Tom Miller, CCIM
Why a Landlord Needs an Agent
A professional real estate agency offers many services that make its fees well worth the cost. You should expect all of the following, and more:
A thorough analysis of the property, complete with useful advice on what should be done before going to market – and what can wait.
A comprehensive market analysis that includes vacancy rates, price trending and information on all competing properties in the area.
Useful recommendations about asking prices and amenity data to make your property as competitive as possible in the market.
Impressive marketing materials that will make your property stand out to the intended audience.
Placement into all online commercial property databases. Note, this can be a pricy, though certainly necessary, expenditure. Our agency spends well over $75,000 annually placing client properties in all the right databases.
Distribution of your marketing materials not only locally, but regionally and nationally as well. Be aware that franchised firms can run into difficulty with this, thanks to limitations imposed on their networks. Boutique firms, on the other hand, have the freedom to link with anyone.
Savings on their fees as a direct result of their experienced negotiation. In some instances, agents can increase the amount a landlord receives which effectively pays for his services.
Back to that real estate sign for a minute. It’s much more than just a phone number and logo. The right sign has the ability to send an immediate message, simply because certain industrial agencies have instant credibility with agents and the general public. That kind of reputation is the result of a successful track record and deal upon deal handled efficiently and professionally from start to finish.
Second, and equally important, be aware that many agents avoid dealing with property owners if possible. “For Sale by Owner” signs are to be avoided. Why? It’s simple. Property owners are a part of the industry, certainly, but by and large, they are not commercial or industrial real estate agents. They aren’t necessarily familiar with rules and protocol, and that general lack of experience can increase the length of a transaction and, in a worst-case scenario, result in a no-sale for an agent.
It’s not a question of whether you can find a tenant or buyer for your own property. You probably can. The issue is whether you can do so as successfully as someone who makes his living doing exactly that.