Why Should You Choose a Commercial Real Estate Broker When Buying or Selling?
Save Time, Save Money, and Get a Better Property
Real estate is a complex game, and commercial real estate is in a league of its own.
Successfully negotiating a sale to close requires a host of specialized abilities as well as tactful social skills. Yet a surprising number of people either looking for or selling commercial real estate decide to forge a DIY path.
Just like you wouldn’t try to be your own dentist, there are many good, compelling, and profitable reasons why you would not treat commercial real estate as a do-it-yourself project.
A commercial real estate broker is a trained professional who negotiates between buyers or leasers and sellers. To become one, you have to earn your real estate license, meet state eligibility requirements, take approved prelicensure courses, pass an exam, and partner with a real estate brokerage firm.
Licensed real estate brokers bring a long line of benefits to the real estate transaction, and there are clear reasons why you should choose a commercial real estate broker to help you buy and sell.
Benefits of Using a Commercial Real Estate Broker
Commercial real estate brokers know the market.
Sure, you could scan the local listings yourself, but you’d be getting a fractional view of everything that is available on the market. Commercial real estate brokers have extensive knowledge of their local markets. Not all market data are available to the public, and many listings are not advertised at all, meaning that with the right professional, you can know about available properties before the competition does. Commercial real estate brokers, since they are privy to detailed information about sales, are also better positioned to provide detailed pricing information, so buyers know what an appropriate offer might be and so sellers know what the market will bear.
Commercial real estate brokers often have extensive ties and connections in the community and can learn details about properties that can help you make a better buy or lease decision. They also have the experience of conducting deals similar to yours and can say from experience what locations and spaces may best fit what you are looking for.
Using a commercial real estate broker saves you time.
One of the least appreciated aspects of the entire commercial real estate buying and selling process is just how long everything can take. Deals can take months to put together, and so it should go without saying that if a sale falls through, parties may waste precious time — and lose money in the process. Successfully bringing deals to a close is a skillful and delicate process, with those who are most successful at it having honed their art for years. Commercial real estate brokers can speed sales and help lead sales to a successful conclusion thanks to their knowledge of the market, transaction patterns, and more. Plus, with the tools available to commercial real estate brokers, you can greatly simplify either the buying or selling process. Brokers can double-check deals for you, compile and review listings, schedule tours, negotiate the terms of a sale (including the final price), and complete technical paperwork.
Using a commercial real estate broker saves you money.
Typically, the property owner pays the commission due to a commercial real estate broker. Yet, even so, both parties stand to save money by employing a commercial real estate broker. Brokers on both sides of the table can successfully negotiate for favorable sales prices and terms, including costs beyond the price per square foot, such as improvement costs, operating expenses, construction quality, and build-to-suit amenities.
The sole job of a commercial real estate broker is to represent your interests.
When you call the number of the agent listed you see on a for-sale sign, you contact the seller’s agent — who is representing their client’s interests. When you approach the deal through your own broker — whether you are a buyer or seller — you are sending into battle a person whose only job is to look out for you. This dedication to your service can save you money and time, and resolve issues faster.
Are you in the market to lease, buy, or sell commercial real estate? Based in Franklin, Tenn., The Giles Group is focused solely on commercial real estate in the greater Nashville and the entire Middle Tennessee area. Contact us today to schedule a free consultation.