The Single Biggest Mistake in Leasing Industrial Real Estate

I’ve been in northern Nevada designing, building, selling and leasing industrial real estate since 1976, and it means I’ve heard just about every related question someone could ask. But the very best question is still, “What’s the biggest mistake people make when they lease industrial property?”

Competent industrial real estate agents should be full of market knowledge about the leasing and sales process. Because real estate earnings are 100% based on completed transactions, it’s in the best interest of the agent to do two things: completely satisfy a client’s needs and close a given transaction. But in some instances, all of that energy and hard work still ends in a “no sale.”

With that being said, here’s the answer to that great question. The single biggest mistake clients make leasing industrial property is failing to share every last fact and detail regarding their needs with their agent. A real estate professional can only react to what they hear, see and what they think they know. If a client is anything less than completely forthcoming, an agent’s solutions are likewise off-mark. And it makes sense. If they don’t know about things like the following, how on earth can they factor for them?

1. Expectations of concessions and terms

2.  Timing of occupancy

3. Financial status

4. Use of the property

5. Actual budget

These are but a few examples of client information that is absolutely critical, yet may be withheld from an agent for any number of reasons. But be clear – it’s this very information that contributes to a full and complete communication of the client’s needs. Without it, an agent is automatically at a disadvantage.

Here’s the good news. This huge mistake is entirely avoidable. Lump real estate professionals in with doctors, lawyers and accountants, all professionals with whom you should be entirely forthcoming and honest. Be clear regarding your needs, expectations and all aspects of your business’ goals and requirements. It really is that simple.

In the market for an industrial property in the northern Nevada area? Contact Miller Industrial Properties directly at 775-828-4665 or use our Quick Contact Form for a comprehensive list of available properties meeting your specific criteria.