Leasing Commercial Space? Why You Should Never Negotiate Your Lease on Your Own

Being a business owner can be great — but it’s also hard work. You have to be expert in every aspect of your business: products, services, operations, finance, sales, marketing, even IT. And on top of everything, you have to ensure your business has a PLACE to operate. Does that mean you have to become a commercial real estate expert now, too?

Of course not. You work with a real estate agent, right? But most agents are likely working for the landlords who own these properties and are more focused on making the sale than meeting your needs. They don’t necessarily have your best interests in mind.

What you need is a neutral party who can honestly and helpfully steer you through the search for a great commercial property. You need a tenant broker.

A tenant broker is your own personal advocate who has expertise in the real estate market and connections to properties that are on the market (or will be soon). Tenant brokers are also knowledgeable about effective leasing rates and know how to improve the financial and competitive position of your business. Tenant brokers are experts at what they do: They understand the market, landlords, buildings, and history of your area better than anyone.

So what’s the catch? There is none.

Tenant brokers are truly there to work for you.

First, they’ll take the time to understand your business, goals, and strategy so they can help you define expectations for your space. After some research and scouting, they’ll present you with options for properties they believe will be a good match.

And once you’ve found a place you love, they will negotiate the lease while working for terms most favorable to you — putting you in a position to renegotiate successfully when the lease is up.

Best of all, you don’t have to pay a thing to take advantage of their services and expertise.

Finding a great tenant broker

When you’re ready to start working with a tenant broker, be careful to choose the right one. Ask prospective tenant brokers these questions to ensure they will offer you the assistance you need.

• Are you primarily a tenant advocate or listing agent?
• Do you believe it would be a conflict of interest for us to work together?
• Are you currently working on other projects? Would you have enough time to fully take on this project?
• How knowledgeable are you about market conditions?
• What is your reputation in your business or community?

Regardless of whether you are a New York native or new to the city, leasing space takes expertise. But working with an expert who represents your interests can make the process as stress free as possible while ensuring that you get be best space the city has to offer.

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