Purchasing or leasing a commercial property can be an expensive undertaking and the process to do so comes with many decisions to juggle. It would be easy to dismiss the thought of vetting your options of tenant rep brokers as too much extra time spent. However, there are many reasons hiring a tenant rep broker is the recommended way to approach these decisions.
Read on for why we would encourage anyone planning to lease or purchase commercial real estate to work with a qualified and reputable tenant rep broker.
They will save you time
Tenant rep brokers review listings, call other brokers, schedule tours, write offers, negotiate, review city zoning laws and more all so their clients don’t have to. You’ll have more time on your hands to focus on your core business while your broker works to find the right space for you and handles all the details.
They can save you money
Working with a tenant rep broker will allow you to get the best deal on a property. Experienced brokers know the market and are skilled in negotiation to get their clients the most optimal terms including price. Buyers may think they can negotiate their own purchase or lease but limited knowledge of the industry can cost them in the long run.
They have access to more than just the commercial databases
Not all listings are open to the public, especially when dealing with commercial properties. While tenant rep brokers may have access to a variety of commercial property databases, they also work their networks and connections and many times are privy to additional listings or information not openly known in the marketplace. Without a broker you may not find the hidden gem property that is just right for you. A broker can keep her eyes and ears open for properties that fit your exact needs.
They have market knowledge and specialization
Tenant rep brokers specialize in commercial real estate, making them experts on industry trends, news, processes and especially market economics. They are connected to other professionals in the industry which could help you score a property more quickly or at a better price than you could have without their connections. In addition, experienced brokers know how to work with government entities, funders and grant makers to uncover sources of funding that may incent businesses for job growth and other economic impacts or to help offset extraordinary costs such as environmental clean-up.
Don’t walk through the challenges of buying or leasing a commercial property without a tenant rep broker by your side. We would be happy to answer any questions you may have as you move forward with your commercial real estate needs. Get in touch!