There are many myths and misconceptions about commercial real estate industry and what commercial real estate brokers do. When a company hires a tenant representation broker, they will enjoy lower costs on purchase and rental fees. Brokers know how to navigate in the market and they can negotiate on your behalf in the best way possible. There are many benefits which SMEs can benefit from tenant representations, but they are most under looked due to the various misconceptions.
Below are the myths and misconceptions on tenant representation.
- Tenant representation is expensive
This is one misconception which most people have. Tenant representation helps businesses to save on rental costs and the fees of finding new office space for your company. Brokers are the ones who take care of all the work including setting meetings, writing contracts, scheduling site visits and taking care of the negotiations with the landlords and tenant sellers.
Also in most cases, landlords are the ones who pay for brokerage fees, and that means Businesses which are leasing or purchasing properties won’t have to pay any fee when hiring a tenant representative.
- You can find your own space on the internet
There are many spaces which are listed on the internet, but these sites won’t provide comprehensive solutions for you. If you are a busy person, you definitely won’t have enough time to search through the internet every day to find new listings.
Secondly, the best properties are usually listed and leased or bought way before they make it on commercial real estate web. If you are mostly looking in the internet, then you are missing out on numerous options.
- Brokers don’t care about the needs of a company
Commercial tenant representative gets compensated only when a transaction has gone through. This might seem like an obvious reason for the tenant representative to try to persuade you into a transaction which won’t benefit you, but this is not the case. Brokers will mostly try to identify your needs first before trying to make you sign a deal to avoid wasting your time and their time.
- Small businesses do not need a tenant representative to find office space
This is another misconception which people have. Small companies also require the services of a tenant representative who will assist them to navigate through the dozens of landlords who want to use cunning tactics on them.
A broker will also be in a position to enlighten you about the advantages and disadvantages of various office spaces and their locations. The tenant-broker will also make sure that you find the best safe and accessible office space which will cater to your business needs.
When you are buying or leasing a commercial property mistakes can make you to lose a lot of money. Ensure that you will hire a property management Monroe LA, who are trustworthy, someone who is knowledgeable and has extensive knowledge in real estate. When you have a professional representing you, you will get the best value of any property you want and also avoid nasty financial surprises down the road.