WHY WOULDN’T I JUST TRY AND DO MY OWN NEGOTIATING FIRST, AND THEN BRING IN AN AGENT IF I NEED ONE?
Unfortunately, many tenants and buyers try this approach, only to discover they are not sure if the property or space really is the best location or option for them… and more importantly, they are not sure they are receiving the best possible terms.
This isn’t much different than 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 little more exaggerated, the results of messing up a commercial real estate transaction, choosing a property that wasn’t the best option or missing a key evaluation such as purchasing vs. leasing, etc., can cost you tens to hundreds of thousands of dollars and also expose you to unwanted liability.
It’s not like overpaying for supplies, where you can correct the wrong purchase next month and buy a better product or at a lower price. In commercial real estate, you typically only get one chance at negotiations every 5, 7 or 10 years. Making a mistake is very costly… in addition to dozens of wasted hours of your valuable time.
Bringing in a commercial real estate agent at any time in a transaction is better than going it alone. However, the longer you wait and the more you try to accomplish on your own, the harder it is for your agent to undue mistakes and expedite the transaction. Your agent would need to undo any communication errors you potentially made, begin the process over from where it should have been at the beginning and navigate a seller, landlord or listing agent who is probably frustrated at that point of a transaction.
You can save yourself a lot of wasted time and energy by hiring the most qualified representation you can find. Then, let them direct the process and achieve the most favorable results possible.