One of the top operating expenses in business is real estate. Therefore, business owners look for ways to reduce expense and cut cost when it comes to commercial office space. Often there is scrutiny around the use of commercial real estate brokers with the thought that doing it yourself will save money.
“We thought we’d save money by acting as our own leasing agent. That’s how we learned the hard way what brokers really do.” – Hans Steege CEO, Dero Bike Racks
Learn about Hans Steege’s experience on Why you Need a Commercial Realtor.
As Hans Steege learned securing commercial space is complicated and having an advocate in every step is necessary. It is important to look at the entire process and how brokers add value to acquiring commercial real estate.
Four primary ways in which a commercial real estate broker adds value are:
It’s imperative for any business owner to manage their time wisely and delegate duties that are outside their realm of expertise. More importantly a broker can save any business time by handling the day to day duties of searching for a commercial property. A commercial real estate broker can efficiently handle these responsibilities including compile and review listings, call listing agents, schedule and arrange property tours, review city zoning, write offers, negotiate lease terms, etc.
Commercial real estate brokers do not charge fees to buyers/tenants, instead they are paid from a commission from the landlord/owner. More importantly, brokers save business owners money because they can negotiate the absolute best deal on all parts of the transaction. For instance, Worldwide Commercial’s client, Ryan Wilson at Dolex Dollar Express was able to get a turnkey build out, moving allowance and multiple months of free rent to realize major costs savings. Regardless of what a business owner is looking for in a new commercial office space a broker can negotiate contracts in favor of their clients on lease renewals and new leases.
Many business owners don’t realize that unlike residential real estate, commercial real estate listings are not as centralized. There are many different listing platforms. Commercial real estate brokers pay a lot of money to have access to the most up to date and relevant information for their clients. Not only can brokers provide you access to several public listings but they have insight to listings that aren’t even available yet. Brokers are networkers and can reach out to their contacts to help with zoning regulations or even to locate the funding needed to finalize a deal. A commercial real estate broker’s market resources are invaluable.
It’s important to look for a broker that is experienced in the nuances of the type of property you are looking for as well as the geographic market. It is their job to stay on top of the trends in the commercial real estate field. Working with a broker with market knowledge can help you move quickly and inherently knowing if a listing is priced fairly. They have navigated the transaction process many times and are familiar with the challenges that can arise.
Commercial real estate brokers can help you whether securing a new office space, renewing a new lease, expanding, or relocating. A broker will act as an advocate and bring value to your business throughout the entire process.
Want to start working with a commercial real estate broker today? Talk to a Worldwide Commercial broker today.