A third-party broker can help you prepare your space
When you hire a broker, you’ll have the opportunity to ask them the extent of their experience in the field. If you select someone with the right amount of knowledge and experience, they should be able to give you advice that helps you update and modernize your space in a way that appeals to buyers. While owners often believe that their space is already in its best possible shape, a pair of fresh eyes is always helpful before allowing potential tenants to see it. Find a third-party broker that can provide actionable advice so that you can improve your space.
Here are some questions you may find helpful in the selection process:
- What type of experience do you have in leasing commercial property similar to mine?
- How is the activity in this market?
- What other spaces in this area may compete with mine?
- Do you have any conflicts of interest?
- What other types of services do you offer (if any)?
These are basic questions, but ultimately you want to find a third-party broker who has experience in commercial property similar to your own, knows the market activity in your area, and is reputable in the work they’ll be doing for you.
Third-party brokers find the best tenants for you
When leasing commercial property, you may not struggle as much as you think to find a tenant. Rather, you’ll struggle to find tenants that you like and can trust. Brokers have experience finding tenants that are reliable and often have a network to find the best tenants out there. For example, they’ll seek tenants who are interested in long-term agreements or have strong references. Selecting these types of tenants will ultimately reduce your costs going forward.
Third-party brokers act as a mediator
As a landlord, it’s always preferable to start off on the right foot with your tenants. However, the process of negotiating terms can be awkward. Having a mediator like a third-party broker can alleviate some of these tensions from the get-go and allow you to remain on good terms with your tenants. It’s a benefit to you to utilize an individual who is knowledgeable on how to negotiate while protecting your own interests.
Final thoughts
Although it may be tempting to skip the step of a third-party broker, the benefits of using a representative for your commercial property far outweigh the disadvantages. You’ll ultimately enjoy increased flexibility throughout the process as well as larger profits at the end of it – all while maintaining a healthy relationship with your tenants!