Leasing Industrial Property? Don’t Make This Mistake.0

Posted by Thomas Miller, CCIM

Best Industrial Property Lease Question | Miller Industrial PropertiesSomeone once asked me, “What are the biggest mistakes people make when they lease an industrial property?” It stopped me in my tracks. I’ve been designing, building, selling and leasing industrial real estate here since 1976, and I’ve been asked more questions that I can remember. But this is the best one by far.

Competent industrial real estate agents are loaded with market knowledge about all aspects of the leasing and sales process. Because real estate earnings are 100% based on completed transactions, it’s in the best interest of the agent to satisfy a client’s needs and close a given transaction. In many cases, however, a lot of energy and hard work results in a “no sale.”

This leads me back to my point – in my experience, the biggest mistake clients make leasing industrial property is not sharing all the facts and all of their needs with their agent. Real estate professionals, with their experience and expertise, react to what they hear, see and what they think they know. If a client is anything less than completely forthcoming, an agent’s solutions tend to be off the mark. Why? Because of any number of factors of which they weren’t aware, including:

  • Expectations of concessions/terms
  • Timing of occupancy
  • Financial status
  • Use of the property
  • Actual budget

These are just a few examples of critical client information that may be withheld from an agent for any number of reasons – information that contributes to a full and complete communication of the client’s needs. To successfully avoid making this big mistake during the lease process of an industrial property, clients should regard their real estate Best Industrial Real Estate Practices | Miller Industrial Propertiesprofessional as they would their doctor, lawyer and accountant. Withholding key data to professionals such as these is highly detrimental to a successful outcome from services provided. In these instances, as with your industrial real estate professional, it is in everyone’s best interest to be upfront and honest about your needs, your expectations and all aspects of your company’s requirements and goals. Doing so benefits all parties by allowing your agent to streamline the real estate transaction and completely satisfy your needs.

If you’re in the market for an industrial property in the northern Nevada area, contact Miller Industrial Properties directly at 775-828-4665 or use our Quick Contact Form for a comprehensive list of available properties meeting your specific criteria.

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.

Leave a Comment

Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties Commercial and Industrial Properties