When it’s time for Austin Buyers to purchase commercial property, it’s best to use a Commercial Agent to represent your real estate interests. Why? Here’s ten (10) reasons why Austin Buyers need an Agent.
10. Agents manage the buying process.
A good Commercial Agent explains the purchase process to you and keeps the purchase process on track until it closes. For example – What is the status of the title commitment? Are there any questions or concerns with regard to the title commitment? Has the survey been ordered and completed? When is my feasibility period over? When does my earnest money go “hard”? Is the financing approved? Is an appraisal required and has it been completed? Have any necessary inspections been ordered and are they complete? Have all of the closing documents been reviewed?
9. Agents refer experts who assist with the property purchase process.
Commercial Agents know real estate professionals that provide their expertise to the property purchase process. These include attorneys that specialize in real estate, title companies, surveyors, engineers, architects, CPA’s, insurance companies, building / property inspectors, environmental consultants, contractors, appraisers, etc.
8. Agents guide the due diligence work.
As a part of the property purchase process, an experienced Agent assists the Buyer in making sure that the appropriate items are researched and that the property meets the Buyer’s needs. Due diligence is the pre purchase effort made to discover, and analyze information about the property under contract. Agents assist Buyers by obtaining the necessary documents and providing a checklist of these items including information regarding zoning, jurisdictional requirements, floodplain, easements, covenants, conditions and restrictions, utilities, etc.
7. Providing a buffer between the Seller or Seller’s Agent.
Commercial Agents act as a buffer between Buyers and Sellers or Seller’s Agents. Who wants to deal directly with pushy Sellers or listing agents? Buyer’s Agents act as a buffer and take the Buyer out of the direct line of fire when dealing with contract negotiations and being put on the spot by aggressive sellers.
6. Experience gained from working with other Buyers.
Based upon past experience, Agents can recommend other considerations for the Buyer to consider such as – “Consider purchasing additional square footage and provide your business with room to grow and until the space is needed the extra space can be leased and provide the Buyer with help in paying the monthly bills”.
5. Allow you to spend time with your business.
Let an Agent spend their time finding you property which allows you to spend time conducting your business. Focus on your expertise and let an Agent assist you by focusing on theirs. Time is too precious a commodity to be spent driving around looking for property. Good Agents can send property listings to you via email for your initial review and comment before ever leaving your office.
4. Price and term negotiation expertise.
There are few business professionals with the experience and expertise that a Commercial Agent has to assist with contract negotiations. Issues such as – What is a reasonable and fair price for the property? Is this a good buy? What terms and conditions should be included in the contract to make sure that my interests are protected? Should I get some amount of inspection and feasibility time as a part of my contract so that I can better study the property and confirm that it meets my needs?
3. The cost to the Buyer is zero, zip, nada.
The Seller pays the Buyer’s Agent’s commission through a commission agreement between the two Real Estate Agencies. The full cost is borne by the Seller.
2. Agents provide local market expertise
No one is going to know the local commercial real estate market as well as an area Commercial Agent. The Listing Agent isn’t going to tell you if his/her property is listed above the market rate and only an experienced Agent can advise you with regard to the location making sense for your particular type of business.
1. Buyer’s needs differ from those of the Seller and Buyer’s need representation to protect their own unique interests.
The Seller or Owner will be represented by a Listing Broker and this Broker’s fiduciary responsibility is to the Seller. The Texas Real Estate Commission’s (TREC) “Information about Brokerage Services” states that “the Broker who lists the property for sale or lease is the Owner’s Agent”. It further states that, “a listing broker can assist the Buyers but does not represent the Buyer and must place the interests of the Owner first”. Finally it notes that “the Buyer should not tell the Owner’s Agent anything the Buyer would not want the Owner to know because an Owner’s Agent must disclose to the owner any material information known to the Agent. This is not a good situation for a Buyer to be in. Sellers have representation from their Listing Agents, Buyers need the same from a Commercial Buyer’s Agent. ~
So there you have it, this Commercial Agent’s ten reasons why Austin small business owners and professionals should use a Commercial Buyer’s Agent to represent them when buying or leasing property in Austin, Texas.