Hiring a commercial real estate broker has several benefits. As licensed professionals specializing in various property types, commercial brokers can find the ideal location for your business. Taking into consideration all of your business needs, a commercial broker will also help negotiate the deal on your behalf, saving you valuable time and resources.
The following are five benefits of working with a commercial broker:
1. Market Knowledge: Commercial brokers have access to off-market opportunities. Some buildings are not listed on the market for the public to see, which can limit your options. With a commercial broker, there are more properties available to you.
2. Negotiations: It pays to have someone on your side during negotiations. Having a professional broker negotiating your contract gives you leverage with the landlord or seller. With their experience and knowledge in the industry, commercial brokers can ensure that you get the best rate possible for your space.
3. Lower Your Risk: There is always risk involved with regards to Real Estate. A trained and experienced commercial broker can recognize risky real estate transactions and guide you towards a better solution.
4. Make Analytical Decisions: Browsing for commercial properties can be an exciting and emotional time, which can hinder the decision-making process. It’s common for eager tenants to say yes to spaces that aren’t right for them based on a whim. However, a commercial broker can help put emotions aside, enabling a logical decision.
5. Let's You Focus on Business: A commercial broker takes over the responsibility and stress of finding a new working space so that you can focus on what truly matters, your business.
Contact Commercial Real Estate Broker Evan Meyer
Evan Meyer is an experienced commercial broker that can help!
WORK WITH A COMMERCIAL REAL ESTATE RENO AGENT
Each commercial space in Reno, NV is unique. Properties have different rules and regulations, as well as varying layouts and tenants. Though this is an exciting process, you must stay pragmatic with your decision-making. Start by getting as much information about the property as possible. The following list will help determine whether or not you will be satisfied in a space long-term:
1. Additional Expenses: Other than rent, what expenses are tenants expected to pay? The most common additional expenses owed by renters include NNN fees, utilities, janitorial services, HVAC maintenance, and more.
2. Mechanical Systems: In the event of a plumbing, HVAC or electrical failure, who will pay for the repairs?
3. Parking: How is parking divided up? Are there dedicated or shared spaces? Confirm that there will be adequate parking for your employees and customers.
4. Telecommunications: What telecommunication companies support the building? Is the building wired for fiber optics?
5. Building Management: How is the building managed? Is there a professional property management company or is it done directly by the owners? Also, if building issues come up, what is the process for remedying them?
6. Tenant Improvements (TIs): Is there a TI allowance? Does the landlord have a contractor they prefer to work with? If tenant improvements are needed, what restrictions exist?
7. Building Hours: What are the building’s open hours? Sometimes, tenants do not have 24/7 access to their space. Furthermore, large office buildings often shut down HVAC systems during off-hours and assess additional fees to use them during these times.
8. Other Tenants: Who are the other tenants in the building? Do any non-compete clauses exist?
Contact Commercial Real Estate Broker Evan Meyer
If you need help finding the perfect space for your business to purchase or lease, contact Evan Meyer today.
WORK WITH A COMMERCIAL REAL ESTATE RENO AGENT
There are four main categories of commercial real estate: office, retail, industrial, and multi-family. Each commercial property type serves a specific purpose and is intended to generate income and value.
Sometimes there is an overlap between commercial real estate types. For example, a dentist may decide to occupy a space within an office building or retail center.
A city’s largest office buildings are typically located within the central business district, commonly referred to as “Downtown.” Suburban offices are usually smaller buildings. Office buildings may be occupied by single or multiple tenants, depending on the size and concept of the property.
Office buildings are commonly ranked by class: A, B, or C. To learn more about these various tiers, check out our blog.
Retail consists of properties that are used by shops and restaurants. There are multiple types of shopping centers, including regional malls, community centers, strip centers, and power centers. The kind of shopping center is defined by its size, concept, type, number of tenants, and trade area.
Single-tenanted buildings are often occupied by big-box centers like Target and Home Depot, while pad sites remain open for businesses such as banks, restaurants, and other stores.
Industrial buildings are typically located in suburban areas and are often close to major transportation routes for convenient and expedited service. These properties vary greatly in size but are generally large open buildings with minimal office space.
Commercial properties are categorized into four groups:
Multi-family includes all types of residential properties except single-family. These properties consist of apartment buildings, condos, townhomes, and corporate housing. They are six categories:
When leasing a space, it is essential to confirm that the zoning is appropriate for the tenant’s use. Just because a building appears ideal doesn’t guarantee that it is legal to operate a specific business at the location. Always reach out to the appropriate municipality to ensure the building is acceptable and adequately zoned.
If you need help finding the right space for your business or are interested in investing in commercial real estate, contact Evan Meyer today.
