The Mistake Everyone Makes When They Lease an Industrial Property0

Posted by Thomas Miller, CCIM

miller-industrial-properties-navigating-landlord-tenant-relationshipPeople learn by making mistakes, and the smartest among us learn from the mistakes of others. Once, I was asked about the biggest mistakes people make when they lease an industrial property. In all the years I’ve spent designing, building, leasing, and selling industrial real estate, this is by far the best question I’ve ever been asked. And the answer, surprisingly enough, is very simple.

The Biggest Mistake of the Industrial Lease Process

Simply enough, the biggest mistake people make is not sharing all of their needs with their agent. And unfortunately, sometimes it’s inadvertent.

While experienced industrial real estate agents are current with market knowledge and certainly with all aspects of the sales and leasing process, they can only work with the information they have. Industrial real estate agents are reactive to what they hear, see, and think they know. When a client isn’t completely forthcoming about the facts and their needs and wants, an agent’s best, most thoughtful solutions aren’t always on target.

If you’re looking for industrial real estate here in northern Nevada or anywhere, speak frankly with your agent about everything. In my personal experience, these areas of critical client information, among others, have been withheld for any number of reasons:

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

I think you can agree that this is the kind of information that’s necessary for a full, complete understanding of a client’s needs. Ultimately, it falls to the client to be forthcoming about their needs, expectations, and regarding all areas of their business. Truly, it will only serve them in the best possible way.

Think of it like this – real estate earnings are based on completed transactions. It’s in an agent’s best interests to satisfy a client’s needs and successfully close a transaction. No agent wants their energy and hard work to result in a “no sale.” The best way to avoid that is by knowing exactly what you’re going in with – by being armed with all of the necessary information.

If you’re in the market for an industrial property here in northern Nevada, we invite you to contact Miller Industrial Properties directly at 775-828-4665. Our free Property Recap form may also be useful to you. It’s a comprehensive list of available properties meeting your specific criteria.

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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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