We’ve all heard of the term “six degrees of separation.” Well, in Boise this phenomenon is more like one degree. Because of this fact, everyone knows a real estate agent or is one degree from knowing one.
The next time you are looking for office, industrial or retail space, you might be tempted to ask that family friend or relative who sells houses to help you find that new location for your business. Unfortunately, if they say, “yes,” they may be doing you a disservice, unless they have extensive and recent experience in the commercial market. To be fair, this oges both ways. If I, as a commercial broker, were asked by a friend to list their home, I would immediately refer them to a residential specialist.
The benefit of specialization is also true within commercial sub-segments. In my firm, I focus on office and investments. Although I’m capable of doing so, I would never try to conduct a retail transaction by myself. Why? Because I don’t normally do retail transaction and there are dozens of specific market factors and deal-making points such as rents, concessions, tenant improvement allowances, and co-tenancy issues that will have a real dollar effect to the bottom line of my client. If I had a friend as me to represent them in a retail transaction, I would immediately team with one of our retail specialists in order to best represent the client.
Read More: Originally published by the Idaho Business Review, July 13, 2015, CLICK HERE