15 Jun Should I Use a Commercial Real Estate Broker? Complete Guide
When Should I Use a Commercial Real Estate Broker?
Purchasing a commercial property can be a big investment that has the potential to make you a nice profit. If you’re looking for a commercial property to add to your investment portfolio, you must find a property that will continue to make you money even in the future. Understanding markets and knowing popular trends will play a big part in finding a great property, but what if you aren’t well-versed in these things?
Should you use a commercial real estate broker? You should hire a commercial real estate broker when you’re looking to buy, sell, or lease business space. A commercial real estate broker will take the time to understand what type of space you need, and they’ll find you properties that match those specific needs.
They’ll understand markets and what properties would equal the greatest reward. Lastly, they will represent you when it comes time to negotiate to purchase or lease your new business property. Hiring a commercial real estate broker can save you time, money, and frustration when it comes to purchasing a commercial property.
Many business owners attempt to find commercial property on their own, and most of them end up choosing a property that doesn’t serve the needs of the business, they end up spending too much money, and their voice isn’t heard when it comes time to negotiate. Keep reading to get an in-depth look at the benefits of hiring a commercial real estate broker:
What is a Commercial Real Estate Broker?
If you’ve ever purchased a house, then you’ve probably worked with a real estate agent. The agent helped find you a house that met your needs and handled the legal aspect of purchasing a house. A commercial real estate broker is a real estate agent for properties that will be used for business. They are licensed to represent you when it comes time to find a business space you would like to buy or lease.
Residential real estate agents and commercial real estate brokers are different in several ways; while a residential agent is learning about what areas of town are more desirable for people to live, a commercial agent is learning what areas of town provide a good market for business space and supply potential customers for the specific business their client runs.
When it comes to negotiations, a commercial real estate broker is representing a business rather than an individual. They have to ensure that the business is covered on all grounds during the negotiation.
If the business is leasing a space, the commercial realtor will see to it that the business’ needs are heard and met in the lease agreement.
Why You Should Use a Commercial Real Estate Broker:
A Commercial Realtor Has Knowledge of the Market
Knowing the market is one of the most important skills when it comes to finding any good investment property. The area you choose for your business can see to it that you have new customers walking into your business space every day, or you rarely see a new face come into the store.
The market will determine whether the people passing your business every day can be potential clients or if your business will soon become invisible to the common passerby.
One reason you should use a commercial realtor is for their knowledge and experience of the markets in the local area. You want to be able to find a property that caters to your business but will also help your business cater to the public. Commercial realtors have worked with many different businesses, and they’ll be able to guide you through the real estate markets to find you a favorable location.
A Commercial Realtor Will Know of Potential Properties
The internet gives us access to just about everything nowadays, but did you know that there are many commercial properties for sale or lease that never make it to the public eye? There could be the greatest office space just waiting for your business, but you would never be able to find the listing.
Commercial real estate brokers have access to many other listings besides what you find online. The broker knows of property owners and businesses wanting to sell, but haven’t made a move yet. You will have access to many more properties compared to if you worked without a commercial realtor.
A Commercial Realtor Will Listen to The Needs of Your Business
When it comes to finding a space for your business, you can’t just purchase or lease and property. You must choose a property that caters to your specific type of business. If you own a restaurant, look for a property that already has a kitchen and the room you need for a dining area. If you own a retail store, you should look for a space that has an open floor plan. Don’t compromise the needs of your business to find a space.
A commercial real estate broker will take the time to learn about your business and the space it needs. Then, the realtor will pull listings for you that match the “needs list.” This process will save you much more time compared to you working by yourself and going to look at every space you could find, whether or not it matched your business’s needs.
A Commercial Realtor Can Network on Your Behalf
If you’ve been a business owner for any time at all, then you know how important networking is. A commercial realtor has built a network of professionals and business owners that can help progress your search for commercial property. This networking could find you an office space!
Any commercial realtor should have a network of lenders, lawyers, inspectors, contractors, and property owners that could all help you in the process of securing your business property. This could save you time having to go out and find these professionals on your own. Plus, you can trust the realtor’s referral since it would be their reputation on the line.
A Commercial Realtor Will Represent You In Front of the Other Party
There is a legal aspect of purchasing a commercial property that must be completed by a professional to ensure that you and your business are protected and there aren’t any unknown demands that could come back to haunt you. A commercial real estate broker can legally represent you when it comes to communicating with the other party, negotiating, and closing.
If you’ve ever purchased any type of property before, then you know how much paperwork is involved! Luckily, your commercial realtor will review every piece of paperwork to ensure that it’s in the best interest of your business.
They’ll also be able to explain any papers you may be confused about. Lastly, a commercial realtor can write up contingency policies and agreements you want to be made between you and the other party.
Whether you’re selling, purchasing, or leasing a property, some form of negotiation will be involved. Blackwood Real Estate has been negotiating for our clients for years. To learn more, check out our page on Commercial Sales and Leasing.
A Commercial Realtor Can Save You Money
Last but not least, a commercial realtor can save you money in the long run. By going with a commercial realtor from the beginning to find your business property, you will have guidance through the entire process, and you’ll know that the realtor is working in the interests of your business.
If you were to look for a commercial property yourself without the knowledge of markets, listings, and legal matters that go into purchasing a property, you may end up spending much more money and time than you need to.
You purchase a property that needs to be renovated to meet the needs of the store while there’s a property right down the road that had the perfect layout for your business without needing renovations.
A realtor has experience negotiating for the interests of their clients; one major role of a realtor’s job is to negotiate. If you aren’t used to the negotiating environment, you may find it hard to get your way on anything.
You won’t be able to secure a more reasonable price on your lease or demand the building be brought up to code before you purchase it. Save yourself time and money by hiring a commercial real estate broker.
Blackwood Real Estate is a commercial real estate broker serving Northern Virginia. We have years of experience helping clients find the perfect property for their business or investment. To learn more about what we do, view our Commercial Brokerage page.