subject: Choosing a Commercial space for rent Bangalore Real Estate Firm - Benefits and Agreements [print this page] Choosing a Commercial space for rent Bangalore Real Estate Firm - Benefits and Agreements
Commercial space for rent
What can they expect in the way of introductions to business and lead generation? However, there can be other factors that could cause you to choose a commercial brokerage promising less in the way of leads, but more in the way of other benefits.
Commercial real estate Bangalore training - Training and/or a mentor could be of great value to you. How much do you know about the business, and what type of contact base or sphere of influence do you already have? If you've been working in residential real estate or a related field, you may have contacts to work for leads and business. If so, you may find that a comprehensive training program is of more benefit to you than leads or introductions.
A salary or draw account - Is the brokerage offering a salary or a draw against future commissions while you get started? Do you need it? Remember that the draw must be repaid, so you could have a hard time getting back into positive income territory. It also will limit your ability to leave the brokerage for a better opportunity.
Non-wage benefits - Some of the nationally affiliated brokerages may offer retirement plans, insurance, sick leave or other non-salary benefits. There is a cost somewhere for these, usually in your commission split, so weigh their value carefully.
Staff support and your duties - Are you going to be doing a lot of your own support, or are they promising you office staff to type up agreements or letters? If staff will be doing a lot for you, is the staff large enough to do what is promised? Is there one overworked office person doing all of the typing for ten brokers? If so, could you lose a deal due to delays that are out of your control?
The employment agreement - This is a document that you want to read very carefully. And, do not be bashful about asking questions and posing "what-ifs" to the managing broker. Many a commercial real estate brokerage has been crossed off the list because of a very unfriendly employment agreement. Here are some of the things that commercial firms may place in their agreements:
Employer controls lawsuits and receives any awards.
Employer controls deals, able to take one away from you.
The brokerage controls all advertising and marketing.
Today, if they control your web presence, you may think twice.
All listings remain the property of the brokerage if you leave.
Deals in which you're involved could be lost if you leave.
A non-compete clause in the local area.
So, after you've looked at splits and lead opportunities, don't short-change the careful examination of benefits, support and the employment agreement. Choosing a commercial real estate firm involves more than just the money.
