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Working With Real Estate Agents 101

At first substantial contact, all brokers should share with you the North Carolina Real Estate Commission's Working With Real Estate Agents Brochure.

In North Carolina, when you speak with a broker, YOU ARE NOT NECESSARILY PROTECTED. Make sure your broker has read to you and you completely understand the Working With Real Estate Agents Brochure.

To read the Working With Real Estate Agents Brochure, please click the link below:

Working With Real Estate Agents Brochure

For more information on the North Carolina Real Estate Commission You may visit their website:

North Carolina Real Estate Commission

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Rankin Commercial Properties
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Commercial Real Estate Services in North Carolina

Rankin Commercial Properties (RCP) is North Carolina's Premier Commercial Real Estate firm. RCP offers Tenant Representation, Buyer Representation, Landlord Representation, Seller Representation, Property Listing Services, Property Management, Facilities Services, Government GSA Services, Corporate Real Estate Services, Acquisition Services, Leasing Plans, Development, Construction, and a variety of contract services for commercial properties in the greater North Carolina market (Raleigh, Apex, Cary, Holly Springs, Garner, Knightdale, Morrisville, Greensboro, Charlotte, Winston Salem, Wilmington, and surrounding areas).

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Two Convenient Office Locations:

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Areas of Expertise:

Office Space, Retail Space, Industrial Space, Warehouse Space, Land, Investment Properties, Office Buildings, Office Properties, Retail Buildings, Retail Centers, Neighborhood Centers, Outparcels, Strip Centers, Build to Suit, Flex Space, Flex Buildings, Industrial Parks, Shopping Malls, Regional Malls, Specialty Retail, Restaurant Space, Land Development, Land For Sale, Office Condos, Retail Condos, Office Space for Sale, Retail Space for Sale, Office Building for Sale, Retail Building For Sale, Commercial Real Estate, Commercial Property, For Sale, For Lease.

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Working With a Tenant Representative to Find Space:

Are you looking for property? Work with one of our professionals to find Space in the North Carolina Market.

 

For Tenants / Buyers...

• DIRECTION: Acts as your guide through the leasing process

• LOGISTICAL KNOWLEDGE: Analyzes your space needs to avoid leasing too much or too little space
  
  

• MARKET KNOWLEDGE: Shares their knowledge of asking rates and incentives available in the market

• CONTRACT TERMS: Assists in negotiations to obtain terms that meet present and future needs of your business and avoids critical mistakes

• BUFFER: Serves as a buffer between you and the landlord to keep your relationship with the landlord cordial

• DOCUMENT KNOWLEDGE: Handles the paperwork necessary to complete the transaction and other details of lease negotiation.
  
  Although Brokers are not Attorneys and do not attempt to carry out legal consultation, they can evaluate the lease document’s function in normal and customary market situations.  Some institutional landlords use the same lease throughout the country without taking into account regional differences.  Local Landlords often reuse the same lease they have used for 10-20 years even though times have changed.

• TIME Most office decision-makers do not have the time to devote to a successful office relocation. Broker do the majority of information gathering, while decision-makers do just make decisions.

• Experience Tenants usually relocate once every five or ten years. They cannot compete with the in-depth market knowledge of the commercial real estate specialist who is involved with the marketplace on a daily basis. Commercial Real Estate Brokers who know details of recent deals in the market have resources for negotiations that are not available to tenants.  
  

For Landlords / Sellers...

• BEST RATE: Brokers are often able to negotiate the highest price for your commercial property. Especially if you lack knowledge in real estate, enlisting the help of a broker could be immensely helpful in selling your property and getting the best price.

  A commercial agent is also trained to use national databases online to buy, sell and lease properties. Use their experience to your benefit.

• MARKET EXPOSURE: Brokers know the real estate market well and are able to maximize the exposure of your property listing by using the right advertising methods to achieve the best results. Since advertising is typically one of the highest expenses related to selling properties, having a broker can save you quite a bit.
  

• WORD OF MOUTH SALES: Brokers have connections with other brokers, real estate professionals, lenders and buyers. It is easier for them to sell through word of mouth advertising. When working with a broker, you may deals may be put on the table that are not available to you through bankers or other selling methods.

• DOCUMENT KNOWLEDGE: Brokers are able to bring significant document expertise to the table. Unless you are a jack of all trades and are able to handles such aspects of the sale for yourself, investing in a broker is a wise choice. A good broker will know the market well, will be able to read and interpret legal documents, has a number of years experience helping clients with commercial property sales and has the ability to close the sale for you.

 

What goes into finding Space?

Companies faced the question of relocating, have to make a significant of complicated decisions. No matter the company's size, large or small, evaluating alternative space options is the same--a complicated, painstaking, and time-consuming process.

Having plenty of time is an essential contributor to the relocation process; users occupying less than 10,000 square feet should have at least nine months from the space survey until the move-in date; users who need more than 10,000 square feet should plan for approximately nine to 18 months or longer.

Some of this time is needed to sort out the many questions and alternatives that present themselves.

Such As:

Number of properties to investigate.

