DIY Office Search vs. Hiring a Pro: Which is right for office space near you?

Leasing office space near you is a crucial decision for any business, influencing productivity, work environment, and general financial health. The option of carrying out a DIY office search versus using the services of a commercial real estate agent must be weighed seriously against several considerations. This blog discusses the advantages and disadvantages of each method to assist you in making an informed choice.

The DIY Office Space Search: Benefits of a DIY Method

Greater Control Over the Process

• You Know Your Business Needs Best: As the owner of your organisation, you have a good idea of your unique needs, such as location requirements, size, amenities, and floor plan. This knowledge enables you to concentrate on what is most important for your business.

  
  

• Tailored Search: A Do-It-Yourself solution allows you to personalise your search according to your own criteria without interference from a third party. 

  
  

Potential Cost Savings

• Save Agent Commissions: Perhaps the greatest benefit of a DIY search is the ability to avoid paying agent commissions, which usually amount to 5-10% of the overall lease value. By doing it yourself, you can invest that money elsewhere in your budget.

  
  

• Find Hidden Jewels: Conducting a personal search can have you finding unique properties that are neither aggressively marketed nor listed through conventional avenues. Such hidden jewels can be more valuable and suit your needs better.

  
  

Hands-On Learning Experience

• Build Valuable Skills: The intricacies of leasing office space can help you become a better negotiator and gain a more solid knowledge of commercial real estate. You can leverage this experience for subsequent property transactions.

  
  

• Gain Market Insights: By actively participating in the search process, you will learn valuable information about local market trends, pricing mechanisms, and property supply.

  
  

Disadvantages of a DIY Approach

Time-Consuming and Labor-Intensive:

• Juggling Multiple Tasks: Conducting property viewings, managing lease negotiations, and handling paperwork can be overwhelming and time-consuming. These responsibilities may divert your attention from core business operations.

  
  

• Distraction from Primary Goals: The extensive time commitment required for a DIY search may hinder your ability to focus on critical aspects of running your organisation effectively.

  
  

Risk of Missing Opportunities

• Limited Access to Listings: Agents typically have access to off-market or exclusive listings that are not available to the public. You might be losing out on good deals by not taking the services of a commercial real estate agent.

  
  

• No Industry Contacts: If you don't have relationships with commercial real estate players, finding the most favorable deals or bargain terms could become challenging. 

  
  

Hiring a Commercial Real Estate Agent: Benefits of Working with an Agent

Professional Market Intelligence and Network

• Insider Information: Commercial real estate agents possess superior knowledge of the market and connections to exhaustive databases that contain rich descriptions of available properties. With insider information, they are able to spot options that meet your requirements fast.

  
  

• Effective Filtering: Agents are able to effectively shortlist viable options based on their knowledge of market conditions and trends, giving you time back in the search process.

  
  

Negotiation Skills

• Get Better Lease Terms: Seasoned agents are effective negotiators who are able to represent you to obtain better lease terms and rates. Their experience can result in huge cost savings over the long run.

• Contract Management: Agents manage all the details of contract negotiations, ensuring all legal issues are covered while keeping you stress-free.

  
  

Time and Stress Savings

• Handover Work: By employing an agent, you can outsource the groundwork of searching for offices so that you have time to run your organisation in a smooth way.

  
  

• Lower Stress Levels: Having a professional handle the intricacies, you can take some of the weight off your mind when it comes to securing appropriate office space. 

Disadvantages of an Agent:

Extra Expenses

• Agent Commissions: Although appointing an agent offers numerous advantages, it entails expenses that will need to be included in your budget. Agent commissions add anything from 5-10% to the lease cost.

  
  

• Budget Implications: Depending on your budget, these extra expenses may affect other parts of your budget.

  
  

Less Direct Control

• Dependence on Recommendations: As you work with an agent, you might have to depend on their recommendations and choices of properties.

  
  

• Less Visibility into Options: Depending on the amount of information an agent provides, you may not have complete visibility into all options and their corresponding details.

Conclusion

Both methods ultimately have pros and cons. A DIY search is appropriate if you are confident in finding office space near you and want to avoid costs. If time is not available or expert advice is a priority, however, employing the services of a commercial real estate agent may prove to be extremely valuable in the quest for your ideal office accommodation.