Is green the way to go?

Green is the hot new trend. GE has coined ecomagination as their way of solving environmental problems. The waste management company at my office recently instituted recycling. The phone guy I met the other day recycles every piece of the old phones he uninstalls, including the cable.

So, how can the typical business owner add a little green to the real estate acquisition process? From a macro thought process, one can look for buildings that are LEED certified. This means that the building has met environmentally friendly standards. This is great with new construction, as commercial developers are jumping on the environmentally friendly bandwagon.

Yet, not every business owner has the ability to take adavantage of a LEED certified building. Simpler green ideas include energy efficient light bulbs, use of eco-friendly modular carpet tiles, recycling as part of the janitorial service. All of this comes down to the idea of "sustainability".

According to the Environmental Protection Agency (EPA) the "concept of sustainability encompasses ideas, aspirations and values that continue to inspire public and private organizations to become better stewards of the environment and that promote positive economic growth and social objectives."

I think that all business owners can incorporate sustainability in their real estate acquisition process. It's just a matter of asking the green questions.

Tenant Rep Loyalty: Priceless and Entitled by Law

As a tenant representative for small to mid-sized businesses, I find that business owners are very wary of taking advantage of Illinois State Law that entitles them to a Buyer Agency Agreement. Essentially, this agreement stipulates the activities and responsibilities the business owner should expect from the broker in finding the appropriate property for purchase or rent. Furthermore, typically there is no charge associated with this agreement, as the buyer's broker is paid a co-operating commission from the seller's broker.

So why is there a hiccup? I find business owners are hesitant to work exclusively with one broker. However, that does not perpetuate good customer service, let alone loyalty.

Good real estate brokers are hard to find. But when you do, it's not about the deal closing today or in 60 days. It's about building a realtionship that understands the business owners needs, so that the appropriate space is found at the appropriate time.