Think about all the times you made a bad decision. You can probably chalk them up to inexperience or a lack of specific knowledge. If you had the guidance of something skilled and knowledgeable, might the outcome of those experiences been different? Probably so. The truth is, we’re not all experts in everything, and there are times when our smartest move is consulting someone who is. Almost always, buying or leasing industrial real estate falls into that category. Here are three reasons to avoid the DIY approach to industrial real estate.
1. You lack the skill and experience to accurately read the local market.
One of the most essential elements to leasing or buying commercial property is accurate and current market transaction knowledge. Lacking that, you’ll need access to someone who has that information and can give you objective advice and direction based on years of relevant experience. Working with an active industrial or commercial real estate agent – someone who makes a living handling transactions like these every day – means this information is at your disposal. Consider it in terms of another issue, something medical or legal. Your likely response would include consulting a qualified doctor or lawyer. The same logic applies to industrial real estate.
2. You don’t have the same options as someone in the industry.
If you’re looking for industrial space, you can look online yourself and drive around to see what’s out there. But what’s your next step? Experienced industrial real estate professionals know the local market, and that includes what’s available now and what’s about to come on line. They know which tenants are ready to sublet and have the right experience to negotiate the best price. Every buyer has unique parameters for successful real estate transactions. The right industrial real estate agent knows how to manage the process to meet those parameters, whether they’re listed online or not. In short, you’ll have far more options when you partner with someone in the industry.
3. You simply can’t be your own best advocate.
The sole purpose of your agent during an industrial property transaction is to serve as your advocate. This includes aggressively negotiating on your behalf, which is a duty required by law and a level of direct service to you. Doesn’t it make sense that someone who doesn’t work as an industrial real estate agent would be lacking in these skills? Fortunately, you can avail yourself of the experience and knowledge simply by working with the right agent.
Taking the DIY approach can pay off in many instances. But leasing or buying industrial real estate is almost certainly not one of them, especially if you have little to no personal experience. Partnering with an experienced industrial agent will save you time, money and aggravation. Remember, your agent’s services are free, and you’ll come out ahead when all is said and done.
The experts at Miller Industrial Properties in northern Nevada are ready to help with your next industrial real estate project. Call or contact our team today.