Full Service Firms: Why & What are the Benefits?
What Does it Mean to be a Full-Service Commercial Real Estate Firm? There are multiple commercial and industrial real estate firms out there but not all of them are full-service like NAI Summit. Full-service firms offer assistance in any and all aspects of the real estate and not just brokerage. Full-Service Firm vs. Brokerage Firm The most basic services provided by a commercial real estate firm are leasing and sales, otherwise known as brokerage. Brokers act as an intermediary between buyers and sellers of commercial real estate. These are the individuals who help landlords lease their properties and help tenants find the right property to occupy. Brokerage firms and full-service firms alike offer brokerage services; however, brokerage is only one of the many services offered by a true full-service commercial real estate firm. A full-service commercial real estate firm provides expertise in development, investments, management, maintenance, sales, and leasing of property. These firms are the ones who can answer any and every question you may have about commercial real estate. If you were to walk into a full-service firm and shake the hand of every employee there, you’d end up hearing a wide range of job titles, certifications, and specialties. This broad range of expertise is perhaps the strongest feature of a full-service firm. When you hire an agent from a full-service firm, you actually benefit from the expertise of not only your agent, but also his or her colleagues. Benefits of Working with a Full-Service Firm As real estate advisors, working at a full service commercial real estate firm, we always have our client’s best interests in mind when working with owner and tenant representation. But, there are unique benefits to working with a full service real estate firm that specialty firms cannot offer. • Owner Benefits Full-service firms not only save their clients time through ease of communication and better efficiency but there are also financial benefits as well. Owners often find that hiring the same company to lease and manage their properties saves them money in the long run through the economies of purchasing in regards to building maintenance and utility consumption, as well as a full understanding of tenant retention and marketing for new tenants. All of which makes handling the business in one place a much simpler task for everyone involved. • Tenant Benefits A full service firm has the depth of resources and knowledge capital to effectively evaluate the overall condition of the asset as well as have a deep understanding of key lease components like operating expenses, over time capital improvements and HVAC costs, or any issues related to legal compliance. All of these are significant factors as a tenant begins to consider its real estate strategy that could otherwise result in a significant burden to the tenant if they are not negotiated properly. It is precisely because we work at a firm who services each of these elements, from the landlord leasing to the property management, and because we work directly with specialists such as project managers, that brokers at a full services firm can offer such a depth of expertise. Full-service firms, like NAI Summit, are one-stop shops for all things commercial real estate. Clients with one or multiple commercial real estate needs will always find that true full service firms are their best bet for handling business efficiently and effectively. Sarah (Finney) Miller, vice president, NAI Summit. Sarah Finney has been a licensed real estate associate within the Lehigh Valley since 2009 and later became a real estate broker in 2013. She began her career with NAI Summit after being an active office broker and property manager whose background provided her with extensive skills in marketing, leasing & landlord representation. Prior to her career with NAI Summit, she has over 6 years of experience in the areas of brokerage and property management.