Posts Tagged ‘commercial real estate’

Ever had to say that to your real estate broker? Not a pleasant conversation.

Most property owners, as well as real estate buyers, must remember that interviewing a broker is an important process that should not be avoided. Successful real estate teams always interview the people they may potentially work with. That is because four key components are talked about for winning in today’s market. These components are loyalty, motivation, expectations, andĀ time-frames.

Loyalty, no one wants to work with a disloyal broker, much less entrust them with their real estate and goals. Same is true from a broker perspective, a good broker sees the person as a client, and a great broker sees the person as a partner. How do you know if your broker is loyal? Check their references, past partners (clients) will share with you their experience.

Motivation. Ever had a conversation with a person and felt tired afterwards? There is a good chance there was no motivation present. Unmotivated brokers will cost you money upfront and in the long run. Avoid them. Work with motivated brokers only, and donā€™t be shy, bring your motivation to the table too, brokers appreciate that.

Expectations. Unspoken expectations inevitably become unmet expectations. Why? Because it was never addressed from the start. Good brokers wait for you to voice your expectations, but great brokers, will ask you the tough and detailed questions. They do this because they know what is up ahead, and genuinely want to help you meet your expectations and address any unrealistic ones.

Time-frames. Whether a family is facing foreclosure; a job transfer awaits in another city; moving in before the kids start school; and so forth; all these examples have a dead-line. When time-frames are met, all is well, but when brokers and clients fail to communicate important dates, then unwanted scenarios occur. Your broker should take the time to know your important dates.

You do not need to interview tons of brokers. Interview one at time until a broker is a match for you in the aforementioned four areas. If there is no connection with that broker in those areas, then interview another broker until you find your match. Look at it as speed dating! You might find your broker on the first try or fourth one, the important thing is you work with someone that understands you, and can help you go from where you are to where you want to be.

As always, we provide FREE reports and information about today’s market at http://www.NissiAgents.com. You may always call our FREE 24-hour voice-recorded line at, 1.866.476.1677 Ext. 455 with any questions you may have about todayā€™s market. Ā Feel free to connect with me personally through social media at:Ā www.JoinDNA.com. If this article helped you in any way, please share it with a loved one. The more you give, the more that comes back to you.

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Commercial real estate owners have asked for suggestions on how to get commercial vacancies leased out faster these past few years. This is an important question that must be answered, because the less commercial vacancies in a city the better for all citizens. The effects are great when a business leases space, hires people, and makes a profit, because it ultimately creates a win-win for all parties involved. When business is profitable employees receive pay; employers make aĀ profit; and last, the landlords receive rent on time.

Sometimes owners make three costly mistakes when marketing commercial space for lease that seems right up front,Ā but cost more in the long run. The first mistake is turned off utilities. I consistently hear feedback from potential lessees when I tour suites. There is nothing more frustrating for a lessee than to tour a vacant space with no visibility, due to no electricity. No lights in the suite, lessee cannot create a goodĀ mental picture of what could be their future business layout. Based on experience, most spaces that get leased are because the lights are on.

The second mistake is to allow dirty suites to be shown. This doesn’t mean that an owner has to completely refurbish the vacant suite and spend thousands. In some cases, it takes vacuuming, a bathroom clean, and removal of allĀ debris. A suite’s condition speaks volumes on behalf of the owner (or propertyĀ management). Remember,Ā prospectiveĀ business owners are looking to lease the best possible suite that will help increase business revenue, image is a factor. I have had some business owners knowingly pay $0.15 per square foot higher for a suite based on the image of the suite and buildingĀ maintenance.

The third mistake is to price a suite higher than every other similar suite in the area. The good old negotiating strategy of pricing high in order to settle at a lower price is over. Potential lessees have access to information right from their smartphone, and usually know what the current lease rate is for a commercial building before they call a broker or property manager. When an owner prices high, lessees sometimes formulate the idea that the owner is unrealistic, or may be difficult to deal with through the term of a lease agreement, and move on to the next deal.

Commercial real estate leasing isn’t summed up in these three items, but it will hopefully help an owner make any applicable corrections, and increase the chances of leasing their vacant space as soon as possible. Business owners are making moves right now; make sure your suite gives them a strong enough reason to bring their business to yourĀ currentĀ empty suite.

If you have any questions about your specific vacancies or building please call us at 760.596.9856 or email us at info@NissiAgents.com. As always, your are moreĀ thanĀ welcome to personally connect with me through social media here: http://www.JoinDNA.com.