Commerical Real Estate - Recommendations?
Looking for a commercial real estate agent to lease out some retail space in Downtown Toronto. This is a small building, and one of the retail (street level) units will be vacant soon. Does anyone have recommendations on a good RE agent who does commercial?
The location is about 1200Sqft near the St. Lawrence Market (King and Jarvis).
Does anyone know how these deals are setup? In residential it's a flat fee, but is it the same for commercial? What if the tenant bolts before the end of the lease? Or is everything negotiable with Commercial RE?
I would contact the LL directly. Discuss/negotiate lease, and take to lawyer for review. (this is going with the assumption I have made that you know what commercial square footage is renting for in the area, as well as TMI rates)
I have never used a RE agent for commercial purposes, have only dealt w the LL's directly.
Last edited by Cal; 2012-09-25 at 09:43 PM.
Cal, thanks for the reply. I'm actually asking on behalf of the LL.
This is for a close friend who recently inherited a commercial property. I offered to post the question here for him.
He's looking for a RE agent as he doesn't live in the city and needs someone he can trust to rent out the retail space.
I am sure he will have no problem finding an agent to represent him. If I were him I would contact some local RE agent offices and ask to speak with someone in their commercial division, or look up who is representing other local commercial spaces online, and interview them prior to listing w them. Hopefully it could lead to a strong business relationship in the future.
Not sure if you friend has experience with comm. RE, but I would highly recommend that they familiarize themselves with the current leases and agreements of the property, and ensure they get a good RE lawyer to represent their interests. Perhaps they could contact the lawyer who did the lease agreements for the other units in the building.
All the best!
Does your friend need property management as well as leasing help ? There are several people I could recommend, but would need to know if the landlord needs a high level of service, advice, guidance ? Or just someone who will give a honest effort. Fees range greatly, usually a percentage of the rent generated in each year of the lease 5 - 8 % of year one, 2 - 4% of each subsequent year of the lease, or sometime an amount per square foot, or a percentage of the overall rent generated over the term . . . comment about needing a good RE lawyer 1+, credit check, and a deposit a must.
Maybe ask Berubeland . . .
Just trying to find an agent to bring potential clients in the door
Originally Posted by Mall Guy
More or less looking for someone he can trust and make an honest effort. The ultimate plan is to have it managed by someone else, but right now the immediate need is to get the unit leased.
Originally Posted by Mall Guy
A good RE lawyer recommendation would also be appreciated. He has someone, but that lawyer doesn't specialize in RE.