We get it. Google makes us feel like we can do anything. And with the widespread availability of commercial listing sites, it feels simple and easy to browse around for potential commercial property, or sell your property on your own. While there’s nothing more satisfying than a self-taught success story, DIY-ing certain parts of the commercial real estate process can open you up to some potential challenges that may be, at best, annoying and, at worst, costly.
“While this industry can be exciting and lucrative, it’s also complicated,” says Tanner Lundberg, Commercial Advisor for NAI Mid-Michigan. “You have to stay disciplined and agile throughout a process that can seem overwhelming at times. Finding the right property for the right price requires a lot of logistics.”
If you’re on the fence about whether to call in a partner or DIY your commercial real estate deal, here are a few things to consider.
The time
Great deals take time and due diligence. Agents often spend months following up on leads and securing that perfect buyer or seller. If you’re working solo, you might not have the time to pore through property listings, follow up with brokers, study area traffic patterns, or find tenant histories. What’s worse, promising deals stall out all the time, adding up to wasted time for someone who is trying to manage the process alongside other responsibilities. Outsourcing your commercial deal to a pro helps you focus on other essential tasks related to your business or investment strategy.
The lingo
Like any industry, commercial real estate has its own vernacular that helps brokers communicate quickly and effectively. Knowing the lingo will not only lend you legitimacy and help you hold your own in high-stakes negotiation, but will also help you know exactly what you’re getting into. Was a key characteristic or flaw hidden by commercial broker jargon? We can help you tease out the essential info. Remember, this is an investment that is steeped in financial documentation.
The paperwork
For better or for worse, there is a ton of red tape involved in commercial real estate transactions. If you relish in a bureaucratic challenge, more power to you. But if you don’t have the time or mental space to devote to stacks of purchase agreements and contracts, it can be a huge headache that opens you up to costly errors or missed details.
The experience
Experienced brokers like our team at NAI spend a lot of time evaluating your needs, your goals, your budget, your expectations, etc. We do this every day, and we’re truly passionate about helping our clients. Because of the time invested in this process, experienced brokers can quickly identify if a property is the right fit, or if there are other factors in the deal that will benefit or harm your bottom line.
“Many times, through building relationships with our clients, we’re able to better identify a property type or location that hasn’t been thought of before,” Lundberg said. “Especially in really challenging markets, tapping into a team like ours can help you find that rare gem that fits your needs perfectly.”
Our NAI team is here for you, whether you want to outsource the whole process to us or bring us in for just one piece of the puzzle. Contact our team today to find out more about how we can help you with your commercial real estate needs.
