Appointing an Estate Agent
Choosing a suitable agent is critical to your relocation process, as with any major business decision being able to rely on professional advice and experience is beneficial in many ways. Therefore it is never advisable to scrimp on professional advice, whether you intend to purchase as an investment or for your own business occupation, it is always better to instruct a firm specialising in commercial agency to locate a suitable premises.
Commercial agents typically have a large contact base and access to a number of internet property sites that are only available to commercial agents. Access to the Land Registry and off-market properties also further increase the chances of acquiring a site and really do depend on the skill of the agency chosen. Off-market opportunities are like gold dust and these are usually only known to those in the industry.
Another benefit to using a commercial agency to represent you is that you will add more credence and show you are serious in wanting to aquire suitable premises. This specifically applies to individuals and start-up companies, as landlords will appreciate that they are serious as they are taking professional advice. It is important for successful overseas companies with no UK presence to use the services of an acquisition agent to provide them with the knowledge of the UK market and the best locations to start out.
Generally, it is a better idea to employ a local firm with specialist knowledge if you are looking in a specific location. Smaller agents may have more in depth knowledge of the best retail pitches and market rents for a more localised area, but will lack the overall countrywide experience that bigger companies and firms often provide
The initial meeting with the acquisition agent deals specifically with the search criteria and this is usually where you’ll get an idea as to what the agency’s level of experience is. Typical points to cover will include the preferred location, type and size of property, price range, timing and any specific requirements, for example parking, air-conditioning, layout etc. You’ll also discuss fees, which is an important aspect of the process. These can often be tailored and can vary in range although usually they are either based on a percentage of the headline rental value or are a percentage of the purchase price. This fee is usually only applicable in the event of the agent finding a suitable property; however there is normally an abortive fee or an upfront fee to cover costs incurred.
While in some cases the search may yield an instant result, more often it tends to be an on-going process that can take months. At all times, communication is key and it’s vital that the agent updates the client with all suitable opportunities. In addition to sourcing the property, the acquisition agent's role also involves checking the measurements of the property to ensure that you acquire what you are paying for while also providing assistance in ensuring that the legal documentation is completed within the prescribed timescale. In addition, the majority of agents, especially if they are part of a firm of Chartered Surveyors, will be able to carry out structural surveys, schedules of conditions or other professional services, which is often an added benefit as these can sometimes be required during the process.
Key Points to Remember
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Appoint an estate agent that takes the time to understand your requirements and needs.
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Local firms often have local knowledge that is crucial in make a successful investment. This is particularly important when moving from another area or if your business has a retail shop.
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Don't scrimp when appointing an agent, typically you get what you pay for!
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Negotiating on commercial property can be a complex process, it is always worth having a professional acting on your behalf.