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Key Team Members in Commercial Real Estate Transactions

Who does a commercial tenant/buyer need to hire?

 

No matter the commercial transaction – a lease or purchase – a business owner will need to assemble a team of professionals who will work together along the way to reach the final goal, and the first hire is usually us – the commercial real estate agent. This is not only because we can provide the best service by being involved in the very first steps, but because we have relationships with several companies and people in all the other categories, which means we know who to recommend for each unique project.

  • Commercial Real Estate Agent – A commercial agent not only advocates for their client’s best interest, but they quarterback the entire transaction – from start to finish. They are seasoned negotiators and market experts and know how to strategize for each unique situation to create the most leverage and achieve the best outcome.
  • Commercial Lender – A lender is one of the first hires, and depending on the project, some lenders may be a better fit than others. Some specialize in certain industries and some specialize in lending to small business owners. In general, a business owner should start by checking with a lender they already bank with, but it is recommended to interview multiple lenders to compare which offerings are available.
  • Inspector – Hired for purchases, an inspector assesses a property’s condition on behalf of the buyer to ensure there are no structural issues the buyer is not aware of. If concerns are identified, the buyer can propose adjustments to the Purchase Agreement or walk away from the deal.
  • Real Estate Attorney – Not just any attorney will execute the job well, but the business owner should select a real estate attorney, specifically. This is because real estate attorneys are familiar with real estate documents with their specific language and clauses, and they understand the sensitivity of transaction timelines and can help manage completing the milestones.
  • Architect – An architect will develop initial space concepts – called test fits – into final drawings used by the general contractor and all the other engineers throughout the construction process. The architect also leads design decisions and plays a key role in selecting finishes.
  • Civil Engineer & Surveyor – Hired for purchases, civil engineers and surveyors are hired to ensure the business use complies with all zoning and regulatory measures.
  • Environmental Assessor – Hired for purchases, an environmental assessor will conduct a study to determine the amount of environmental damage or risk equated to a particular property. If concerns are identified, the buyer can propose adjustments to the Purchase Agreement or walk away from the deal.
  • General Contractor – A general contractor will provide the budget and lead the construction team, as well as hire and manage all the subcontractors necessary for the project.
  • Equipment, IT, & Furniture Representatives – Furniture representatives will help select and order all types of office furniture, technology representatives will install all IT, cabling, and security equipment, and equipment suppliers – depending on the business – will help select and order medical equipment, commercial kitchen fixtures, lab equipment, or machinery.
  • Marketing Consultant – A marketing consultant is essential for building a new brand, establishing a strong online presence, and/or attracting the right client base. Additionally a skilled consultant can provide valuable demographic insights, helping to identify the most suitable city or neighborhood to align with the business’s vision and client profile.

Feel free to download the PDF version of this sheet or share with anyone who may find it useful.

 

We know many of you are key team members, yourselves, and we truly appreciate your partnership. If we haven’t chatted in a while, let’s connect soon! We’d love to hear about how your year is going so far!

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