Many company leaders are under the impression that they can negotiate a better lease renewal or relocation on their own. They don’t understand the benefits of working with a tenant representation broker. They also believe that the Landlord’s Broker is offering them the best deal ever and they have to sign on the dotted sign immediately.
Below are five major reasons companies are missing out when they underestimate the brokers knowledge:
- Lack knowledge of the real estate market
- Are not aware of what concessions other tenants are receiving
- Unaware of potential ownership/tenant issues
- They are not experts in Commercial Real Estate
- They wait to long to start evaluating their options
We know the Landlords and Tenants in the buildings you are considering, we live in the market every day. We also know what other tenants are paying. A good broker can help you look at all the options and make an informed decision. The biggest misconception in Tenant Representation is the cost of the service. The company does not save money by negotiating their own deal. A broker is compensated similar to a residential transaction, the property is listed and both agents share the fee.
Choose an expert to work with, don’t pretend to be the expert.