broker at a commercial real estate company, that person will make you their priority. If the broker has inside knowledge of the kind of space you want and expertise in handling commercial leases, you’ll save on effort and costs. Finding a broker prior to beginning your search process is the best approach.
3. Insider Information
While many people know something about residential real estate, not many are experienced in commercial real estate. This is why hiring a broker with expertise in the market is crucial. A broker from a commercial real estate company can guide you to the right space for your business. They will take your particular needs into account.
4. Access to Listings
In commercial real estate, a buyer or lessee has to look at ads for available spaces. Otherwise, they will have to have a knowledgeable contact. A broker can provide a wide variety of inside databases and listings you wouldn’t find on your own.
5. A Broker Will Save You Time
You might think that searching on Google or in the newspaper is a good way to find a new location for your business. But if you hire a broker, you won’t waste time on commercial spaces that aren’t right for you. A broker can do the necessary homework and find potential locations that are good fits.
6. A Broker Will Save You Money
Many business owners are reluctant to pay a broker from a commercial real estate company. What they may not know is that landlords usually hold a percentage of the rent to pay the lessee’s broker and their own broker. In addition, a broker has expertise in negotiating, which may lower the cost of your lease.
7. Access to a Professional Network
People who work in commercial real estate develop a network of colleagues, and they tap into that network when working with clients. For example, if you’re interested in a particular office space that you believe might become available soon your broker can ask other brokers in their network.
8. Brokers Are Objective
Emotions can get in the way when you’re trying to negotiate a lease or purchase. Your broker has no emotional investment in your business and is able to speak with the landlord or seller in a calm, rational manner. This will likely get you a better deal.
9. Rental Property History
A broker from a commercial real estate company can investigate a building’s history to see if it has any negative associations, like shady previous business operations. Those associations could harm your business in the eyes of the public.
10. Attractive Lease Terms
An experienced broker will learn about aspects of your business that could be impacted by the terms of your lease and will assist you with getting terms that benefit your business.
There are few things more important to the success of your business than the right location at the right price. A broker can help you find that ideal location. Call our team today for a free consultation.