Commercial property agent authority

We have a commercial property in WA that I'm looking to lease soon, however I'm fairly new to commercial so apologies if this is a basic question.

The property is potentially slightly niche, and so finding a tenant could take some time.

How does the process typically work with commercial agents - do they usually require exclusive authority?

My concern is signing an exclusive authority and being stuck with an agent who can't find a suitable tenant for a long period of time. Is there any usual way to slightly mitigate this risk, say if my desire was to approach another agent after a certain time period?

Thanks!

 

You have a couple of options:

• Sole or Exclusive agency (only one agency dealing with the property)
• Conjunction agency agreement - 2 or more agencies (you pay more advertising etc)
• Coordinating agency - head agency with the agent appointing other agencies (agent is responsible for splitting comms with other agencies)
• Separate management (consider going with whoever is successful in letting)

 

Interesting, thank you.

Do you find that most commercial agents tend to push for sole/exclusive agency?

Is separate management essentially a lack of exclusivity, allowing the owner to approach other agents at any time?

If entering an exclusive agency agreement I suppose you would have no option but to bear any length of vacancy until the agent finds a tenant or the agreement expires?

 

Either select one agency as the lead/coordinating agency and tell them (or listen to their recommendations) for the other sub-ordinate agencies or select the agent based on non-exclusivity, the risk with the second option is that they will compete to get the place leased in the shortest time ending with the poorest outcome.

 

I have a property is Perth which is managed by Iconic. They have served me well and recommend them