Negotiation, especially with investments as important as property, can be a daunting task. Today, LM1 are giving you a rundown of the best tactics to negotiate just like an Industrial agent to achieve the results you want and find your perfect new business hub.
Why are industrial agents important?
Industrial agents are experts in their field and represent their clients to help negotiate the best possible deal for their next commercial industrial lease. They provide a service that seeks to utilise their expert knowledge of the commercial property market to secure a deal that appeases both landlord and tenant. In short, if you’re looking to get the best possible lease deal for your next industrial unit, you’ll want to negotiate like an industrial agent.
Step One: Become an Expert
The primary feature that sets industrial agents apart from the average commercial tenant is their immense wealth of knowledge about the property market. This gives them an advantage when communicating with industrial landlords by creating a sense of mutual understanding. Not only that, but understanding the market – specifically the commercial market in your area – can help you negotiate like an industrial agent by understanding supply and demand, trends and predictions for the future of the industrial space. Taking time to research the commercial property market may also help you understand what you are looking for in an industrial unit. What’s more, understanding the commercial landscape will make you seem more reputable during negotiations, thus strengthening any of your deals or propositions – having the knowledge to bolster your argument makes you more convincing, and more likely to strike a good deal.
Step Two: Understand the Landlord
The benefit of an industrial agent is their ability to liaise with landlords by understanding their needs and reaching a reasonable consensus. This can only be achieved by placing yourself in the shoes of the landlord and considering what they are looking for in terms of an industrial occupier. Productive negotiation requires a balance between presenting your ideas and understanding an alternative perspective: understanding the latter will help make your proposals more robust. In all likelihood, they want to know that your business is stable enough for you to pay for the property, that you will maintain the industrial unit, and that you will be open, honest and communicative throughout your lease period. Try your utmost to demonstrate these values – have references on hand, be prepared to answer questions about your business, and be transparent about what you wish to do with the industrial space.
Step Three: Be Professional
Negotiations can be both uncomfortable and mentally taxing, but to negotiate like an industrial agent you must maintain a level of professionalism. Not only does this ensure that you will be taken seriously by your commercial landlords, but it puts you in a better position to negotiate. Having a professional demeanour can contribute to an enhanced level of trust, which bodes well in the eyes of the commercial landlord, who will be searching for a tenant that seems reputable and trustworthy.
Ready to get started?
Now you’re equipped with the tools to negotiate the best possible deal, it’s time to go and find your perfect industrial unit! Check out our range of commercial units for rent and for sale, and have a look at our commercial blogs series for our best advice.
Not sure negotiation is for you?
At LM1, we understand that some of our clients may want to handle their own property-related affairs themselves. However, if negotiating like an industrial agent isn’t for you, or if you simply don’t have the time to dedicate to the process, we’re here to help guide you and provide you with representation when negotiating your next commercial lease. With our wide range of services, knowledge and connections, we’re able to help our clients find exclusive commercial properties that may not yet be officially on the market. Whether you’re moving into your first industrial unit, exploring your options, or simply looking for some guidance, LM1 is able to offer expert advice and support to help you secure the best deal.
Got questions about negotiating your next commercial deal, or decided to appoint an industrial agent to help you on your search? Get in touch with our Commercial Team below, we’d be happy to help!