A commercial real estate broker, especially one with proven experience in specialty transactions, is an invaluable business asset – and the best source of free advice you’ll ever find. Here are just a few reasons why using a broker is the best decision you will likely make in the course of building your business.
Lease Negotiations
The process of leasing a restaurant is far more complex than other commercial real estate types, such as retail or office space. Because of the many variables and complications at play, it requires years of practical experience and ongoing education to properly negotiate restaurant lease agreements. The professionals of Legacy are well versed in navigating these complexities, and are uniquely qualified to address and manage them successfully.
- High Capacity Plumbing
- Gas and Electrical Service
- HVAC and Venting
- Garbage Disposal
- Parking Concessions
- Delivery Access
- Public Assembly Permits
- Outdoor Signage & Seating
- Liquor Licensing
- Future Expansion
Property Selection
Can’t I just drive around and find available buildings? Sometimes the best opportunities are not advertised as available. Because of reputation and long time experience in the Carolina’s, landlords and developers call us before they have a vacancy or when they’re in the pre-development stage for a new location.
In addition, we are in touch with dozens of landlords, developers and brokers on a daily basis and keep our hand on the pulse of the market. Typically, if you wait for a for lease sign to go up on a property, you are too late.
Most of the top tier sites never hit the market. Unless you want to read about someone else’s new location in the paper, you need someone who is always looking out for you.
Team Approach
An experienced broker brings much more to the table than their ability to negotiate leases. In many ways, a broker is much like a coach, engaging and managing a strategically assembled team of professionals that are equally knowledgeable about the special requirements and nuances that can make all the difference in achieving your vision.
When the need arises, your broker’s ability to hire and coordinate the efforts of architects, designers, technicians, contractors, expeditors, advisors and attorneys who “know the ropes” will save you from making costly mistakes and wasting time – both critical to opening your new location on time and on budget.
As in sports, the difference between a good team and a winning team is a great coach. A seasoned broker will help you assemble the best team possible and guide you to success.
Representation
When you hire a broker they have a fiduciary duty to work to get you the best deal.
The most common reason people don’t engage a commercial real estate broker is to save on the cost of a commission.
In nearly all cases, landlords have built in a commissions for buyer’s and seller’s representation. If you elect to not have a broker working for you the budgeted commission goes to the broker negotiating against you.
Expedited Results
The bottom line in real estate is results.
You need a retail/restaurant specialist on your team to achieve your goals. Legacy will do the legwork involved in finding real estate for you, saving you time, money and lots of frustration. We will use our contacts built on years of experience and a myriad of real estate deals to identify and secure sites that will help to make your business a success.
There are many other valuable insights to be gained from working with a broker that knows your business inside and out. Among them are key demographic information, market trends, newly planned and often unannounced developments and insider information passed broker to broker within the industry.
We can keep you from making the mistakes we see over and over from groups going at it alone or working with brokers that don’t specialize in retail as their core business. Bottom line is that you will realize that Legacy is the best source of free advice and knowledge in the industry.
Incentivized Performance
Because real estate brokers work on straight commission and devote many hours and serious effort to providing you with the best possible service, they may expect you to be loyal to them. Actually, there are many good reasons for doing this.
First, they have an intimate knowledge of your specific requirements and can remain on the lookout for the ideal property as soon as it comes on the market. Second, they will consider you a serious prospect and commit the time and energy required to get you the best space, in least amount of time. Third, they will save you time by taking you only to spaces that meet your requirements, and finally, you won’t be taken to the same spaces you already saw with another broker.