Frequently Asked Questions
Frequently Asked Questions:
When Should I Partner with A Tenant Representation Broker?
- If you are looking for a new space, ideally between 6-12 months before your current lease ends (if you are within 6 months, we can still help).
- If you would like to renew with your current Landlord, 3-6 months before your lease ends.
Who Pays for the Tenant Representation Broker’s Services?
- The Landlord pays for our services.
Why Would I Only Work With One Tenant Representative Firm?
- Transactional Relationship vs. Fiduciary Relationship. Sometimes businesses’ feel that by having multiple Commercial Tenant Representatives looking on their behalf, they will gain market efficiency and a better transaction. However, the opposite is true. If you have several representatives working with you, they are not an advocate for you, and are only serving as a “Transactional Broker” with are only obligated to be “fair and honest” to both you and the Landlord.
- The most successful and accomplished professionals in the Commercial Tenant Representation industry will not work with a company without an Engagement Letter establishing a “Fiduciary Relationship”. The basic premise of this relationship is the business will work exclusively through that professional. This allows the Tenant Representative to serve the client with 100% commitment of focus, leveraging experience and vast network of relationships with the Landlord Agents and Landlords and an advocate with the best interest of the business as the goal of the negotiation.
- Similar to an attorney/client relationship, a Fiduciary Relationship with your Broker will serve an advocate and advisor providing you with the statistics of the market and negotiating techniques so you can make your real estate decisions with confidence.
- Simply put, at Office Space Brokers, we apply the expertise from over 1,000 transactions. We are about getting our clients the best possible real estate results, saving them time, reducing their financial risk and planning for future growth.
Won’t I pay more in rent if I have a Tenant Representation Broker?
- This is a common question and misconception. Some people fear that by engaging the services of a Tenant Representative they will end up having to pay more in rent to compensate for the brokerage fees. However, their standard commissions are built into the lease rates. This fee is paid whether or not you have representation. These fees are split between the Tenant Representative (your Broker) and the Listing Agent (the Landlord’s Broker). There are no “additional” fees. You will not save anything by not having representation. On the contrary, with the Landlord’s Broker negotiating on the Landlord’s behalf, not you, you’ll likely lose money. While there may be potential savings offered by the Landlord, there are many hidden costs in the lease document and the Landlord’s agent is motivated financially to prevent the Tenant from having qualified representation.
- When it comes to negotiating a lease or contract, there is no question that a Tenant Representative will not only save you money, reduce your financial risk and make relocation a smooth process, minimizing the loss of productivity.