Tom Miller, CCIM
The Ultimate Cheat Sheet to Leasing a Warehouse
Every tenant needs to understand these five steps before beginning the search for a new warehouse location. Doing so gives lessees a significant advantage over others for equal locations and starts you on the most productive path to achieving your goals.
Do your Homework
As you scroll through the search results, take note of the following items on the most promising options, including:
• The websites/companies serving them
• The meta-description under each search result
Follow the links of the likeliest candidates and see which companies are tenant representative and which are landlord representative. As a tenant, you’ll fare far better in under the service of an industrial real estate firm that represents your interests specifically.
Take time to browse the website, and more specifically, the company blog. A business blog, ideally, features valuable and timely information that gives readers a solid understanding of the company itself. If you like what you see on both the website and the blog, proceed. If you don’t, go back to your search results and try again. Comparing the websites of several agencies is also a savvy move.
Ideally, you’ll settle on one or two potential agencies to pursue. Your initial property search and subsequent site and blog perusal will mean that you know two things. First, this agency has at least one listing for what you believe to be a suitable property for your needs. Second, the website and blog seem to represent the kind of company that can exceed your expectations.
Contact the firm’s top agent directly. His or her contact information and biographical information should be readily available on the agency website. Explain your needs and use the opportunity to ask the right questions:
• What can you tell me about the current industrial real estate market? • What can you tell me about the major market ownership entities and their relative positions? • What can you tell me about previous deals you’ve negotiated in this size and price range?
*We elaborate on these questions and what you should expect to hear in our blog post, “Leasing Industrial Property? Ask your Agent Three Critical Questions.”
If you like what you hear and feel confident in the agent’s experience and expertise, schedule a face-to-face meeting.
The more your agent knows, the better job he or she can do for you – and in a shorter amount of time.
After your meeting, give your new agent time to get to work. His or her goal is to create the best negotiating scenario for you, and it’s the most important part of the job. Your agent may be doing things that you don’t quite understand, so always feel free to ask for an explanation. It should be quickly forthcoming and illuminating.
As your agent presents options and accompanies you on property tours, take heed of his or her advice and recommendation. By this point, you should have formed a powerful team, with your agent’s expertise helping you navigate toward your goals. Ask questions, and expect clear and accurate answers.
When you partner with the right agent, you are able to enjoy the process of leasing industrial property and its successful conclusion.