10 Reasons To Use A Commercial Property Agent In Singapore As A Tenant
Singapore features a plethora of attractive office space options to select from. But how do you know the best option to go for? There are different ways to locate office space in Singapore, but you may want to explore the best two options. The first is to hire a commercial property agent in Singapore, whereas the second is to conduct the office search by yourself.
Doing the office search by yourself is a more rigorous process; this means you need to research extensively on the internet, check local newspapers, and classified ads to find an available space, and you may end up making avoidable mistakes.
While looking for office space in Singapore, dealing with a professional will make your search process hassle-free. The job of commercial real estate agents is to procure listings and advertise them to get tenants for the landlords. In essence, they work for the landlord’s interest. However, you mustn’t forget to have a tenant’s representative if you wish to get a fair deal.
Why Hire A Commercial Property Agent In Singapore?
Office rental is a niche segment within the real estate market, and commercial real estate agents are experts who know the nitty-gritty of the industry. The processes involved in office real estate transactions vary from that of residential real estate. In Singapore, you will find most agents in the residential real estate sector, while only a few of them have the experience of in office rental transactions.
The tasks involved in locating and acquiring your dream office is harder than you think. You surely do not want to learn the hard way, like some entrepreneurs who ventured into searching for an office space all by themselves.
Most business owners are afraid of having to pay agency fee if they hire a commercial real estate agent to assist in the office space search. However, an experienced commercial property agent has already established relationships with most landlords and leasing agents, and the agent commissions of your representing agents are paid by the landlord or the leasing agent, not you the tenant.
This means that you will not be making extra expenses when using the professional service of a commercial property agent.
Having a reliable commercial property agent by your side can help you save cost and time as well as avoid mistakes.
Reasons To Hire A Professional Commercial Property Agent For Your Office Search
If you have tried searching for suitable office space in a major city, you will understand how stressful the process can be. But having an expert on your side will make the search easier because they know where to find available spaces, the characteristics of each office building as well as the going rental rates.
To this effect, you are sure to get a nice deal. Since the agent representing you will handle most of the search tasks, you will be free to pay more attention to your business. He will suggest a list of office spaces matching your requirements and organize an inspection tour. Your commercial property agent will also handle the negotiations, paperwork, and every other transaction process.
Below are the top 10 reasons to engage the services of a commercial property agent in Singapore.
1. A Substantial Time Commitment
As a business owner, you have a lot of responsibilities to handle, which makes it imperative to use the services of a professional office finding agent. This helps you maintain focus on running your daily business activities while getting assisted by an expert whom you trust. He helps you reduce the office search stress and fast-tracks the transaction.
Spending time to filter through listings of possible office buildings is probably not the best way to use your time as a business owner. Instead, you can hire a commercial property agent in Singapore to help you find the best options that suit your business needs. With this, you become a double achiever because you get to save time and still end up acquiring an office space that fits your specifications.
2. Not Able To Cope With Your Regular Works
After reading the section above, you must have found out how time-consuming an office space search could be. You might be in a worse situation if you do not have the basic knowledge or know the current market trends.
You may be assigned the task of finding an office space as a ranking officer in your company, but how will you deal with your regular office duties. Surely, you don’t want to walk down that stressful path. Therefore, your best option is to hire an experienced commercial real estate agent to help you find a space.
Would you like us to make a recommendation for you? We can connect you to a highly experienced office space finding agent in no time. When we said highly experienced, we mean a commercial property agent with at least five years of relevant experience and proven track records.
3. Hiring A Commercial Property Agent Helps You Save Cost
In most cases, business owners shy away from working with a professional tenant’s agent to avoid paying commissions. However, they fail to understand that the agents’ commission is built into the rental cost, so you are losing money by working alone. This fee is paid by the landlord and not you, the tenant. The fee is shared between the leasing agent and your tenant representative. Hence, if you do not hire an office finder agent, the money goes to the landlord’s agent.
You can also save costs by utilizing the knowledge of an experienced commercial real estate agent because it will result in lower rental costs and favorable lease terms. In truth, you have no reason to go for an office space search without the help of an office finding agent.
4. Extensive Knowledge Of The Offices On The Market
Property agents have in-depth market knowledge that landlords and tenants do not have. It is their job to stay updated on market trends. An experienced office finding agent evaluates the numerous market opportunities and selects the best for their clients. Resultantly, you can easily pick from any of the options that best suit your business needs.
5. The Prospect Of Missing Out On Properties
At times, the highly sought-after office spaces are not advertised in the open market. However, a commercial property agent can find out about imminent vacancies since he is in the loop. If you’re financially ready, you can rent the office space before everyone in the market gets wind of it.
Professional office finding agents stay connected with major landlords in Singapore, meaning they get notified when there is a vacant space coming up.
6. Information On Current Market Conditions
Your agent is under obligation to fill you in on every information regarding the current market condition. He knows whether the landlord’s expectation is in line with the market, he could provide you with average rental rates of comparable office buildings nearby so that you are in the right position to make that important decision.
He has insights on every sector within the market, which helps them know the various factors affecting the office rental market at any given time. With the information they pass on to you, they can help you make an informed decision on the best option to go for.
7. Your Agent Help You Overcome Complexities
If you are a first-timer, you must understand that renting an office space is different from leasing a residential home. Many factors like the rental costs, lease terms, parking costs, termination clauses, and handover guidelines which are new to you will come into play. A commercial property agent in Singapore will help you negotiate those terms and get a good deal.
8. You Could Be At Risk
What would be your reaction if an office space fails to meet your expectations? Before venturing into your office space search, you must understand that you’ll be coming in contact with highly sophisticated landlords.
If your expectations aren’t met, having an office finding agent by your side will be helpful. They will most likely use their wealth of experience and knowledge to deal with the problem.
9. A Commercial Property Agent Has Professional Networks
Many property agents can connect you with an array of small businesses or other people that will make your office search process seamless. They have an extensive network that cuts across every player in the office rental industry.
An agent can refer you to a good lawyer, electrician, interior designer, or anyone they have worked with. This helps you to easily set up your office space in Singapore with hassles.
10. Offers Professional Advice During The Closing Process
The closure of an office lease deal is usually long. Some challenges may come up during this process, and they will most likely throw you off balance. These problems may include damage disputes, incomplete paperwork, office inspection, and so forth. If you have an agent, he will identify the problem and nip it at the bud.
Regardless of the various challenges involved, most entrepreneurs venture into an office space search all by themselves. In some cases, they may record successes, but most times, they score huge failures and end up being unsatisfied with their new office space.
Others do the right thing by hiring a commercial property agent in Singapore, and they enjoy the numerous benefits attached to it.
About Office Finder Singapore
Office Finder Singapore is the trusted resource by businesses when finding commercial real estate in Singapore. We offer comprehensive and up-to-date office space listings together with the information needed and professional expertise that help businesses move confidently throughout their business journey in Singapore.
If you’ve needed to find an office space for your new business, check out our list of office spaces for rent in Singapore or let us recommend an office real estate agent to assist you.
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