Fairly often, prospective tenants are hesitant to call on a commercial property broker when looking to secure commercial spaces for their operations. Some mistakenly assume that the services offered are too expensive, or a favourable result could be achieved by merely calling a couple of boards attached to the fence of an office park.
Bear in mind that in the majority of cases, the landlord settles all commercial property brokers’ fees. So in fact, a broker’s time to you as the tenant or buyer is free.
Here are a few reasons to have a broker assisting you with securing suitable, well priced premises:
Think of your broker as an informed advisory. After all, it’s in their best interests to keep your proprietary information safe and secure. Honesty and a transparent approach are fundamental to building long-standing relationships and are the lifeblood for a commercial broking firm looking to secure a future pipeline of business. There will be significant time spent together on the phone, emailing, driving to sites, analysing paperwork and dealing with architects, engineers and builders – all of which is hopefully part of a rewarding process.
Market knowledge is one of the most important pillars in a successful relationship with a commercial property broker. Good agents know the going rates in their areas of focus and must have an ability to secure upcoming bargains that may not yet be in the public domain.
The commercial property sector is far more specialised than the residential sector and can therefore prove a little more challenging in terms of securing competitive, suitable commercial property opportunities in preferential locations. Managing resources and keeping and an ear to the ground are an integral part of a successful broker’s armoury.
Experienced brokers are able to assess an opportunity for possible pitfalls or challenges. For example, this may include when rental or escalation rates appear above market, common area contributions are out of synch, or possibly onerous lease clauses could be in play which may have a negative affect on your business.
Ultimately, a commercial property broker will save you time and money. Allow your appointed broker to manage the majority of the paperwork and part of the negotiations on your behalf. Your responsibility as the tenant is to come up with valid queries, assess the suitability of the space and make final approvals.