Steps in Commercial Real Estate Transaction

Commercial Real Estate Transactions can be quite intense. There are a set of steps that have to take place, no matter how large or small the transaction (see chart). Furthermore, with a qualified and dedicated commercial real estate broker on your side, the time frame is a minimum of six months from begining the search to move-in date.

Customer Service in Commercial Real Estate

Let's chat about Customer Service. We are constantly dealing with people that work in "the customer service department". They fix our phone and tv problems. They send us to the correct billing department or tech personel. Hmmm....but when you are in the market for commercial real estate, typically it's you and your commercial real estate agent.

Your real estate agent should be excellent in customer service. I've noticed this is an expectation of most business owners. Many real estate agents are about the deal; they get very frustrated when their options are not well received. Their typical response is "has this deal gone bye-bye"; rather than taking a step back and responding in a manner that suggests "how can I help you".

Loyalty with customers is something to be garnered over time, not instantly. Good customer service skills will build the foundation for loyalty. I'm interested in learning about your experience. Take our poll...

Quick note on Lease Review....

I must emphasize that it is very important an attorney review your existing or upcoming lease. Attorney's have a knack for catching the legal wrinkles in a lease and making sure that it is fair and equitable. They are also very clear on the fact that the lease follows the accepted and agreed to Letter of Intent between the Landlord and prospective Tenant.

So, you may be asking why am I bringing this up? A friend shared a story of how she chose to have her lease reviewed by a friend of a friend's friend. This friend reviewed the lease and addressed only the business terms that were already accepted and agreed to. Obviously that did not work well for the landlord and the landlord required the prospective tenant abide to the agreed and accepted business terms. This friend of a friend's friend also was not an attorney and did not address some major legal issues in the lease.

In my experience as a commercial real estate broker, I can read, review and discuss the business terms of the lease. I can also discuss the definitions of the lease and determine if there are red flags that should be legally addressed by the attorney. But I, as a commercial real estate broker, am legally required to refer all legal matters to your attorney. Specifically, in Illinois, Commercial Real Estate Brokers CANNOT advise you legally.

A good commercial real estate broker will guide you in acquiring the real estate that meets your needs. They will refer you to the appropriate real estate attorney. They will work with your attorney to make sure the business terms are reflected appropriately in the forthcoming lease and that there are no surprises.