I'd love to know what people think about listing commercial properties for lease with a listing agent.
I have a 3,000 square foot store front in New Orleans I'm almost done rehabbing (it's been a process!). It'll probably rent as a small grocery or a restaurant, around $5000 per month I imagine.
How do people feel about listing commercial rentals with agents? I'm worried about being locked in a contract and then it not renting and still having to pay a commission if I have to end up doing the listing myself. Also, 5% commission to the agent on the entire lease, 6% commission if the buyer has an agent.
Any insight is appreciated, especially if you have experience using a listing agent for your commercial rentals.
Using leasing agents, especially for retail properties, is really common. Most leasing contracts will have a clause stating a commission isn't owed if you find the tenant, or at least a reduced commission.
Usually you will only owe the commission if you find a tenant within X days of terminating with the agent. Should be spelled out in the agreement.