Commercial Real Estate Myths Series: Myth 10

Posted by Thomas Miller, CCIM

Myth #1: “I know how to surf the web for properties; I don’t need a Real Estate Agent.”

Commercial Real Estate Myths Series - Series 1
Commercial Real Estate Myths Series – Series 1 (PDF)

Ok, you have located properties on the web just fine, why do you need the services of a real estate agent?

Knowing how to access commercial real estate sites online does not relieve the need or the advantages of engaging professional real estate representation.

First of all, competent local agents are challenged to locate every potential site for clients using all of their resources…resources which you cannot access.

The likelihood you have located all of your viable options by checking websites is literally zero. Don’t shortchange yourself by looking at less than the entire market by trying to use search results that are likely incomplete and inaccurate.

Chances are that by outlining your company’s current and future needs with a professional industrial agent, will likely result in an adjustment to the type, size and nature of the property you believe you want.

Not to say that you will change from looking for a warehouse and end up in a circus tent…but, you may find other, possibly even better options, than you had initially considered.

Market conditions that might adjust your plans could be:

  • Market over-availability in certain segments
  • Market shortages
  • Special price breaks at certain locations
  • Multi tenant building advantages vs. stand alone building advantages
  • Location

A candid conversation with a real estate professional can yield a wealth of value when embarking on the property search process.

Property location is only one step in the process of securing a building lease (active link on ‘lease’ to the 13 step lease process article) or purchase. A professional real estate broker offers numerous services far beyond just assembling potential properties for viewing.

A top commercial agent knows the local market completely including:

  • where are the best values
  • landlords’ propensities
  • landlord accommodations to certain uses
  • who is the most motivated at this time
  • landlord resources and limitations
  • special lease term availability
  • and much more

In short, the agent becomes your personal guide through a territory you have not traveled before.
Client’s who tackle this on their own, with inexperienced agents or working through their landlord, can spend large amounts of their time with mixed results at best.

A top agent matches you with all potential properties that suit your needs…saving you time and energy looking at misfi t and overpriced and inappropriate properties already in play with another tenant or buyer.

A top agent knows all available properties, not just those that are listed on the web, so you see all possible properties, not just the ones you may have discovered. Agents are also aware of factors affecting property values that you may not be aware of. In short, they put the puzzle together for you quickly and efficiently.

Download Commercial Real Estate Myths Series: Myth 1 (PDF)

Miller Industrial Properties
Miller Industrial Properties offers vital, current market knowledge and objective, informed advice. We become part of your team and streamline the entire process. Our many years of service to relocating and local expansions give us a significant leg up in assisting you through the process. We are in the sole business of industrial real estate, allowing us to be well suited to advocate on your behalf to help secure the best possible lease rate or sales price, with the most favorable terms and conditions

We’ll do the previewing of potential spaces, get the questions answered, accumulate information into easily understood spreadsheets and set up an efficient tour of the appropriate spaces. We can also address other issues like environmental questions, licensing, permitting, incorporating, financing, and all items related to setting up your business. Our experience, knowledge and contacts help get your needs answered as quickly as possible. We know the territory, let us team with your firm and get you to the finish line quickly.

So, enjoy your web-savvy abilities, but don’t fall into the trap of believing that your computer skills translate into industrial real estate expertise that other professionals have developed over a lengthy career or hard work, study and successful transactions.

http://www.MillerIndustrialProperties.com

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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