[fa icon="calendar"] 12.08.2016 / by Hunter Strickland
In order to survive in the highly competitive world of commercial real estate, it may be tempting to lower your rental rates or settle for lesser quality tenants. This doesn’t have to be the case, though. Working with a leasing agent can be highly beneficial for a number of reasons.
Here are a few ways that a leasing agent can help you get the best rental rates:
They are Experts in Their Market
Commercial leasing agents are experts in their markets and submarkets and know just how much money you can get for your property. They will also be aware of how much similar properties in the area are charging so you can price your space accordingly.
Commercial leasing agents also stay on top of market trends and can come up with an effective marketing plan to attract qualified tenants. They know what makes your property unique and will help to leverage those strengths to attract qualified tenants.
They are Skilled Negotiators
Because they know the market so well and have overseen a lot of real estate transactions, a good commercial leasing agent will know how to negotiate favorable terms for their client. In fact, their primary function is to give advice on lease structure and look for ways to increase profits for the landlord.
They Know What Tenants Want
Commercial leasing agents read tons of leases and know how to structure a deal so that you, the property owner, are getting the best deal. They know what tenants want to hear and can structure the lease in a way that gives both parties what they want. Whether the tenant is looking for extra parking spaces, updated security systems, or the ability to customize their office space, a good leasing agent will be able to convince them to sign on, possibly for a longer term lease than you had expected.
They Will Advertise On Listing Sites
Unlike residential listings, commercial property listings are not always easy to find. There are lots of different listing sites where property owners can advertise their vacancies to serious tenants. A good leasing agent knows this and will belong to several different listing sites to give your properties maximum exposure and increase the quality of the tenants you come into contact with.
Getting the Best Rental Rates
Commercial real estate is a highly competitive market and it can be tempting to lower your rental rates if you want to compete. This isn’t always necessary, though. Hiring a commercial leasing agent to help market your property, negotiate with prospects and structure the leasing terms can be helpful in getting the best rental rates for your property.