Hiring
a tenant representative broker is just like any other hiring process. Having a
good tenant representative broker on your side during the process of leasing
office space is like having your own personal negotiator – at no cost to you.
Your tenant representative broker is paid out of the landlord’s commission; the
tenant does not pay a dime. However, just because you’re not personally paying
the tenant representative broker doesn’t mean you shouldn’t do your research.
Below, we’ve compiled 5 questions you must ask before hiring your broker.
1. Do
you specialize in leasing office properties? Many commercial real estate brokers have no
specialty at all – they do it all – but as the saying goes, you can’t be all
things to all people. Neither can your broker. The best broker for you is one
who specializes in office leasing. You want the guy who does this 24/7, not the
guy who spent yesterday showing off gas stations and the day before that
reviewing warehouses. A broker who specializes in office leasing will have
knowledge of the buildings in your market as well as experience with many
different lease formats. Consider asking potential brokers how many office
leases he/she has performed. Get and review references.
2. Tell me about your market
knowledge. Nothing
costs a tenant more time than a broker who doesn’t know what’s going on in his
market. You’re looking for a broker who can tell you all about market rates,
current vacancies, hot buildings, improvement allowances and concession trends.
If your broker can’t expound on these things, he’s not going to serve you well.
3. How
long have you been doing this? This question isn’t all that different from
the one above – you’re trying to smoke out your potential broker’s experience.
However, in addition to figuring out their experience, you’re also looking to
gauge experience level and whether they have established relationships in the
market place that they can garner on your behalf.
4. Can
you provide me with a list of references on the deals you have done? Word of mouth is one thing when it’s coming
from your potential broker, but it’s a whole other ballgame when it’s coming
from his satisfied former clients. This might seem like a silly requirement,
but many tenants make the mistake of being wooed by a nice suit and a friendly
persona. Demand and check references to get a sense of your potential broker’s
ability to perform in both good and bad times.
5. What resources will you use to help me find my next office space? A good broker will subscribe to multiple listing services such as CoStar that will provide him with 100% of all current available office space, as well as lease, vacancy, improvement and rate history information. This kind of knowledge is vital both to your hunt for your perfect space as well as your lease negotiation.
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Who is Fountain Realty?
Tenant Oriented New York City Commercial Office & Loft Space Specialist
There are No fees for our services paid for by the tenant.
The landlord pays our commission.
How are we different than other commercial real estate brokers?
We represent you, the tenant – not the landlord.
Most commercial real estate brokers represent their client, the landlord.
The only pressure we are under is our own pressure to find you the best office space in NYC!
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