Buying or Leasing Commercial Property – Three Reasons Not to DIY0

Posted by Thomas Miller, CCIM

Think about some of the biggest decisions you’ve made in your lifetime – good and bad. It’s likely that the best decisions were based on knowledge and experience that belonged to you or a trusted expert in a given field. And because we can’t all be experts at everything, sometimes it’s best to turn to the pros. When it comes to making commercial real estate decisions, there are three sound reasons not to do it yourself.

1.      An agent can read the market and provide objective advice.

If you’re leasing or buying commercial property, you absolutely need accurate and current market transaction knowledge. You also need objective advice based on years of experience. This information will prove to be invaluable to you during a commercial property transaction, and it’s at your disposal when you engage an active commercial real estate professional who deals in these transactions day in and day out. Think of it like this – if you were faced with a medical or legal issue, wouldn’t you want the most experienced doctor or lawyer on your side? We aren’t all doctors and lawyers, and while we may understand the gist of an unexpected diagnosis or a lawsuit, consulting a professional is the clearly smartest move in such instances.

2.      An agent will expand your options to find the best fit for your needs.

Experienced real estate professionals know their market. They know what’s available now and what’s going to be available next week. They know which tenants want to sublet and how to negotiate the best price. Every buyer has parameters for a successful real estate transaction, and an experienced real estate agent can show you all of the properties that meet those parameters.

Buying or Leasing Commercial Property – Three Reasons Not to DIY3.      An agent is your advocate.

A real estate agent’s sole duty during a commercial property transaction is to be your advocate and aggressively negotiate for what you want. Is there a better reason to work with a professional agent? Not only is it a duty required by law, it’s a level of direct service that is for you and you alone. A real estate agent cannot maintain shared commitments between landlords and buyers/lessees unless it’s been explicitly agreed upon – and who would agree? Far better to have your agent batting for your team and your team alone.

There are plenty of instances when doing it yourself pays off. Commercial real estate transactions are not one of them. Hiring a professional in this regard will pay off tenfold – you’ll save time, money and hassle. Best of all – and reason number four not to DIY a commercial property transaction – the services of a real estate agent are free!

If you have questions about commercial property, we’re here to answer them. Call or contact our team today.

Our posts are intended to educate commercial real estate users so they can make better decisions in their real estate use, investments, buying and selling. We encourage your input and commentary. If you are enjoying these posts and finding them useful, help spread the word via Facebook, Twitter, LinkedIn, Google + or email with the buttons above.

About the Author

Thomas Miller, CCIM

Thomas Miller, CCIM is the president and broker of Miller Industrial Properties in Reno, Nevada. He has worked in industrial real estate since 1991, with 15 years of previous experience designing and building industrial warehousing and manufacturing facilities in the northern Nevada market. Contact Tom at tom@mipnv.com or 775-742-9891.

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