Whether you're buying, renting, or selling a commercial property, you're going to need a commercial real estate broker on board to help you through the process. Many people know that they need to hire a real estate broker, but aren't certain what they do or what to expect.
What is a commercial real estate broker?
Brokers work with a wide variety of commercial properties, ranging from offices to retail spaces to warehouses and more. They offer many of the same services as a commercial property real estate agent, but have extra education and licensing.
Brokers work with buyers, sellers, and tenants to negotiate the terms of a lease or sale. They also understand the market inside and out and help clients search for the right properties for their needs. Many brokers also have their own team of real estate agents for commercial properties that work under them as part of their business.
Whether you're looking to buy or sell, you need a commercial real estate specialist you can trust.
What you need to know about hiring a commercial real estate broker:
Comprehensive Market Research
What does a commercial real estate broker do? The biggest benefit of hiring a commercial real estate broker is that they have a deep understanding of your local property market. Brokers monitor local property values and vacancy rates as well as future developments and overarching property trends. They also analyze this information to help their clients make informed decisions.
When you work with a commercial broker, you'll have access to this wealth of knowledge to help you throughout the process. As a potential buyer or tenant, your broker with use their expertise to identify properties that fit your business needs. They'll also help you negotiate the best deal possible based on the current real estate climate.
A broker will also use their expertise to help sellers market their properties. Moreover, they will provide guidance on the best time to sell - with an appropriate asking price. They also know how to market your property to find the right type of buyer or tenant.
Wide Range of Property Listings
When you're looking for a commercial property, you want to make sure that you have access to as many listings as possible so you can weigh your options. Partnering with a real estate broker ensures that you have access to all of the listings in your area.
This is because real estate brokers for commercial properties have access to off-market listings in addition to public listings. They'll be able to guide you to properties that you might not have found on your own.
Your broker will also work with you closely to understand exactly what you're looking for in a commercial property. Expect to have conversations about your budget as well as the neighborhood, spatial requirements, and building features you're looking for. Your broker will use this information to create a collection of curated property listings and make the process more efficient.
This is a very helpful benefit for commercial property sellers. Because your broker has a deep understanding of the market, they'll be able to help you price your property appropriately to maximize the chances of a quick sale.
Marketing and Advertising Services
If you're selling or leasing a property, you'll need a marketing strategy to ensure people find it. When hiring a commercial real estate broker, you'll want to make sure that they have the advetising expertise to connect you with the right tenants or buyers.
An experienced broker will create and post listings for your property online. They may also help you with other forms of outreach, including social media posts, direct mail campaigns, and even physical signage in your area. This includes writing compelling descriptions and taking attractive photos to show off your property in the best possible light.
Assistance With Negotiations
Negotiating a commercial property deal can be incredibly daunting. The process is very different from a typical residential property deal, as it's typically more complex and involves a larger sum of money. Hiring a broker to find commercial real estate for you will help the negotiation process run more smoothly.
Brokers know how to structure every aspect of the deal to meet their client's needs. In addition ot helping you get hte best possible price on your property deal, they will also make sure the terms meet your long-term financial and operational needs. Commercial property deals often use jargon-heavy language which can be confusing, but your broker will explain all of the terms of the deal in layman's terms.
Help With Due Diligence
Before you close a commercial real estate deal, you'll have time to conduct due diligence on the property to make sure it's in good condition and doesn't come with any unwanted surprises. Your broker will help you through this entire process:
- Connect you with the right professionals to conduct these checks.
- Help you schedule appointments.
- Facilitate necessary documentation for your due diligence.
This also means conducting a survey of hte property as well as a full inspection to confirm it is in good condition and that its location, size, and features match its description. Depending on waht type of property you are buying, you may also need to conduct an environmental assessment, which ensures that the property meets local environmental regulations.
The due diligence process ensures that you know exactly what to expect with the property you're buying before the deal closes. In addition to protecting the buyer, due diligence protects the seller from elgal challenges after the sale goes through.
Match With Your Minnesota Real Estate Broker
When hiring real estate brokers, you want to make sure you choose someone with extensive experience and knowledge of your local market. A real estate broker will take the hassle out of finding and selling a commercial property. They also offer many services that real estate agents don't offer, such as developing contracts and supervising transactions.
Gonyea Commercial is Minnesota's leading real estate brokerage firm. With comprehensive knowledge of Minnnesota's real estate market, expert negotiation skills, and personalized service, we're here to help you buy, sell, or rent commercial property. Get in touch with us today to get started!