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How To Find Commercial Space For Rent [The 3 Best Strategies] - YouTube
Channel: Tyler Cauble
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today I'm going to show you the three
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best strategies to find commercial space
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for rent finding in leasing commercial
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space is not the easiest task for most
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business owners in fact it can be a
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pretty painful process I've been there
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myself and I've helped many
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entrepreneurs along their journey unlike
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the residential world commercial real
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estate doesn't have a one-stop-shop
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resource like the MLS or Zillow while
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you can certainly utilize some of these
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online tools they often don't have
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up-to-date information
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listings could be fake or misleading and
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the platform can be difficult to use so
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how do you find your next commercial
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space well even though there's no
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unified database of commercial property
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listings you do still have a few options
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here are three ways that you can find
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commercial space for rent the first
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strategy is to hire a commercial real
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estate brokerage hands-down the easiest
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and most efficient way to find
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commercial real estate is by hiring a
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commercial real estate broker commercial
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real estate brokerages are dedicated
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exclusively to leasing and selling
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commercial property which includes
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office retail and industrial real estate
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since commercial real estate doesn't
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have a listing database brokers are the
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best resource for what is available and
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what may be coming available in your
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market they're constantly in touch with
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property owners management companies and
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other brokers so that they're aware of
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everything going on in the market the
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broker assigned to work with you is
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called a tenant representative and they
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will have a fiduciary responsibility to
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protect your best interests it's
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important to note that the broker that
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has the listing doesn't have this
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fiduciary responsibility to you and will
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be negotiating in the landlord's favor
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so it's good that you have your own
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representative aside from your
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commercial attorney your tenant wrap
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will be your expert advisor throughout
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the leasing process so not only can your
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commercial real estate broker help you
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find the space they can help you
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negotiate your letter of intent
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coordinate any vendors that you'll need
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such as contractors interior designers
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etc and they can also assist in lease
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negotiations so that you know that
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you're getting the best deal possible
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for you brokers can help you negotiate
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rental rates build on allowances and
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renovate meant periods and so much more
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they know what standard in the market
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since they do it every day after all
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even the most sophisticated landlords
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have representation so should you and
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the best part about hiring a commercial
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real estate broker to represent you and
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your business it doesn't cost you
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anything
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that's right it won't cost you
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or at least it should just like in
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residential real estate the property
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owner pays your brokers fees so not only
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will a broker help you find a space for
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lease and save you money during
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negotiations it won't cost you anything
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your second best option is to search the
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internet if you're just starting your
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search you may not yet need a broker to
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help you find commercial property maybe
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you're in the early planning stages
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trying to put a budget together and you
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just want to see what's available in the
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market options like loopnet Craig C and
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Craigslist allow you to scratch the
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surface and familiarize yourself with
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the market so that you'll at least have
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a basic understanding of what you're
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looking at sure these online resources
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may not have a hundred percent of the
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information you need to make a decision
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but I've found that for most business
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owners they'll have enough to get you
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comfortably educated and after all the
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more you know about the entire leasing
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process and what you're up against the
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better these resources will give you the
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ability to search by product type square
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footage available and set for Craigslist
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other minor details such as amenities
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you know one nice side effect of
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utilizing these online platforms is that
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you may be able to find a commercial
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real estate broker that's focused on the
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neighborhood or area that you'd like to
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be in as well keep in mind too that as
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you reach out to these listing agents
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and landlords to find commercial
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property that they're not on your side
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like I said they do not have that
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fiduciary responsibility to you that a
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tenant representative what I mean think
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about it they're out to negotiate the
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best deal for themselves or their
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clients so even if you do decide to
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forego having a broker be sure you have
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a commercial real estate attorney at the
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very least the final strategy is to
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drive your market that's right hop in
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your car and drive around and the areas
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where you'd like to open for business
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and depending on where you live you may
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also want to walk the neighborhood when
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I first started in commercial real
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estate I drove and walked my markets
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regularly and even after being in the
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business for seven years I'm still
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occasionally surprised and what I find
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when I put in some windshield time
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walking is definitely slower than
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driving can be but that's actually a
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good thing when you're searching for
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commercial space you want to find the
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buildings that you may not otherwise see
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if you're driving by quickly pay
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attention to the buildings that have
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boarded up windows or seem to have no
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cars parked in the parking lot even
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during peak business hours you may also
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see a for lease or for rent sign in the
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window and often they have a number to
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call hopefully or maybe you'll just stop
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by and try to catch the owner sure
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driving or walking your
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market can be time-consuming but it can
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also be very rewarding you may discover
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parts of your neighborhood that you've
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never noticed before or find that hidden
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gem of a space I like to keep a running
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list of all the properties that piques
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my interest during the search so I
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always bring a pen and notepad with me
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whenever I get back to the office I'll
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pull the tax records and utilize white
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pages in an attempt to find a phone
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number sometimes you just have to be a
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bit of a detective when you're trying to
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find the right spot and again here too
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while you're on this search you can
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potentially find a broker that knows the
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area very well that would be willing to
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work with you or you could find a good
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landlord asking reasonable rent for his
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property so that's it for the three best
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strategies to find commercial space for
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rat this video helped you please give it
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a thumbs up if you have any questions
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about the leasing process feel free to
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leave me a comment below and I'll be
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sure to get back with you and if you're
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interested in more commercial real
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estate investing strategies leasing tips
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and market updates hit that subscribe
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