With real estate characteristically being a business’s largest expense, companies can’t afford to overlook the benefits of professional tenant representation services when thousands of dollars are ultimately at stake. Locating spaces or property available that suit your company's needs can be both a waste of your time and expensive.
Ok so I'm stealing my idea from Letterman a bit, but hopefully since we're both Hoosier's I hope he'd give me a pass on this one. So here are the top ten signs you've hired the wrong broker to be your tenant rep....
10. When you ask him/her about the conditions in the marketplace, they check the DOW average for you
9. While on a tour, the broker seems to only show properties with their sign in front
8. They ask you if you are interested in selling your home also
7. The agent picks you up in a Taxi Cab and they are the one driving
6. When you ask about comps in the area they direct you to the Horseshoe Casino
5. You forget that the agent is in the room when talking with the building owner/other agent
4. When strategizing about an offer, he/she directs you to the lucky dartboard.
3. The size of the spaces you see couldn't even fit your reception area
2. The size of the spaces you see could fit your space as well as your whole parking lot
and the number one sign you've hired the Wrong Broker.....
1. Your representative and the building owner have a secret handshake
Ok so maybe some of those were a stretch but there are some truths to each of these points. When it comes to negotiating a lease there is no question a good rep will save you time, money, but also save you from making any critical mistakes. Not to mention this is typically a free service. Typically, what happens is that the fee, is already built into the quoted rent. Therefore, the commission is split between the tenant rep and the listing agent. There really is no additional fee tacked onto the lease rate and you won't save anything by not having a rep. In the case there is not another broker then the listing agent gets the whole commission.
If any of the Top 10 sounds like your agent....then good luck with that!
