When do you need to hire a commercial real estate leasing broker? If you are leasing office, retail, or warehouse space should you handle the entire process of finding and leasing space on your own or hire a broker? Below are a few questions you should ask yourself:
- Do I have someone who understands real estate in my company?
- Do I know the market well?
- Do I know the market rates and terms offered?
- Is this the best use of my time?
- Do I have plenty of time to do my research?
- Do I already know where I want or need to locate?
- Does my legal counsel have experience in lease negotiations?
- Has my company negotiated other successful leases I can use as a guide?
- Are there brokers who are more important than I am?
If you answered “yes” for questions 1-8 and “no” for question 9 then it's likely that you don't need a broker. Generally however as an owner or decision maker you are not in the real estate business. You wouldn't try to install your own phones or furniture so why would you try to handle one of the most important decisions that will affect your business every day?
An experienced broker has seen it all and knows what to ask and can anticipate needs. In addition, an experienced broker should be able to save you money by
- allowing you to remain focused on your business;
- getting the best deal possible for you; and
- recommend alternatives not considered before.
You've probably noticed that I keep using the adjective “experienced” when referring to a broker. If a broker is not experienced in a particular type of transaction that can cause more harm than good. They don't know what they don't know and neither do you.
Learn more about commercial real estate in Austin https://www.austintenantadvisors.com/blog/commercial-real-estate-brokers-role-commercial-lease-transaction/