Tenant Reps and Commercial Realtors – What’s the Difference

Tenant Reps and Commercial Realtors – What’s the Difference
By Tim McEvoy

When you think of a business about to relocate to a new area, or renegotiate a lease for its present location, you might think the proprietors would consider employing a real estate agent or a lawyer to handle the various issues involved. While both are reasonable options, it may be more beneficial to the business owner to consult with a tenant representative instead. While a tenant rep is involved in commercial and industrial real estate, there are subtle differences between reps and Realtors every businessman should know.

Reps Work on Behalf of Tenants, Not Landlords

Many commercial real estate professionals exclusively represent tenants. Such exclusive tenant reps never work on behalf of owners and developers. Other real estate professionals divide their practice between both tenant and landlord representation.

The Society of Industrial and Office Realtors reports that more than half of those who have earned the Society’s coveted professional designation – “Specialist, Industrial and Office Real Estate” – have practices that include tenant representation.

Tenant reps have made a name for themselves during the past 10 to 15 years, since real estate agency laws required real estate brokers to disclose that they are working on behalf of the landlord, not the tenant. Your goal in working with a tenant rep is to obtain true economic savings and secure space on terms that best serve your needs over the life of your lease. While working on your behalf, a good tenant representative should generate savings and benefits that far exceed the cost of his or her professional compensation.

The Benefits of Working With a Tenant Rep

Having a tenant rep on your side can greatly empower your business and save you money in the long run. A tenant rep can:

  • Analyze your space needs.
  • Investigate all available properties and determine which are the most appropriate for your needs.
  • Create a bidding war among several landlords for your business.
  • Protect you during lease negotiations so that you come away with terms that meet your present and potential future needs.
  • Serve as a buffer between you and the landlord.
  • Identify lease provisions that could cost or save you money during the lease term.
  • Handle the paperwork and other details of the lease negotiation.
  • Settle disputes that arise even after the lease is signed.
  • Spotlight the savings.

The goal of the tenant rep is to satisfy the business owner, and determine the perfect location for all companies seeking to do business anywhere they choose.

Tim McEvoy operates Exclusive Tenant rep, a Virginia-based agency specializing in tenant representation for businesses and companies seeking to move to or with the greater Norfolk and Richmond area. Exclusive Tenant Rep serves companies by counseling business owners on lease negotiations, commercial property appraisal and inspections, and relocation solutions concerning Virginia commercial real estate.

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Review: athand24.com- International Real Estate Website.

If you ever thought that it is impossible to have an “international” real estate website, think again. Athand24.com is attempting to do just that. Currently website has only 15 real estate listings, although the website was registered in July 2006.

One of the of the problems to attract advertisers to such a website is the complexity of real estate transaction. Here in the United States, regulation on selling and buying real estate are quiet complex and may differ significantly from one state to another, and often a real estate agent moving from one state to another may be required to take a real estate test or even go to school in order to be permitted to practice real estate in that respective state.

In the attempt to feature international real estate listings, much legal details should be considered. For example, in order to advertise real estate property in the United States the listings need to comply with Non-discrimination Act. While this is not news to a real estate agent, any one else outside the real estate professionals may not be familiar with this detail and potentially find legal problems I they do not comply.

Athand24.com offers their services to real estate agent as well as to private owners. In theory any one can register and list a property with Athand24.com, however those listings found for the United States may not stand some scrutiny in regards to local laws, which may very from state to state and range from compliance to “the truth in advertising” to “non-discrimination act”.

Real Estate Agent Earns REALTOR e-PRO� Certification

Nathan ThomasAs more and more consumers begin their search for real estate-related information on the Internet, it is critical that real estate professionals are well educated in the use of technology to the benefit of both the consumer and the agent and/or broker.

Realizing the importance of technology training, the National Association of REALTORS® (NAR) now offers its members the e-PRO certification course — the only technology certification program offered by NAR. The program is designed to prepare real estate professionals to make the most of Internet technology and to identify, evaluate, and implement new Internet business models. The elite group of course graduates represents only one percent of all REALTORS in the country including Nathan Thomas of John L. Scott Real Estate.

“The real estate industry has undergone a fundamental change over the past five years,” Nathan Thomas said. “Today, more than 70% of all buyers and sellers begin their search online. As an e-PRO certified agent, I have knowledge and tools needed to provide my clients with the information they need and the customer service they demand. It’s both hi-tech and hi-touch.”

