How big of an issue is having an exclusive agent when you’re searching for industrial real estate? Quite bit, actually. And that’s because it removes the danger implicit in a shared loyalty between you, the tenant/buyer, and the landlord/seller’s agent. In leasing, the landlord’s agent derives a major share of their annual revenue from the landlord; not from you. To put it another way, you want to work with a firm that represents your interests exclusively – not primarily the landlords’.
It’s this very reason that makes the DIY approach to leasing or buying industrial real estate so tricky. Let’s assume you have the time to drive around and scout for potential properties. Let’s say you stumble across one that seems to tick the right boxes, at least initially, and you decide to contact the guy with his name splashed across the big “For Lease/Sale” sign on the building. Be wary – this is the landlord’s agent, a person contracted to act in the landlord’s best interests. We’ve discussed this in detail on our post, “The Hidden Trouble with the Landlord’s Real Estate Agent,” but understand that your best interests as a potential tenant do not matter.
Here in northern Nevada, national franchise firms represent most of the major landlords in the area. Their business makes up the lion’s share of revenue for the national names locally, which is all well and good, unless you’re a potential tenant looking for a good deal and try to negotiate yourself or use the landlord’s agent to assist you as well. In that case, consider the facts. Who is going to get more attention and better results from the firm representing both a major landlord and your single transaction?
If you believe that your transaction deserves as much attention as the big guys, consider the value of a boutique firm with a proven track record. Contact Miller Industrial Properties today.
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