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By Thams Nicol
26 June, 2015
Every business seeking a Hong kong office today needs a commercial property broker. The right broker will save you a fortune in time, expenses, worry and stress. More importantly, they can help find you a business home where you will be comfortable and productive for years to come.
Why it makes sense to use a broker for office leasing
In the simplest terms, they have expertise most of us do not. In the same way you are unlikely to try and fix every part of your office furniture, because you are not a carpenter, you can't expect to know everything about property rental either.
Various advice portals hint it’s tempting for experienced entrepreneurs to think that they can deal with the landlord directly and save money by not using a broker, expecting that the landlord will pass savings on to them. While there may be times when this is true, there are many more situations where this isn’t the case.'
The fact is, brokers know the landscape, the property market and the opportunities inside out. They have heard of and experienced everything involved in an office for rent.
The Pros and Cons of using a broker
Firms ought to be aware that brokers take commission. That means there may be a motivation for unethical brokers to lead you towards a deal that secures them more cash, rush you, or even negotiate higher rents than you have to pay.
There can be a conflict. The broker is there to help you, but they also have to make a living. The most scrupulous and trustworthy brokers will realise their reputations and livelihoods depend on treating their clients fairly and honestly. As long as you spell out your needs and expectations, and pick the right broker, conflicts of interest need not be an issue.
You might mitigate some of these elements by offering a flat sum you are willing to pay for brokerage services. Then, you pay a set amount, and avoid the temptation for brokers to seek ways to hike costs.
How to choose your real estate broker
Professional firms like Jll Property Hong Kong can help you find the right office for lease. Experience commentators argue the commercial real estate market is much less standardized than the residential real estate market. Just being able to find what spaces are currently available is difficult in the commercial market. There are also many nuances involved like zoning restrictions that an experienced broker can help you navigate.'
You must bear these elements in mind when choosing your broker. Pick an experienced broker. Get references. Ask previous clients how they found the service. Use your judgement and only sign a deal with them if you feel your interests are truly their number one concern. Insulate yourself against risk, but accept you need the help of a broker too.
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