A lot of companies are hiring commercial property rental agents to help them find the right property for their business. But these rental agents might not have your best interests in mind. They have a lot of reasons to lie and make you sign on the dotted line and they often do! So, if you want to know more about renting a commercial space, here are some truths about what these people really think.
Which become commercial property rental agents are not your friend
You may think that a commercial property rental agent is there to help you, but they’re not. They are there to make money for themselves and their company. You might say that this is any small business owner’s goal, but the difference between a real estate agent and a rental agent is that the former will look out for your best interests as well as theirs.
Rental agents are just like any other salesperson, they want to get you into their product so that they can make money off of it later on down the line. While it may seem like these people have your best interests at heart or want to help you find an apartment or house that suits your needs, they don’t always care about what’s best for you (and certainly won’t put in any extra effort). In fact, most tenants say their experiences with landlords were worse than bad: they were downright terrible!
Rental agents can be very expensive especially if they charge by the hour or by the month, which is common. They might also require you to pay an upfront fee, usually in the thousands of dollars range, just to find and show properties on your behalf. And of course, there’s no such thing as free when it comes to commercial property rental real estate agents will also want part of any lease negotiation fee that he/she negotiates on your behalf with the property owner (in addition to their commission).
Their fees are unbelievably high
If you’re a commercial property owner, you might have come across these agents in your search for tenants. It is not uncommon for an agent to charge 10% of the annual rent as their fee which is often higher than the actual amount of money that they bring in. This makes it seem like they are taking advantage of landlords and not helping them at all.
In truth, agents do take a lot of time and effort to find ideal tenants for each particular property, especially when there are multiple units on offer. They also spend countless hours negotiating deals before getting an agreement signed between both sides by providing legal advice if needed. Agents should be well-informed about the market so they can provide accurate information that ensures each side gets what they want while protecting their interests as well something which isn’t always easy!
They don’t care about your business
As a business owner, you’ve probably heard about the importance of having an agent help you find commercial property rental. The problem is that most agents are not interested in your success. They are only interested in their own success and making as much money from you as possible.
Don’t believe me? Think about it this way: if they cared about your business, they would do everything they could to keep it going even if that meant letting you pay less rent or helping with some other business expenses when things get tough. But instead, these agents use aggressive tactics like lowballing prices and filling out long-term leases (which have high exit fees) so they can squeeze out more cash from their customers without giving anything back in return. They give false information about facilities and services to persuade you to sign the lease agreement.
Some agents will tell you that the commercial property rental is already taken, and the owner will rent it to someone else if you don’t sign up now. They may say that other parties are interested in renting the property and they have to give them a chance first.
They will also tell you that they have other clients who are interested in renting the property and they can’t hold it much longer. They often use bullying tactics to make you sign on the dotted line. If you are a landlord or tenant, it is important to be aware of some of the ways that commercial property rental agents can try to bully you into signing on the dotted line.
Commercial rental agencies are worse than you imagine
Commercial property rental agencies are worse than you imagine. They aren’t your friend, partner, or advisor. They aren’t here to guide you or help you achieve your goals—they just want your money and will do anything to get it.
Commercial rental agents are not there to coach you through the process of finding a commercial property that meets all of your needs (including budget). Instead, they will show up late and say, “Here’s our deal maker!” while pointing at the listing sheet they had printed out on their computer 15 minutes before arriving at the appointment.
The truth is that commercial property rental agencies are worse than you can imagine. They don’t care about your business, they give false information about facilities and services to persuade you to sign the lease agreement, they try to make you think that the property will be taken by others if you don’t sign right away, they often use bullying tactics to make you sign on the dotted line. In short, they are not your friend.