When looking to buy commercial property, you may wonder, “Do I really need a commercial broker?” You can look at properties independently and have a pretty good idea of what you want from your new commercial property, right? The answer is, “Yes, you need to use a commercial real estate broker.”
A commercial real estate broker’s primary responsibility is connecting buyers and sellers to make deals happen. In doing so, brokers must carefully weigh the needs of all parties involved, protect their clients’ interests, know market trends, be familiar with the industry, have good interpersonal skills, negotiate effectively, and respond promptly to inquiries. Because of this, being a successful commercial broker requires substantial knowledge and understanding of the current market cycle, local neighborhood values, zoning requirements, and other relevant topics that could affect a property transaction.
When buying, selling, or leasing property, the type of real estate professional used can make all the difference. Commercial brokers focus on purchasing, selling, and leasing commercial properties, whereas residential brokers/realtors specialize in residential property real estate transactions.
In addition to differences in focus, commercial brokers must often obtain more licensing than residential brokers/realtors. In most states, this is a rigorous process that generally takes longer to complete when pursuing a commercial real estate license. However, this extra effort is necessary due to the more complex commercial real estate market transactions.
Working with a local commercial agent is important when considering a commercial space. They will have a good idea of what kind of foot traffic moves through any given area and are clear on the zoning regulations for each particular type of property. You won’t be caught off-guard by an area that doesn’t have the type of traffic your business needs or one that is not properly zoned for your type of business. Working with a commercial real estate agent means you’ll save a lot of time and decrease the potential disappointment when you fail to find your desired property.
You don’t have time to spend all day, every day, flipping through commercial real estate listings. When you work with a commercial real estate agent, you’ll have fast access to the latest property listings and other relevant information about properties that best fit your business or investment parameters.
Using a commercial real estate agent can help you save money on your commercial real estate expenses. Your agent is there to negotiate for you and can help you avoid unnecessary fees in the real estate search process. They’re also able to substantially decrease the time you have to spend on the search process, making it easier to find the property you need without spending excess amounts on the process.
Your commercial real estate broker is there to care for you throughout the process. Choosing an agent of your own will help ensure that your best interest is a priority. Your realtor will take care of the market analysis on the types of properties you‘re considering. They will help you find the ideal property for you and consider your preferences, including everything from negotiating the fees the seller will need to pay to ensure the completion of proper inspections.
When you work with a local broker, you will have a clearer understanding of the market demographic and current property market fair prices. You‘ll have a licensed professional to guide you through negotiating lease terms or a property sale. Whether you‘re a property owner looking to sell or a business owner leasing a new space, your broker will represent your interests well.
Commercial transactions have a lot of moving parts. Your commercial real estate broker is in the ideal position to streamline the property acquisition process. They will confirm that you’ve dotted all the I’s and crossed all the T’s in your contract, knowing the best times to file and what you need to take care of before you move into your new property. They’ll get you in your new building fast and ensure all the legal details are taken care of before you take possession.
When you’re ready to buy an investment property, contact Ullian Realty. Partnering with us in the Ullian Process will ensure you find the right property at a reasonable price. With over 50 years of combined commercial real estate experience, we will promptly take care of important contract details and help you secure the property you want. Give us a call to learn more about the Ullian process today.
This article was originally published in June 2018, but has been updated for accuracy and freshness.
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