When it is time to consider a lease renewal or find a new building with rented office space, it is recommended that a business work with the best commercial real estate brokers who are experienced in complex commercial lease negotiations. Commercial brokers provide an invaluable service; however, there are different types of commercial brokers, so it is necessary that a business client looking to lease office space understand such differences and know how to find the best commercial real estate brokers to handle their needs.
Types of Commercial Real Estate Brokers
Following is a list with descriptions of the various types of commercial real estate brokers so a business can determine which type of broker best suits their needs:
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Listing Brokers – These commercial brokers list properties for sale or lease, then look for tenants to buy or fill the spaces. Listing brokers work for the landlord, which is important to understand when looking for office space to lease. A listing agent’s primary duty is to sell or fill a building on behalf of a landlord, which could mean less flexibility during commercial lease negotiations that favor the landlord more than the tenant.
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Tenant Representatives – Tenant representatives are the opposite of listing brokers; they work strictly for the client when looking for space to lease or buy. They may work for the same brokerage; however, the tenant rep’s job is to find the right property for clients, then act as their advocate throughout negotiations with the landlord and listing broker. It is recommended that a company looking to lease commercial space, or renew a lease contract work with a tenant rep from the best office lease company, to get the most for their leasing dollar. It is a tenant rep’s job to help business clients determine how much space they need, how to best utilize that space, and even arrange for improvements to fulfill the tenant’s needs so they have the best space for their business.
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Brokers that Work for Both – Sometimes commercial real estate brokers work for the landlord – and other times for the tenant. These agents usually work simply provide the best service for their brokerage, regardless of which side of the sales contract they represent. They will help sell or lease properties listed by their their office lease company, as well as take on clients as a tenant rep when there is interest in a property listed by their brokerage. In other words, they contract with a client to either list property or act as a tenant rep – but are able to do either job. This usually works out fine when dealing with a property listed by their own company. When a client is looking for tenant rep services on a property not listed by the agent’s company, they need to clarify ahead of time what services to expect and what that agent can do for their benefit, even if the listing is with another agency.
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Dual Agents – Dual agents are brokers who can step away from any official duties as either a tenant rep or listing agent to simply help ensure commercial lease negotiations are done correctly. Their expertise is utilized to ensure the process happens as it should to make it be a legal transaction; they do not actually work as an advocate for either side or lend any advice.
Based on these job descriptions, a business looking to either lease office space, buy a building, or lease out space to others, should have an idea as to which of the best commercial real estate brokers can help them the most. When a company is dealing with commercial lease negotiations, it is important to have the right broker from the best office lease company to achieve the best leasing arrangement. Negotiations differ depending on the situation and can get complicated, so having the right professional working for you is the best way to secure the most beneficial leasing arrangement!
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