By Howard Applebaum, Corporate America Realty & Advisors (“CARA”)
Where do Industrial Real Estate decisionmakers need to go when they need warehouse space? The word “Warehouse Space for rent in Edison, New Jersey” can easily be used in Google. However, the feedback might produce hundreds of results that are difficult to digest. The information in several results may also be inaccurate, outdated, or used only for generating leads. Some websites use paywalls and “push” their premium paid advertised spaces. It can take dozens of hours of traveling around areas and neighborhoods to search for leasing signs only to have agents on them not return a message.
Perhaps the property is unavailable, or the agent is no longer involved with exclusively marketing the property?
Pitching Save Time . . . and Money!
If you place a dollar value on your time, a property search for the right space can be costly. You need to find and interview Industrial Real Estate Brokers in your Market that specialize in Industrial Real Estate and do all or most of their work only representing tenants or buyers in the acquisition or disposition of Industrial Real Estate. The experienced and market-savvy “pro” should understand your property specifications and have resources available to assist with logistics, construction, legal, financing, etc., to provide the right type of space/properties along with knowing “real market opportunities.”
Before deciding whether you should go into the Industrial Real Estate Market by yourself or with an inexperienced broker, there are additional questions to ask and get answers to before moving forward.
Am I paying a fee or the real estate commission for having an “Exclusive Licensed Tenant or Buyer representative work on my behalf with my requirement? The tenant or buyer representative’s real estate commission is almost always a landlord’s or seller’s expense.
Would an inexperienced broker be an expert on building availabilities in the Market or know about other tenant(s)and buyer(s) activities seeking similar type properties in the Market?
Besides knowing the current availabilities in the Market, the experienced and Market savvy professional Tenant or Buyer Representative will make you aware of future buildings or development projects that will be available.
Your time will not be wasted contacting various listing agents and their offices to learn about their availabilities. Pre-inspections of interesting listings and properties are part of the functions that your exclusive tenant and buyer representative should do.
Bring up Leases and Contracts
Industrial leases or purchase contracts are often complex documents. Much of the leasing or purchase language contained in the documents may be foreign to you but probably not to a knowledgeable, experienced, and licensed tenant or buyer representative/broker.
An engaged exclusive tenant or buyer broker should be able to review and provide an opinion about the prepared lease or purchase agreement. The representative may be able to find that the document may contain legal material/jargon in it, along with numerous seemingly minute details, that should not have been put into the document(s).
While tenant and buyer representatives are not attorneys, their market knowledge and expertise are a great resource in creating leverage to have when going up against the landlord’s exclusive marketing agent, the landlord’s attorney, or even in direct discussions with the property owner.
You need to be careful if your search for space, buildings, sites, or even if a decision has been made to renew your current facility.
The entire real estate process may be like trying to maneuver your way through an unmapped business and legal minefield. The results could otherwise wind up leading to becoming a financial disaster!
Your exclusive tenant or buyer representative will serve as your “navigator” to lead you and if you have a team through the often-complicated deal process.
Professional advice for Tenants and Buyers
Don’t go into the quick-moving Industrial Real Estate Market without having your own Exclusive Tenant or Buyer Representative!
About Corporate America Realty & Advisors : New Jersey based Corporate America Realty & Advisors is an industrial real estate brokerage that specializes in exclusive tenant/buyer representation services for companies, institutions, and select individual investors who seek to acquire or dispose of industrial properties. Since the company’s inception in 1984, CARA president Applebaum has been involved in and has completed over 25 million s/f of industrial real estate transactions in NJ and around the U.S.