If this is your first time dipping your toes in the retail & commercial real estate market, it’s very you’ll need a real estate broker. Their professional service may prove to be invaluable for lots of businesses and help them get started.
Worried about having to spend extra money? Don’t. The landlord usually pays for the broker’s commission so you won’t be spending any money out of your own pocket. You should be more concerned about choosing the right broker.
If you’re not sure whether to give these professionals a go or not, you might want to learn more about what they can do for you. We’ve listed down the pros and cons of hiring a commercial and retail real estate broker:
Why Hire a Retail & Commercial Real Estate Broker
1. They can help you find the property to suit your needs.
These professionals are well versed when matching properties to clients. You just need to tell them what you’re looking for and they’ll be able to help you find the property you need. This can help you save a lot of time and effort as you won’t have to manually search and narrow down your options.
2. You can delegate the task of searching for a good property to a single person.
If your schedule is packed and you won’t have time to look at listings, a commercial real estate broker will do the work for you. You can skip having to talk to different sellers and agents and just rely on your broker to find you a good retail or commercial space.
3. Professionals can negotiate better.
Liked a property but it’s just a little over your budget? Commercial real estate brokers can help you negotiate the price expertly. Not everyone has such useful skills, so having someone who can help you get a better rate can come in handy.
4. They’re very helpful with the contract and other paperwork.
Leasing and buying a retail and commercial property comes with a lot of legalities and paperwork. If you’re well versed in all of these, you might not find the need for a professional to assist you. However, if you’re not fully familiar with the jargon and technicalities used in the industry, a broker can be very useful to you.
5. You can work with multiple brokers.
Want to find a retail space fast? Get multiple agents and brokers and you’ll boost the odds of finding more properties in a shorter amount of time.
The Disadvantages of Hiring a Retail & Commercial Real Estate Broker
1. Some brokers only care about their commissions.
There’s no guarantee that your broker will show you all the best properties available. Some of them will prioritize their commissions so they might push for the properties that they’re promised a good amount. This can be a problem because it can limit the number of properties you’ll see. There’s also a good chance that you won’t see all of the top listings with such a broker.
2. Your broker might not prioritize you.
The wrong agent can also leave you hanging. Most of these professionals handle multiple clients at once, so if you weren’t able to choose a good broker, there’s a chance that they won’t prioritize your needs. This can be a major letdown and can extend your search.
3. Your broker might rush the process and trap you in a bad lease agreement.
Brokers don’t get paid until the deal has been signed and completed. This can make them antsy and in a rush to close the deal. You have to be careful not to get swept away with how fast they want to move things along as this can leave crucial spots unchecked.
At the end of the day, it’s still up to you to decide whether you should hire a retail or commercial real estate broker or not. In most occasions, though, they prove to be more useful than not. It’s just a matter of finding the best professional in your area so you can be sure to get a good service.