Why Shouldn’t I Do My Own Negotiating First?
Unfortunately, many tenants and buyers try this approach, only to discover they are unsure if the property or space is truly the best location or option for them. More importantly, they are uncertain whether they are receiving the best possible terms.
This isn’t much different from asking a healthcare provider, ‘How about if I try the procedure on myself and then just call if I get into trouble?’ While this might seem a bit exaggerated, the consequences of mishandling a commercial real estate transaction—such as choosing a property that isn’t the best option or missing a key evaluation like purchasing vs. leasing—can cost you tens to hundreds of thousands of dollars and expose you to unwanted liability.
Unlike overpaying for supplies—where you can correct the wrong purchase next month and buy a better product at a lower price—in commercial real estate, you typically get only one chance at negotiations every 5, 7, or 10 years. Making a mistake is very costly, in addition to wasting dozens of hours of your valuable time.
Engaging a healthcare real estate agent at any point in a transaction is better than proceeding alone. However, the longer you wait and the more you try to accomplish on your own, the harder it is for your agent to undo mistakes and expedite the transaction. Your agent would need to correct any communication errors you may have made, restart the process from where it should have begun, and navigate a seller, landlord, or listing agent who is likely frustrated at that point in the transaction.
You can save yourself considerable time and energy by hiring the most qualified representation available. Then, let them direct the process to achieve the most favorable results possible.
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