How You Can Benefit From Hiring A CRE Broker
When searching for a commercial property to buy or rent, having a broker around can help you learn more about the market and be able to negotiate more actively with an owner or a landlord. Firms often specialize in just dealing with CRE, and even ones that have residential operations tend to assign their more educated and corporate employees to the commercial side. If you're looking at commercial real estate properties, you can benefit from a professional's assistance in these five ways.
Time
Especially for those who already have businesses to run, asking a commercial real estate broker to keep an eye out for a location that suits their needs can be a true time saver. A professional is watching the market on a daily basis, and they often have the chance to speak with buyers before properties end up available for sale or rent. You may be able to get an inside track on a site just because your broker has an established relationship with the owner.
Bargaining Power
Simply working with a broker is a signal to property owners that you're willing to look at other places. Some companies even bring in a commercial real estate broker when they're just looking to negotiate their current leases. Having options is the key to developing bargaining power, and a brokerage may be able to help you get a better rate, even if all you want to do is stay put.
Commitment
A dedicated CRE broker is more likely to be committed to handling your situation. Brokers who have a lot of residential opportunities rely on volume to make their livings. When dealing with commercial real estate properties, individual commissions tend to be larger while the number of transactions is lower. That means that a broker is more likely to work hard in the commercial sector to get a deal across the finish line.
Relationships
Your broker will have formed relationships with many people who can bring value to a sale. If you need an architect and a contractor to create and implement new floor plans, a broker will have someone on speed dial.
Knowledge
Spending time every week working with businesses provides a unique perspective. A commercial real estate broker has a strong sense of what areas work best for certain types of companies. They'll also be familiar with local grants intended to reward businesses for locating in specific zones.