Why Hire an Exclusive Tenant/Buyer Representative?

Types of Commercial Real Estate Professionals

When trying to lease space, there are two types of commission-based real estate professionals that may be involved: A Landlord-Rep Broker (Building Agent), and a Tenant-Rep Broker ( Broker). Often, real estate professionals and the firms they work for specialize in one or the other, but some do both.

Landlord-Rep Brokers ("Building Agents")

The individual who represents the property owner with respect to the leasing of a specific space is typically referred to as a Landlord-Rep. The Landlord-Rep is charged with marketing the space as widely and effectively as possible, in an effort to lease the space under advantageous terms for the property owner. The Landlord-Rep is usually hired by the property owner on an exclusive basis, meaning that he/she earns a commission upon the execution of a lease involving that particular space. Some of the listings that you may have viewed while using the Quick Search or Extended Search features on OfficeGuide.com were placed there by Landlord-Reps.

Tenant-Rep Brokers ("Brokers")

The individual who represents prospective tenants in identifying and leasing commercial space is known as a Tenant-Rep, or Broker. Tenant-Reps are typically retained on an exclusive basis by the prospective tenant so that when a lease is signed, that Tenant-Rep is credited for bringing the tenant to the space and procuring a transaction. You can use the OfficeGuide.com Leasing Advisor feature to be matched with a Tenant-Rep that specializes in helping prospective tenants with space needs like yours.

Why Engage An Exclusive Tenant-Rep?

There are several advantages to hiring a Tenant-Rep on an exclusive basis:

• Dedication: A Tenant-Rep hired on an exclusive basis knows that he/she will ultimately be compensated for his/her efforts when you sign a lease and is therefore much more likely to remain focused on your needs. A commission-based real estate professional’s most valuable commodity is his/her time, and an exclusive ensures that you get enough of it.
• Experience & Advice: A good Tenant-Rep can also give you valuable advice, help you focus on and figure out on how to think about your exact space requirements, and negotiate with property owners on your behalf. While you only sign a lease every few years, a Tenant-Rep is in the market constantly. Their experience and contacts can add value in many ways. For example, they may be aware of space that may not yet be listed, or they may be very familiar with current market conditions and the pros and cons of each particular building and neighborhood.
• Save Time: By having a good working relationship with your broker, you are able to shift some of the time intensive aspects of the space search to them, allowing you to focus on your business-where your time is best spent.