Did you know when you’re buying or leasing that you can engage a commercial broker to search listings, organize viewings, and write offers, among other duties, for the low cost of… ZERO?
This relationship is referred to as a Buyer’s broker and as the name suggests, they work for you and you alone.
Time is money
A buyer’s broker is only focussed on a search for your specific needs as a client.
Their knowledge of the market can be crucial to saving you time and frustration sifting through listings.
The broker may have unique knowledge about the history of the property: how long it’s been listed, previous tenants, landlord expectations, etc.
They will not waste your time showing you properties that are not suitable based on the parameters you provide them.
I often have tenants ask me about additional vacancies, for example, after I’ve produced a list of options for them.
They don’t know what I know; specifically, that usually means the size and price of the space.
There is no point presenting options you can’t afford or fit in, right?
Best plan of attack
Your buyer’s broker is going to be able to coach you through the offer process.
They will strategize with you to ensure your offer is presented in the best light.
You only get one chance at a first impression, and in a lease scenario, you don’t want to insult or turn off a landlord with your initial offer.
Likewise, a sale price that is too low could compel a seller to refuse to even counter.
A buyer’s broker is there to help you decide what are deal killers for you, and the terms you could include to make an offer most attractive.
It’s free! (most of the time)
Fees payable in most commercial real estate transactions are borne by the listing party.
This would be a commercial property owner when involving a sale or a landlord when leasing space.
The real estate fees are agreed upon prior to listing the property and are factored into a seller or landlord’s expectations regarding a completed transaction.
In some circumstances, where there are no fees for a buyer’s broker, an additional fee is agreed upon by the broker and client prior to writing an offer on your behalf.
No surprises, though, we can’t send you a bill at the final hour!
Additionally though, dual agency can present a unique situation when it comes to the role of a buyer’s broker.
Be sure to speak to your broker about this if relevant.
Posted by Kelly Macsymic