You don’t need a real estate broker if you have an attorney
Dispelling Commercial Real Estate Myths
Healthcare providers often confuse the roles of real estate brokers and attorneys. They may see their expertise as overlapping and look for their broker to provide legal guidance or their attorney to negotiate real estate terms.
Your real estate agent should not be giving you legal advice and your attorney should not be telling you what building or space to choose, how much to pay or negotiating terms for you.
Lease and purchase contracts are legally binding documents and should always be handled by an attorney who understands real estate law to review, advise and protect you. Your real estate agent should not be drafting language in a binding contract. Similarly, unless an attorney spends 40 to 50 hours per week evaluating the market and negotiating on properties, they are likely unqualified to act as your real estate agent.
Agents and attorneys function most successfully as a team when they have a high-level respect for what each party does and the expertise they bring to the table. They should complement each other, instead of trying to do the other’s job.
Additionally, if you pay your attorney to be your real estate agent, you will spend thousands of dollars in unnecessary fees. Your agent should not cost you anything as commissions are paid by the landlord or seller.
- Your real estate agent should be finding the best properties and then negotiating the primary economic and business terms of your lease or purchase.
- Your attorney should then review and recommend changes that protect you and ensure you receive what your agent negotiated for you.
Pay your attorney to be an attorney. Never pay your attorney to be a real estate agent.
A good real estate agent should save you dozens of hours of your valuable time by helping you avoid costly pitfalls and delays, while ensuring you receive the most favorable terms possible. It is very common for a healthcare specific real estate agent to save you tens to hundreds of thousands of dollars over a ten-year period. With that much at stake, ensure that you hire the absolute best agent you can. And… NEVER pay a consultant, negotiator or attorney to do what your real estate agent will do for you for free.
For more information about how you can maximize your profitability through your next real estate transaction, visit our FAQ page or click the following link to start a conversation with an expert agent representing healthcare providers in your area: Find an Agent