When you hire an agent, you’re looking for more than just someone to find the space; you’re looking for peace of mind, knowing they have your back and have your best interests at heart. So where do you start?
Investing in an agent to help you find the perfect space for your growing business is a wise move if you do it right. Similar to a real estate agent, an office space agent helps find, negotiate, and lease office space.
While the investment can be worthwhile, a word of caution: many agents don’t necessarily have your best interest at heart. Agents are compensated based on the deal you make, which means your wants and needs might come second to a higher paycheck for them.
If you’re considering hiring an agent to find your perfect space, ask these five questions to ensure you have a partner on your side.
1. Does your agent listen to and understand your needs?
When you talk with your agent, do they make eye contact, take notes, and apply your desires to their location search filters? If not, find another agent. Make sure the agent is genuinely interested in your unique needs, showing your spaces that hit specific criteria you desire. Finding an agent who will listen and understand your needs will speed up the process of finding your perfect space.
2. Is your agent relationship-focused (not transaction-focused)?
Your agent should get to know you and your business. After all, how will they find the perfect place if they don’t first build a relationship with you? Find an agent who is willing to sit down face-to-face with you to run through your lists of must-haves, nice-to-haves, and wish list items. If they only want to work with you over email, that’s a red flag they’re transaction-focused and only looking for the paycheck at the end. You can even check their references and ask their past clients open-ended questions like, “Why did this agent impress you?”
3. Does your agent represent the seller?
A broker that represents both the buyer and the seller can lead to major conflicts of interest. Encourage open and honest dialogue with your agent to make sure they are genuinely interested in finding the best space for your needs.
4. Is your agent stuffing the contract with additional fees?
Comb through the contract and check for additional fees categorized under various administration charges. Typically an agent receives 3% of the purchase price or lease term. If you find the contract is higher than that, ask for clarification on what the charges represent.
5. Can you find the perfect space without a broker?
Here’s the secret: you might not need an agent. Most sellers don’t require an agent to fill the space. Save yourself a big chunk of cash and do your research on spaces available in your area. Many coworking spaces contract directly and always have available space. They combine all of the convenience of your own space with a solid community of like-minded business owners and amenities you don’t have to pay for yourself.
The Upside of Coworking Spaces
Whether you have an agent or not, you’re invited to check out the co-working space at Mac6. We’ve built a functional and accessible workspace that caters toward growth-oriented business and the relationships that help them grow and succeed.
Are you considering moving your business? Come visit us for a tour. We’ll walk you through the options and how coworking could be advantageous to you. Need a recommendation? Take our space assessment tool. It evaluates your unique needs in a workspace and allows us to match you with the best option.