Consider the following characteristics when hiring a commercial real estate advisor:
As a business owner, the last thing on your mind is the lease and office space that you have to pay for. As the dreaded lease expiration or renewal date approaches, your instincts tell you to start exploring online and calling coworkers for recommendations for a reputable real estate broker in your area. But where do you begin?
Instead of looking for a commercial real estate broker, you should seek the advice of a commercial real estate expert instead.
The following question is probably on your mind: “What is the difference between a commercial real estate broker and a commercial real estate advisor?”
However, although many brokers approach real estate from a transactional viewpoint that provides little value to business owners, an adviser will view real estate as a strategic business advantage that can help drive corporate growth goals. Consider the following: business space is the only discipline that encompasses all of the most essential company factors – people, operations, finance, and growth – in a single discipline.
Consider hiring an adviser for your next space or renewal rather than looking for a broker to help you find one. Characteristics to seek for in a commercial real estate specialist are going to be discussed in further detail later on.
Inquires about strategic business opportunities – A commercial real estate expert will ask you a series of strategic questions about your company before anything else. Rather of asking about square footage or location, they will want to know about your company’s goals, strategy, and operations before they enquire about either. They will ask questions such as the following:
Understands the current market and the factors that influence it – You are not and should not be considered an expert in the market. Currently, your efforts are concentrated on the operation of your firm. However, consultants are familiar with the real estate market and can assist you in making a more informed decision regarding whether or not a certain location is fit for your company’s objectives. Renting office space at or near National Landing will almost definitely be more expensive than renting office space in other parts of the city or region. The presence of a professional who can aid you in assessing if the higher lease rate exceeds the long-term sales and income benefits of locating your company in that location is vital to your success.
Understands the financial and growth implications of a decision ? An adviser will take into account the total cost of occupancy, which includes obvious expenses such as rent, utilities, and upkeep, as well as less visible variables such as build-out costs, technology, furnishings, transportation, and tax advantages. All of these factors have an impact on the bottom line of your organization.
Assumes the role of your champion? Negotiating a lease is a time-consuming process that causes disruption to corporate operations. Having someone there to represent you and only you takes the stress out of negotiations, allowing you to concentrate on your business instead of on the discussions itself. Furthermore, they will understand the motivations of each party involved in the lease discussion, helping you to obtain the best possible deal.
What is the takeaway from this? Look for a commercial real estate professional that understands how the location of your business affects all aspects of your business.