This is the first in a new series about commercial real estate myths.
Myth #1: “I know how to search online for properties, so why would I need a real estate agent?”
While you may be savvy at searching online for shoes or cars or yes, even real estate, knowing how to access commercial real estate sites is no substitution for engaging professional real estate representation. And there is no shortage of reasons why.
First, and most important, competent local agents have access to resources that you likely don’t. The likelihood that you’ve successfully located all of your viable options simply by searching online is very, very low. Why shortchange yourself by looking at less than the entire market with search results that are likely incomplete and inaccurate? Why waste time looking at locations that are nearing transaction completion with another investor? You can avoid these scenarios by outlining your current and future needs with a professional industrial agent and reviewing the viable properties they find.
Second, a seasoned real estate broker offers a number of services far beyond simply assembling potential properties for viewing. An experienced firm will quickly and efficiently:
- Preview potential space, accumulate and consolidate information into straightforward spreadsheets
- Arrange tours of appropriate spaces
- Address issues including environmental concerns, licensing, permitting, incorporating, financing and all items related to setting up your business
What’s more, thanks to a combination of market experience and connections, professional commercial agents are privy to information that includes:
- where to find the best values
- landlord propensities
- landlord accommodations to certain uses
- landlord resources and limitations
- special lease term availability
Here’s the bottom line – searching online for commercial properties is just the tip of the iceberg. Enjoy your time online, but don’t fall into the trap of believing that your web browsing skills translate into industrial real estate expertise. Clients who tackle this on their own or with inexperienced agents undoubtedly spend large amounts of time assembling incomplete lists of overpriced, inappropriate properties likely already in play with another tenant or buyer. It’s just a waste of time.