Why Every Industrial Tenant Needs an Agent of Their Own0

Posted by Thomas Miller, CCIM

save-moneyIf you’re like many industrial real estate tenants, dealing with the landlord’s agent has likely made things pretty easy in the past. They bring you paperwork, you sign it, and your spot is secured for another few years. But what if you knew that you could negotiate a better lease rate, more tenant improvements or more favorable lease terms? You likely can – if you have an industrial real estate agent on your side of the bargaining table.

When you work directly with the landlord’s agents, the negotiating process is wildly out of balance. Be very clear that your landlord has a team of skilled, experienced professionals working solely on his behalf. Unless you have quite the background in industrial real estate brokerage and are current with today’s market conditions, you’re immediately at a disadvantage. The solution is obvious – partner with an industrial real estate professional of your own, someone who works solely on your behalf.

Two concerns immediately come to mind for the average industrial tenant when he’s considering an agent for a renegotiation or property search: how long will this take, and what will it cost me?

Arming yourself with equally skilled, experienced professionals actually reduces the time you’ll spend on a new property search or renewal. Your agent will do all the work and present you with potential options that meet your needs, and he’ll negotiate the best possible terms for your lease based on his knowledge of similar transactions recently completed. We’ve written more on why you shouldn’t DIY negotiations on your own warehouse lease – and it’s worth the read. Remember, your agent’s services come at no cost to you. Really. In fact, he should save you money with his awareness of the best deals and current market conditions.

Professional representation immediately changes the game. Your future or existing landlord – and his agents – will know it, and you’ll know it too. So partner with the right agent, level the playing field and enjoy the advantages a skilled agent will bring to your side of the negotiations.

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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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