Negotiating Strategies with the Landlord / Seller

How to compare properties on a shortlist

Parking Ratios

Operating-expense and Pass Through Expense calculations

Renewal or Expansion Options

Tenant-improvement allowances

In recent years we have seen these factors be more complicated in the Triangle Area from excessive amounts of office space available and the differences between the quoted rental rate and the lower rates that can often be negotiated due to the market’s current climate.

Higher a broker before your search begins. Finding office space contacting the agent, then hiring your own agent to help negotiate usually confuses and complicates the entire process.

Don't work with multiple Brokers, companies sometimes hire multiple brokers while simultaneously delegating the space search amongst several internal managers.  This situation only results in conflict and confusion often causing landlords to be less negotiable.  Most brokers have access to the same information they will bring you the same properties.  If you are serious about finding space, take your broker seriously DON'T HIRE MULTIPLE BROKERS!

Renewing your current lease is even a decision that warrants careful thought and planning by the tenant. The Real Estate Market is constantly changing, an attractive renewal rate offered in a contract signed five years ago may not be as attractive in today’s market. Hiring a Commercial Real Estate Broker in Lease Renewals is essential.

Being well represented is coinsides with being well informed. In Market Conditions where relocation alternatives are abundant and tempting, landlords are likely to give more concessions. Landlords are competitive only when they have to be. Hiring a broker in Lease Renewals could save you 15-20% from the landlords initial offer.

Landlord's will incure significant costs if the tenant vacated. These costs include:

Tenant Improvements

Rental Losses

Marketing costs

Brokerage Commissions

Landlords always prefer to pay a commission to retain a tenant rather than sit vacant space and pay for a new tenant with no proven rental history with them.

A Request for Proposal (RFP) is valuable in the negotiating process. It outlines the tenant’s "wish list" for rent, terms, conditions, improvements, expansion, and a number of other crucial items.

In order for the Request for Proposal to be well recieved it should be properly prepared and presented to landlord's and their brokers.

Asking for too much often terminates negotiations with many property owners; sensitivity is critical to the success of negotiations.

Brokers Work For Commission:  You won't get a discount by working without a broker. 

Most Landlords are working with their own broker, the commission is then split between their broker and your broker the fee is not discounted just because the tenant walks in the door without representation. Besides, who wants to be represented by the opposing party’s broker? You would't do it in court.

Brokers often save clients 15-20% and are only paid 2-4% by the landlord. Would you rather save 2-4% or 15-20%?

If a Landlord does not have a broker, he isn't going to cut you a deal beacuse you don't have a broker.  Most likely the Landlord will use the situation to his best adavantage.

Tenants without representation often make direct deals at above-market rents due to their lack of market experience.  

Tenant brokers can provide users a number of useful reports:

Discounted cash-flow analyses of the various alternatives and evaluations of free rent, tenant improvements costs that go beyond standard building allowances, parking charges, base rent increases, operating expense calculations, and options to renew and/or expand.

The operating expense bases are often the subject of Landlord / Tenant lawsuits. Landlords who offer future expense estimates that are sometimes unrealistically low give cause for litigation when tenants receive their first-year "increase" bill. Brokers can normally negotiate terms to these expenses that keep them reaonsable.  We have seen some clients have 100% annual increases 5 years in a row on their operating expenses.  Brokers also know what is reasonable for these expenses and can compare them to other properties.

Simply Reviewing the base-year may not provide a true comparison between property alternatives. Many buildings have equipment with service contracts that upon expiration can cause increased operating costs, or a building may be up for a property tax re-appraisal that might increase operating pass-throughs.

After-hours HVAC costs. The cost of after-hour usage can vary substantially, ranging from $10 per hour in small buildings to $400 per hour or more in large office complexes.  Knowing your HVAC requirments and the the buildings regulations directly impacts your operating expenses. Brokers can negotiate and evaluate these terms for you.

Load factors or Core Charges. Are the costs of the building’s shared spaces. Understanding how the Core Charges / Load Factors are determined and calculated is extremely important when evaluating space. 



Information About This Site:

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This site also contains information on Raleigh Office Space, Raleigh Retail Space, Raleigh Office Space for Lease, Raleigh Office Space for Sale, Raleigh Office Building, Raleigh Retail Space For Lease, Raleigh Retail Space for Sale, Raleigh Office Condo, Raleigh Retail Condo, Raleigh Commercial Real Estate, Raleigh Property Listings, Raleigh Commercial Property, Raleigh Commercial Properties, Raleigh Land, Raleigh Property Listings, Raleigh Commercial Property Listings, Raleigh Industrial Space, Raleigh Industrial Park, Raleigh Warehouse, Raleigh Warehouse Space, Raleigh Warehouse For Lease, Raleigh Warehouse For Sale, Raleigh Industrial Property for Lease, Raleigh Industrial Park, Raleigh Industrial Property For Sale, Raleigh Investment Properties, Raleigh Apartment Homes, Raleigh, NC, North Carolina, Raleigh Multi-Family, Raleigh Retail Center, Raleigh Mall, Raleigh Shopping Center, and Raleigh Grocery Store Centers.