India is quickly becoming a hotbed for startups across the country. In fact, there are already over 75,000startups in India, and Bangalore alone saw the founding of over 13,000 of them!
Being a major destination with over 13,000registered businesses and start ups in recent years, the city of Bangalore has earned the name of 'Silicon Valley of India' and 'IT Capital of India'.
Whether you are an established business looking to shift your office or a startup planning to rent an office space to commence your business operations, one of the most daunting tasks could be finding the right office space at the perfect location that suits your requirements without burning a hole in your pocket.
Needless to say, zeroing in on the right office space may require you to do a lot of real estate research, coupled with visiting the locations to check the suitability of the office space. This entails spending a lot of time, energy, and effort!
However, like any other sector, the real estate sector too has specialists in the form of professional real estate consulting firms that guide you at every step of your journey and help you make the right choice when choosing an office space.
This article highlights how professional consultancy firmscan help you select and set up the office space of your choice. Let's know more!
Every industry has experts with an abundance of domain knowledge, and suffice it to say that the real estate sector is no exception. These industry experts have the requisite knowledge, experience, expertise, and market outreach that can serve you well in finding the right working space for your business.
These real estate consultancy firms, often colloquially referred to as real estate consultants, can indeed be regarded as the “go-to” experts when it comes to getting customized advice while scanning through properties, deciding on locations, evaluating cost, and most importantly, getting the deal done seamlessly for the clients.
There is a common misconception in the market and the minds of people that if you rent a property through a real estate broker, you invariably end up paying more for that property because the landlord charges a higher rent to recover the commission amount from the tenant that he needs to pay for getting the deal done.
The fact of the matter is that the landlord, to rent out their property, has to spend on marketing and advertising, getting the deal done through a real estate consultant is no different, and is considered under the same bracket.
Having advice from experts can help companies make the right decision, save time, effort, & cost, and the real estate sector is no exception. It can be slightly daunting for businesses just starting to determine the best workspace to accommodate their needs.
With so many options, figuring out the best option and how to secure it can be overwhelming. Hiring a professional real estate consulting firm when looking for new office spaceis key to ensuring that all your needs are met and that you get customized advice/ assistance to suit your requirements.
Consultancy companies facilitate real estate deals between prospective buyers or tenants and prospective owners or landlords. They act as mediators, connecting buyers/tenants and sellers/landlords and helping them reach a mutual agreement. They also provide services to provide detailed analysis reports on the market/location, qualitative and quantitative on the properties of interest, heat map, etc.
From the perspective of negotiating deals, real estate consulting firms can leverage their experience to ensure a favorable outcome for the concerned parties. Often, landlords may stipulate lock-in conditions whereby the tenant is required to stay in the premises for the stipulated term and is not allowed to vacate the premises before the said term is over.
Such conditions can also provide that even if the tenant vacates the premises earlier than stipulated, he will have to pay the rent for the remainder of the period. Conditions of this nature can indeed be onerous from the perspective of the tenant.
A professional consultancy firm can help businesses and prospective tenants decide on the adequate amount of space required by them by understanding the clients needs and requirements. This helps in ensuring that the client does not end up renting more or less space than is actually required.
There are certain thumb rules and ratios that are used by consulting firms in determining how much space would suffice for each client. Such space optimization guidance rendered by consulting firms can also help in saving cost.
Further, the consultancy firms perform market analysis and heatmap analysis to evaluate and advise clients on the impact that the location of the premises may have on employees, considering aspects like connectivity, neighbourhood, talent pool, etc.
A professional real estate consultancy firm can negotiate terms with the landlord to ensure that the tenant does not get stuck in a bad deal. In a nutshell, consultancy firms seek to ensure that there are adequate exit route(s) for the tenant which will help the tenant to vacate the premises at any point in time, should the need arise in future.
Consulting companies get their remuneration as a commission, which also implies that they make money once they close the deals only, which is convenient for a property owner and finding a win-win deal happens is crucial for having the right clients. either a one-time fee or a share of the transaction amount, once the deal is done without any issue. Suffice it to say that real estate consultancy firms are the backbone of the real estate industry.
Their market outreach and network, coupled with experience in the domain, can help strike the most appropriate deals for businesses looking to set up or shift their operations. Such consultancy firms are pivotal in helping potential buyers/ tenants meet potential sellers/ landlords.
Real estate consultants are extremely knowledgeable in the industry, guiding their clients deftly through the intricate process of obtaining, trading, or leasing commercial property.
From conducting searches for offices to dealing with the finer points of any transaction, they help make it all easier. Here are some major perks of engaging aprofessional consultancy firmwhile looking for your new office space:
- Due Diligence – A professional consultancy firm would invariably have done due diligence on the property/ premises before suggesting you the same. Such a firm would also look into the legal aspects involved to ensure that the deal is genuine.
With experience and expertise in scanning through real estate-related documents, a professional consultancy firm can assist you in reviewing the legal documents to ensure that you execute the right kind of lease deed with the right kind of clauses that protect your interest avoiding getting stuck in a bad deal.
- Acquisitions- Real estate consultancy firms are industry experts who assist clients in locating and buying the right real estate. They have special knowledge of the market and do market analysis regularly, which will help you find the best options. They can help you understand comparative cost analysis when evaluating real estate deals.
Further, they assist you with every step of the process, from scanning through the market to finding the best one to assessing investment risks and negotiating the best price and terms.
- Leasing transactions- Leasing a workspace can be a costly long-term decision and is essential for any business's success, - but without the proper help, you could end up paying more than expected, signing an unfavorable lease, or not getting the space that's right for you. A commercial real estate broker is the best option for owners and renters who need assistance with leasing or subleasing office or retail premises.
Throughout the process, they offer counsel and direction backed by solid research and experience. By negotiating the best leasing conditions, brokers can greatly help their clients. They evaluate the state of the market and set rental rates and other fees accordingly.
Venturing out to select an office space for your business operations could be an intimidating and tedious process, with the help of a professional consultancy firm, you can benefit from their expertise, market knowledge, and experience to make informed decisions about your workspace. With their help, you can create a workspace that meets your needs and fits your budget.
Make the most of your time and resources with the help of such a firm. Let them evaluate and mitigate your risks while you focus on running your business. With a professional real estate consultancy firm by your side, you can certainly have the confidence that the right choices are being made in selecting the appropriate office space.