Looking to buy commercial real estate for your business or as an investment? The following are ten (10) reasons to seriously consider using a commercial real estate agent to represent your interests.
10. Provide an administrator for the purchase process.
A good commercial real estate agent will keep your property closing on track. For example: What is the status of the title commitment? Are there any questions or concerns regarding the title pledge? Has the survey been ordered and completed? When does my feasibility period end? When does my security deposit become “difficult”? Is financing in place? Is an appraisal required and has it been completed? Have the necessary inspections been ordered and are they complete? Has a lawyer reviewed the purchase contract? Have all closing documents been reviewed?
9. References for experts who can help with the purchase of the property.
Commercial Agents meet other real estate professionals who can bring their expertise to the property buying process. Professionals such as attorneys who specialize in real estate, title companies, surveyors, engineers, architects, public accountants, insurance companies, building / property inspectors, environmental consultants, contractors, appraisers, etc.
8. Assist with due diligence.
As part of the property buying process, an experienced Agent can help the Buyer ensure that the appropriate elements are investigated to ensure the property works for the Buyer’s needs. Due diligence is the pre-purchase effort made to discover and analyze information about the property under contract. Agents can assist the Buyer in obtaining the necessary documents and provide a checklist of these items, including information on zoning, jurisdictional requirements, floodplain, easements, covenants, conditions and restrictions, utilities, etc.
7. Identify and help evaluate the condition of the property.
Trade agents can help buyers identify the most important items to consider as part of the buying and appraisal process, including a look at:
* Rental
* Physical condition
* Permitted uses
* Limitations on interior / exterior additions or renovations
* Adaptation of accesses and car parks
* Opportunity to expand or lease excess space
6. Experience of working with other buyers
Based on past experience, agents may recommend other considerations to the buyer, such as: “Consider purchasing additional square footage that will give your business room to grow and until the space is needed, the additional space can be rented and provided assistance. to pay the monthly bills. ” .
5. Allows you to spend time on your business.
Let a commercial agent spend their time looking for your property, allowing you to spend time running your business. Focus on your experience and let an agent help you by focusing on theirs. Time is too precious a commodity to spend driving in search of property.
4. Experience in negotiating prices and terms.
There is no other commercial professional with the experience and knowledge that a commercial agent has to help with purchase price and contract negotiations. Topics such as: What is a reasonable and fair price for the property? Is this a good buy? What terms and conditions must be in the contract to ensure that my interests are protected? Do I need to get some inspection and feasibility time as part of my purchase contract so that I can better study the property and confirm that it meets my needs?
3. The cost to the Buyer is zero, zip, nothing.
The seller pays the buyer’s agent commission through a commission agreement between the two parties. The total cost is borne by the seller.
2. Experience in the local market
No one is going to know the local commercial real estate market as well as a Commercial Agent. The Listing Agent will not tell you if your property is listed above the market rate and only an experienced Agent can advise you regarding the location that makes sense for your particular type of business.
1. The buyer’s needs differ from the seller’s and they need representation to protect their own unique interests.
The seller or owner will be represented by a listing agent and this agent’s fiduciary responsibility is to the seller. The Texas Real Estate Commission (TREC) “Brokerage Services Information” states that “the broker listing the property for sale or lease is the owner’s agent.” It also states that, “a listing broker may assist Buyers but does not represent the Buyer and must put the Owner’s interests first.” Finally, it notes that “the Buyer should not tell the Owner’s Agent anything that the Buyer does not want the Owner to know because the Owner’s Agent must disclose to the owner any important information known to the Agent., Buyers need the same from an agent of commercial buyers.