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link Supply Chains and Industrial "Warehouse" RequirementsArticle Synopsis
Overview Many (most?) in the business world have no real need to understand the ins and outs of commercial real estate property types until they experience a need to expand or contract their business. My goal here is to take you briefly through my experience, converting my business experience into an understanding of the Industrial & Flex warehouse market.
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link Your Relationship with your Real Estate Agent/BrokerArticle Synopsis
Did you know that your relationship with your real estate broker is fairly similar to your relationship with your attorney? To be sure, there are significant differences - but there are also significant similarities. Of course, we all hope not to have (too) much of a relationship with an attorney - at least when it comes around to legal “troubles.” To judge by current trends in the technology industry, many of us feel the same way about real estate brokers. Is it better to be “cagey” about committing to a real estate broker, or is it better to take the plunge and commit to one?Regulated Industry
Both attorneys AND real estate brokers (and their agents) are tightly regulated by the states (maybe al statesl, but I certainly it’s the case in Texas where I live and believe it applies broadly). They are both expected to be fiduciaries. Attorneys can take upon themselves broad fiduciary responsibilities as defined between themselves and their clients. A real estate broker is generally limited to fiduciary responsibilities in the area of real estate with an extended obligation to only engage in types of real estate in which they are knowledgable. An example would be an agent who has only handled residential suddenly representing themselves as experts of retail or office properties.
In most areas of your life, you can walk around and conduct business for yourself - buy a hot dog, rent a car, etc., etc. There may be rules those you deal with have to follow and prescribed rules around the transactions, but in most cases you have to look out for yourself - buyer beware and all that. In the real estate industry, buyer (and seller) beware applies as well, but the states I know about have decided that you will in most cases have a real estate professional helping to look out for your interests. Yes, you read that right - in most cases, it is strongly encouraged (not quite required) that a primary party to a real estate transaction employs the services of a real estate professional. If you’re wealthy, there are some ways around it that might save you money, but given the way most real estate regulations are structured, you should really be asking yourself why would I try to do it without a broker in my corner? The transaction fees required for their involvement are generally already built into most real estate transactions.
Possible Upsides to Using a Broker
This would be a long list if I were to list them all - I’ll list a few from various sources including the Texas Administrative Code, the rules of the Texas Real Estate Commission (TREC), and other sources for your consideration. A licensee must:
- “Exercise a standard of duty and care…”
- Behave with “fidelity” by treating all parties to a transaction fairly (yes, the definitions of fairness are defined about as clearly as one could define them)
- Behave with “integrity” by using “caution to avoid misrepresentation by acts of commission or omission.”
- Maintain competence - in other words, you have a right to expect that if you utilize a professional, that this professional knows his/her business and can help you competently.
This list could go on and on, and is highly specific to cases that have been encountered in any given state. If the above list isn’t enough, let me add a kicker that might push you over the edge. If you can prove the broker you hired isn’t what your real estate commission says he/she must be or doesn’t do the things your real estate commissions says he/she must do, that real estate commission has the teeth to enforce the rules they set out by force of law. In TEXAS, TREC maintains a fund collected from licensees to make certain that they can make settlements should they decide there were violations that warrant settlements.
In layman’s terms, find a qualified broker with good communication skills and work with them exclusively. They will put in the time and effort using their resources to find, or sell/lease the property you want. Let them do the work while you manage your business and personal life.
Possible Downsides to Using a Broker
There are probably no real downsides to using the right “qualified” broker to represent you. However, we can touch upon why you want to be careful in your selection. The following is an attempt at a list - which I expect to improve and enhance over time:
- Using a broker who does not have adequate knowledge or the property type and area in which you are interested. They can waste your time, likely miss opportunities, and can possibly expose you to legal action. After all, no one wants to jeopardize a real estate transaction and have to pursue or defend a legal action with or because of an incompetent broker!
