Wednesday, June 13, 2007

Real Estate Naivete

Taken from The Buyer Advocate, great representation for buyers (um, if you're in Colorado)

I haven't been sleeping well. I wake up with my fists clenched and an ache in my jaw from gritting my teeth.

The unit I preferred wasn't available, but I've taken up another unit a few doors down. It's in better condition, and the feng shui is more favourable...but the whole thing is still stressing me out because my agent is not on my side.

The brief was to find a commercial space from which I could run and operate a test kitchen. Chiku ticks many boxes but on Friday night I receive a call from my agent asking me not to proceed with license approval for the business.

Why? Because the premises aren't approved for commercial use.

I've managed to find a loophole from which to run the business (more on that later) but am very much the wiser when dealing with estate agents. Always ask if they are a seller agent or a tenant's agent. I asked the question - everyone said they work for both but now I know the difference is that a true buyer's agent will work to take their commission from the landlord. They are hard to find these days. My friend, a successful retailer has given me some of his contacts so drop me a line if you need a hook-up.

I know - WHY didn't I speak to him sooner? His abuse is still ringing in my ears. I have written to the IEA to ask for advice re tenant's rights. I could drop the agent and work direct with the landlord's agent but my conscience won't let me. She has been a huge disappointment and let down, but I'd still like to come to equitable agreement. You never know, she may offer to return the commission.

Ok, I'm not THAT frickin' naiive!!!! Hahahaha!!!

So now I have a decision to make.

We're getting the renovation quote tomorrow and I will probably make my decision on how much that comes to. If it's reasonable enough to justify the short-term then I will go for it. The pros are pretty ideal for a start-up situation and I'm confident I can find solutions for the cons.

Sigh. Where the hell is a good crystal ball when you need one??


Laura said...

Great blog, I just chanced upon it and have been following it with interest. I also had the same problem looking for location, it took me 4 months to find something good. Keep your chin up!

Christine said...

Hi Laura, thanks for the encouragement :))

Anonymous said...

Your 3 first Cons each on its own are a showstopper.
You'll spend a lot of time renovating it just to have to move out once your business gets going?

And then there are still licensing issues...

Don't do it!


Christine said...

Hi Juli *waves*!! Will reply by email cos it'll be a long'un! xxx