WHY USE A WESTGATE AGENT
WHY USE A WESTGATE AGENT?
By using an agent that focuses strictly on commercial real estate, you are guaranteed in the knowledge that he or she is well versed in commercial sales and leasing contracts and are up to date on all zoning, codes, regulations, vacancies and market comparables. These agents are knowledgeable about all commercial properties in the area, not just those visible in the MLS.
Commercial real estate is not rocket science, but there are huge potholes that tenants can hit, if they are not careful. Most services of tenant/buyer brokers are usually paid by the landlord/seller, so it is unnecessary to go it alone in an arena in which a tenant or buyer has limited experience. The amount of market information available on commercial real estate to the general public is limited and the lease structures are complicated.
For example, in lease negotiations, there is a need to determine whether there are Common Area Maintenance (CAM) charges on top of the negotiated rate. Normal CAM charges may range from $4-$6/sq.ft. In reading the CAM definition in a written lease, it may be packed full of JUNK FEES! In other words, CAM (which is supposed to be a pass through cost from landlord to tenant) should not be a profit center for the landlord. As a result, you could pay a rent higher than the market rate and have a difficult time recovering. Similar situations may occur during the due diligence period of a sale of commercial property.
WHAT A COMMERCIAL REAL ESTATE AGENT HAS TO OFFER
EXPERTISE
Good commercial property brokers scour the market on a daily basis. They may know the owners/landlords of many of the properties in the area and know how willing the owners/landlords are to negotiate and which ones are difficult.
COST OF SERVICE
Typically, landlords have built in commissions for buyers and landlord representation. If you elect to not have representation, the budgeted commission goes to the broker negotiating against you, not on your behalf.
TIME SAVINGS
A good agent knows the market and does not have to start from scratch learning the good areas and good deals.
NEGOTIATIONS
Structuring leases or purchases can be complex. It should help to have someone on your side of the table armed with knowledge on sound structure and market conditions.
SPACE EFFICIENCY
Some buildings are more efficient than others. Common areas can consume enormous amounts of space and increase your rent dramatically. A good agent can guide you away from buildings that have huge common area charges (or at least provide an apples to apples comparison) and provide additional insight on to how best to design office layout after you have decided on a location.
DATA AND TOOLS
Most commercial property agents spend hundreds if not thousands of dollars a month for reports and market data on sales and leasing trends in their markets. This can be invaluable when making site selection decisions, discovering where your customers are and how best to logistically position your business.
INTEGRATED SERVICES
Legal services, interior design, office layout, architectural services, contractors and structural engineers. Would you know where to go and who to trust to help you properly set up your business or practice? Leverage the commercial broker’s network to help you accomplish your goals.
ONE FINAL NOTE
Please seek legal advice when buying and leasing. A quick review by an attorney can be well worth the investment, possibly saving you thousands of dollars.