- Good communication skills are not as common as you would think among real estate professionals. Some of the most intelligent brokers are not that polished at communicating. The better brokers know what questions to ask, and how to actively listen so that they understand the client’s needs.
Quick Summary
When I was pursuing my license originally here in Texas, I was amazed to see the detail with which TREC describes their expectations for ethical behavior, and for the behaviors they expect in general. Not to brag (well, maybe), but it was not all that difficult for me since the bulk of it was how I strive to do business in any case. Evidently there must be people out there who need a lot of help, guidance, and at least a little enforcement - because the states decided that this industry, along with a few others, requires fairly tight regulation. Please seriously consider willingly letting a broker take you under his/her wing and help you through what tends to be a fairly complex business transaction - sooner rather than later!
See our short disclaimer.
Are you looking for Warehouse, Office or other space in Houston or elsewhere? Do you need to renew your lease?
Contact Warehouse Finder using our Get Started link above, call us at the phone number on this page in the upper right, or chat with us using our chat widget on the page in the lower right.
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link Puerto Rico Department of State - Real Estate Brokers, Sellers and BusinessesLink Synopsis
This is the official web site of the Puerto Rico Real Estate regulating body - the Puerto Rico Department of State - Real Estate Brokers, Sellers and Businesses. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link West Virginia Real Estate CommissionLink Synopsis
This is the official web site of the West Virginia Real Estate regulating body - the West Virginia Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Washington State Real Estate CommissionLink Synopsis
This is the official web site of the Washington State Real Estate regulating body - the Washington State Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Virginia Real Estate BoardLink Synopsis
This is the official web site of the Alaska Real Estate regulating body - the Alaska Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Vermont Real Estate CommissionLink Synopsis
This is the official web site of the Vermont Real Estate regulating body - the Vermont Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Utah Division of Real EstateLink Synopsis
This is the official web site of the Utah Real Estate regulating body - the Utah Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Tennessee Real Estate CommissionLink Synopsis
This is the official web site of the Tennessee Real Estate regulating body - the Tennessee Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link South Dakota Real Estate CommissionLink Synopsis
This is the official web site of the South Dakota Real Estate regulating body - the South Dakota Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Rhode Island Department of Business Reguation - Real EstateLink Synopsis
This is the official web site of the Rhode Island Real Estate regulating body - the Rhode Island Department of Business Reguation - Real Estate. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Pennsylvania State Real Estate CommissionLink Synopsis
This is the official web site of the Pennsylvania Real Estate regulating body - the Pennsylvania State Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Ohio Department of Commerce - Real Estate & Professional LicensingLink Synopsis
This is the official web site of the Ohio Real Estate regulating body - the Ohio Department of Commerce - Real Estate & Professional Licensing. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link North Dakota Real Estate CommissionLink Synopsis
This is the official web site of the North Dakota Real Estate regulating body - the North Dakota Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link North Carolina Real Estate CommissionLink Synopsis
This is the official web site of the North Carolina Real Estate regulating body - the North Carolina Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link New Jersey Real Estate CommissionLink Synopsis
This is the official web site of the New Jersey Real Estate regulating body - the New Jersey Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link New Hampshire Real Estate CommissionArticle Synopsis
This is the official web site of the New Hampshire Real Estate regulating body - the New Hampshire Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Nevada Real Estate CommissionLink Synopsis
This is the official web site of the Nevada Real Estate regulating body - the Nevada Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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link Nebraska Real Estate CommissionLink Synopsis
This is the official web site of the Nebraska Real Estate regulating body - the Nebraska Real Estate Commission. If you are a prospective or actual buyer or lessee, this is where you can go to learn about what you can and should expect out of the players in your real estate transaction. You can learn about the agents and brokers involved - whether or not their licenses are active (they MUST be for them to deal with you) - and whether or not they have or have had disciplinary action against them. If you are I would suggest that you browse the site just a bit to make sure you know what is there that might be useful to you. Bon apetit.
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