Article Source:

Portland, Oregon, Real Estate Agent Earns REALTOR e-PRO® Certification

 

A Web2.0 Approach To Real Estate: Hawaii Life

Searching for a property in Hawaii? Than you should consider take a closer look at Hawaii Life– a real estate search engine that maps properties in Hawaii MLS with the help of Google Maps. Any visitors can search for Hawaii Real Estate property, but there are benefits to register an account so you can save the properties you are interested in for the future review.

At the moment Hawaii Life offers your an opportunity to search for Kauai Real Estate and Big Island real estate. Hawaii Life is promising to also include Maui and Oahu real estate listings some time this months.

Hawaii Life provides a unique way for a potential buyer to find their home in Hawaii Real Estate Market. In the snapshot below you can see that after performing your search for the properties, hovering with the cursor over the property picture will match the location of the property on integrated Google map an vice versa, if you point your cursor to a property on the map it will match with the picture of the property on the right of your screen:

hawaiipropertysearch.PNG

With just one click you can save the properties you are interested in for a later review or even if you need to find out more information about properties, send a request to Hawaii Life:
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Seller’s Agent, Buyer’s Agent, Dual Agent – What you Need to Know about Them?

By Andrew Webber

Are you thinking it might be the right time to buy a house? If so, you need to give some serious consideration to the type of agent you will use to help you in your search for your dream home. While many first-time home buyers may not realize it, the agent they choose may not always be able to act in their best interests. This is because there are basically three different types of real estate agents.

Seller’s Agent

The most traditional type of real estate agent is known as a seller’s agent. This agent automatically owes a responsibility to the seller to get them the best price and terms possible for the property. As a result this means that they cannot tell you whether the seller would accept a lower price or better terms.

Dual Agent

Some agent’s are what is known as dual agents. A dual agent has a duty to be honest and truthful with both the seller and the buyer as well as to make full disclosure to both parties. As a buyer you should fully understand; however, that a dual agent is not required to disclose information such as the lowest price or terms the seller will accept. Along the same lines, a dual agent does not have a responsibility to disclose information to the seller such as the best terms and highest price you are willing to offer.

Buyer’s Agent

The third type of agent is a buyer’s agent. A buyer’s agent has a responsibility to look out for your best interests in the transaction. This type of agent can also assist in helping you to determine the advantages and disadvantages of each property that you consider while shopping for a home.

Due to the inherent conflict of interest, an agent must provide full disclosure to you regarding who they represent in the transaction. When there is only one agent in a transaction the agent is usually a dual agent. This can be dangerous territory for both sellers and buyers because it can be difficult for even highly professional agents to walk such a fine line.

Ideally, it is best to work with a buyer’s agent when looking for your next home. Keep in mind that any real estate sales agent or a broker can act as an exclusive buyer’s agent in your transaction; however, the agent won’t be able to represent you exclusively if you become interested in a home that the agent listed for sale. In that case, the relationship would revert to a dual agency relationship.

Depending on your agreement with your buyer’s agent it should be further understand that you may be responsible for paying a portion of the agent’s commission. Generally the sales commission is paid by the seller when the transaction is completed. Generally the sales commission is split 50/50 between the buyer’s agent and the seller’s agent and may be paid by the seller. That commission typically comprises approximately 6% of the sales price of the home; meaning that 3% of the final sales price would go to the buyer’s agent.

Under certain circumstances; however, you could become responsible for a portion of that fee. For example, if you are working with a buyer’s agent and the home that you wish to buy is ‘For Sale by Owner’ you may find yourself responsible for the buyer’s agent’s portion of the sales commission if the seller refuses to pay the agent’s fee.

While it is possible that you may be responsible for paying at least some of the buyer’s agent’s sales commission it is still advantageous to consider working with an exclusive buyer’s agent. The assistance a buyer’s agent can provide to you in not only finding the best house for your needs but also in getting the best terms and price can more than make up for the commission.

When looking for a buyer’s agent it is important to make sure you spend some time looking for an agent that you feel comfortable working with. After all, this is the person who will be assisting you in finding the home that hopefully you will live in for a long time. Take the time to ask around with friends, family members and business associates for referrals. Don’t overlook asking for references and be sure to follow up by speaking to former clients. Avoid signing any buyer’s agency contract that exceeds 30 days just in case you realize you need to make a change in agents.

A home purchase is a major investment that most consumers will spend a number of years paying toward. As such, you deserve to get the best price and terms possible for your dream home.

Andrew owns a website that provides assist in various aspect of home buying process. You can visit his website at: http://www.buy-and-sell-house-fast.com

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