Why Do You Need a Commercial Real Estate Broker to Help Negotiate Your New Office Lease?
Commercial real estate brokers are educated, licensed professionals who specialize in leasing and selling office spaces, storefronts and other commercial spaces. As is the case with residential real estate brokers, professional commercial broker can represent sellers or buyers. In a leasing situation, they represent either the landlord or the tenant. In some states, these agents can also play the role of a dual agent, representing both parties.
Some people might never think of buying a house without a real estate agent in their corner. Yet these same people who own or manage businesses might balk at the idea of using an agent to help them negotiate a commercial lease. They may think they are saving time or money. They also might think that they can learn enough about the local market on their own without an agent. However, when negotiating your new office lease, there are a number of reasons why you need a commercial real estate broker.
A professional commercial broker constantly studies the local market to keep on top of trends. Their job is to analyze the local market, know what is happening and be able to anticipate what could happen in the near future. They know pricing, availability, locations and other specialized information. A professional commercial broker also has access to extensive contacts in the real estate and business worlds. So while you might be able to learn a good deal on your own, their wealth of knowledge and network of contacts informs their understanding. They can help you to be better equipped to choose the right office space for the right price.
Access to Listings
If you want to find a home, you can search on one of several well-known websites and see almost every listing in your area. Yet, unlike residential real estate listings, commercial properties aren’t necessarily listed on one central platform. The sheer variety of available commercial properties means there are several places to find listings. Without a commercial agent, you may not be able to see all the available listings in your area.
Some tenants want to save money. As a result, they think the best way to do this is by not using a commercial real estate broker. The opposite is actually true. The broker knows the local real estate market. Because of this, they know if you are paying too much to lease a new office space. In addition to the lease price, they also help commercial clients negotiate build-out provisions with the landlord. This could potentially save you more money. With a broker on your team, you have a negotiator to get the best space possible for your money.
Choosing not to work with a broker means you will be doing all the work of a broker. As someone who owns or runs a business, you may not have hours of time to browse through listing after listing to locate properties, visit them, makes offers and research zoning laws. Not only would you be doing the work of a broker, but it would take you much longer to do unfamiliar and possibly confusing tasks. In the long run, working with a commercial broker will save you time.
Negotiating Your New Office Lease
Far from being an unnecessary expense or a waste of time, a professional commercial broker can save you time and money. Whenever you take advantage of their knowledge and experience, you benefit. With an experienced, you have an expert to advise you and help negotiate your new office lease.