How An Experienced Commercial Realtor® Can Help You

The real estate market in 2021 will look vastly different. Last year, offices and retail spaces were closed indefinitely. As the vaccine roll-out continues across the country this year, many employees will eventually return to the office and stores will open back up again. As a result, many people will be looking to downsize, upgrade, or relocate their businesses to better suit their recognized needs.

When buying, selling, or leasing commercial property, engaging a licensed commercial Realtor® who is a subject matter expert is a critically important step in the process. Commercial property generally takes longer to sell or lease. In today’s competitive market, an experienced Realtor® is a time-saving and potentially money-saving piece of the puzzle. They specialize in advising their clients on the best course of action. A commercial Realtor®’s goal is to help you find the perfect commercial space for your business. Here are the top three reasons why you need to have an experienced commercial Realtor® when searching for a new property.

 

1. A Commercial Realtor® Will Conduct the Research For You

As a business owner, you’re an expert in your field. Finding the time to research the market yourself is time-consuming, and ensuring that you are accessing the right information requires an expert. The right Realtor® will lessen the headache of conducting research that would be difficult for you to do yourself. When searching for a new property, business owners are usually the most interested in a property’s location, local statistics, familiarity of the businesses in the area, and the area’s population. A Realtor® will provide a commercial buyer with important information such as a financial analysis, market demographic studies, and environmental research. The Realtor® will find out the initial information for you before the search for the property begins.

2. A Commercial Realtor® Will Ensure You Get the Best Deal

Your Realtor® will help you perform a proper comparative analysis so that you can decide which  property is the best investment for your business. During the property search phase, a commercial Realtor® will consider a variety of factors such as the square footage, facility attributes, parking, and security. He will also record any damage to the property. The cost of the property is not the only expense to consider. A Realtor® will walk you through the zoning, insurance, taxes, levies, and potential development fees as well. Finally, the Realtor® will help you negotiate, review the terms, and draft an offer based on your financial budget.

 

3. A Commercial Realtor® Will Help You Understand the Real Estate Market

There are many factors that affect the state of the real estate market. COVID-19’s impact on commercial real estate has been interesting to watch. In the third quarter of 2020, Canada’s downtown office vacancies rose by a full percentage point. Downtown Toronto’s office vacancies rose from 2.7 percent to 4.7 percent in the second quarter of the year. While some businesses may continue to close or downsize, new businesses may be born while others may upgrade their spaces.

Social distancing measures may still be in effect when the general public is eventually vaccinated. This means that businesses that choose to allow their employees and staff back on board will need to accommodate this change. Larger office spaces will likely adapt to allow employees to safely distance themselves. As a result, space planners will evolve their recommendations to account for larger office spaces, and larger per-employee footprints, that may be more attractive to business owners.

 Understanding the state of the real estate market and what trends are affecting it will help you assess whether it’s the right time for you to sell, buy, or lease a property. You will need to ensure that the price you are asking for, or receiving is aligned with the current market. Normally, a Realtor® will use their expertise to anticipate how prior sales will affect future sales and listings and make educated predictions to assist with your needs.  However, given to numerous anomalies presented during the past year, you will really want to have an experienced and savvy commercial Realtor® on your team.

Who Is Phillip Moore?

Phillip Moore is a licensed commercial Realtor® with 15 years of asset and property management experience. If you are searching in the Barrie and North Toronto industrial market, Phillip is your expert. He has a wealth of experience in financing and budgets and can help you sift through on or off-market listings.