If you’re leasing office space or renewing an existing lease, hire a commercial real estate broker
6 good reasons to always hire a commercial real estate broker:
Leverage the knowledge…of competing properties creates competition for your tenancy, resulting in the best economic terms. Landlords negotiate more seriously when they know other parties are competing for your business.
Level the playing field…Many landlords lease space as their primary business and know the market. In contrast, most tenants relocate once every 5-7 years. An experienced commercial real estate broker on your side of the table helps you negotiate from a position of strength.
Time efficiency…By hiring an exclusive broker, a principal saves valuable time by shifting real estate responsibilities like qualifying properties, fielding calls, researching alternatives, and running financial models to their broker. This allows principals to focus on their core business.
Alignment of interests…Exclusivity keeps the interest of a broker and the principal aligned. Since brokers only get paid if they complete a lease or renewal, a non-exclusive broker’s objective could be to get a transaction completed quickly, even if it may not be the best deal for the client. A qualified exclusive broker, who is protected by a representation agreement, can be objective and spend the needed time to locate/negotiate the best deal possible.
Full service approach… It is highly unlikely that a non-exclusive broker is going to commit the full suite of resources their firm offers. In today’s market, valuable services like project management, financial modeling and architectural services can help a client make a more informed real estate decision.
Create opportunities in tight market…A qualified commercial real estate broker who understands the local and regional markets is able to be resourceful and effectively use their time to source opportunities that may not be officially “available” to the overall market. This could lead to more choices, less competition for the client and better economic terms.