Industrial or commercial property owners considering leasing or selling their property might be asking themselves about the benefits of hiring a real estate agent. Below are a few key points to mull over:
Presentation – The agent can be the one who goes out to the property before tours to make sure the building and grounds show well. If the landscaping needs attention or if someone has abandoned a car in front of the building, a real estate agent can handle those calls for you. They can alert the building manager or you to any minor repairs that could make a big impact during a property showing such as a broken light fixture. Most agents know what potential tenants/buyers notice when a property is viewed. They can give you advice about getting the carpet cleaned, adding some lighting or a fresh coat of paint. Small modifications can be the difference between getting the space leased and letting it sit vacant for another 6 months.
Paperwork – No one likes to do paperwork, but it’s a necessary evil when it comes to real estate. An agent has access to standardized forms for all types of transactions. In Northern California, industrial real estate agents use forms from the American Industrial Real Estate Association (WinAIR Forms). While a real estate agent will be happy to go over the business points with you (length of lease term, current market rents/sale prices, tenant improvements, etc.), any questions about legal clauses should be directed to your lawyer.
Knowledge – Real estate agents read business journals, white papers, and industry articles to keep in touch with the current market trends in their areas of focus. When you hire a commercial real estate agent, they pass this knowledge along to you without your having to do the homework.
Relationships – Commercial real estate agents maintain relationships with various leaders and officials (such as economic development and planning departments) in the cities/counties of their areas of focus. Some companies do not work with local agents, but do contact various city/county officials when they are ready to explore opening new facilities in the area. Relationships such as these help real estate agents to get in front of many deals before they are brought to the market.
Marketing – Everyone has seen those signs planted in front of properties available for lease or sale, but there is much more to real estate marketing than just a sign. A successful agent will have a marketing plan that includes creating a flyer, sending out post cards to area businesses, and email blasting the local brokerage community. Real estate agents also have access to multiple listing services. Aside from cold calling, these are the true life blood of the real estate business. Searches are run on a daily basis. A good real estate agent will make sure your property is fully listed to get the best returns. When you are ready to hire an agent, don’t be afraid to ask to see a marketing plan.