Commercial real estate transactions are complex and can significantly influence the day-to-day operations of your business, especially when you rent an office for your company. To avoid a real estate nightmare, we encourage you to work with a real estate broker, and we’ll show you why that’s your best option.
Increases Access to Networks
Real estate brokers can access networks and tools you don’t have as a business owner. This includes listings and data they’ve gained access to over the years while working in the industry. Just like you are an expert in your product or service, commercial real estate brokers know the ins and outs of the process and can handle that while you focus on your company.
Saves You Time
Unless your job is tenant representation, you’re wasting time when you handle commercial real estate transactions on your own. A broker will help in many ways:
- Review listings
- Write offers
- Schedule tours
- Handle the legal aspects
- Negotiate terms
Commercial real estate brokers do everything from finding you a property to representing your best interest during negotiating. This is time and energy you save that can be put back into your business.
Gives You a Professional Look
Landlords are likely to be opportunistic when companies represent themselves during the negotiating process. They realize that your specialty isn’t real estate and may take advantage of that. When you have a broker representing you, landlords take you more seriously. Using a professional shows that you’re serious about the transaction and you won’t be taken advantage of.
Puts Money Back in Your Business
Many business owners avoid a broker because they don’t want to pay commission. What they don’t realize is that most transactions have a commission built in, so you’re not saving money doing it alone.
When you use a broker, the commission is split between your representation and the listing agent. If you don’t hire a broker, the entire commission goes to the listing agent. Rather than paying a listing agent double, hire a broker to represent your best interests. The knowledge of a broker often saves you money in terms of concessions from landlords, free rent, and lower rates.
Takes Emotion Out of It
Passion for your business can spill out into every transaction, especially if you feel you’re being taken advantage of. You have a lot at stake when you’re negotiating for terms and space, and landlords may use any uncertainty you feel to drive up prices. A commercial real estate broker enters the transaction with no emotional stake in it while still representing your best interests. They can discuss each option rationally and calmly.
Teaches About the Property
A broker can access information about the property you may not have as a tenant. You might need space for a daycare, but the building you’re looking at was formally a liquor store. A rental’s history can lead to a reputation that can harm your business. Before signing a lease, ensure you’re comfortable with your business being associated with previous tenants. A broker puts together information about the property’s history to present to you fairly.
Let an Expert Handle Your Transaction
If you’re looking for a new space to rent for your business, consider the many benefits of relying on a broker from Belvoir. Place your focus on investing in your business and the logistical aspects of moving while a broker represents you in finding a new office space because that’s our specialty.
