Choosing a site without extensive market knowledge may turn into a costly mistake due to inferior property, space, or location selection. Furthermore, the person or team within the company is tasked with a tremendous and time-consuming job of identifying the property and negotiating the terms of the lease or purchase - often at the expense of doing the job they are best suited for within their organization. Many companies drive by buildings and respond to availability signs, solicit availability information from databases and the internet, and try to get as many commercial real estate brokers involved in the process. This method creates chaos and confusion about the intentions of the company involved and usually results in a duplication of effort on behalf of the company and the commercial real estate brokerage community. In this process your company is not represented by anyone looking after your specific interest, and you thus subject to the whims of the market. Common mistakes include:
• Not knowing all the properties available; • Not knowing how to negotiate the optimum transaction for the company at the lowest possible price - without losing the transaction due to outside competition for the same property; • Not knowing how to complete the transaction and the subsequent move to the property.
Unfortunately, companies think they are saving money by doing the job themselves. Nothing can be further from the truth, especially considering that the leasing/listing broker pays the tenant/buyer representation fee. In addition, companies also save money by utilizing the free expertise rendered by a commercial real estate brokerage firm that is highly experienced in tenant/buyer representation. Acting as your company’s virtual real estate department, NAI Ohio Equities will save your firm time and money by using our market knowledge and negotiating skills to get the job done in a thorough and efficient manner. As a results, your time and focus can remain dedicated to your core business pursuits.
Commercial Real Estate Guidance from the Office Brokerage Group
March 30, 2020
What is Tenant/Buyer Representation?
May 16, 2018
What is current market for Tenant Improvement Allowances?