Many business owners feel confident (and rightly so) that they know more about the ins and outs of their business than anyone. Making autonomous business decisions can be readily done by business owners in many milieus, but not necessarily in the world of real estate and negotiating leases.
Finding the right location for a company and negotiating a lease that doesn’t leave any money on the table is a complicated process, and one that has taken down even the most confident business owner. Moreover, a landlord of a commercial space will always have a professional broker working on his or her side. Why shouldn’t you have one on yours? A landlord may well hesitate to offer a questionable deal when he sees competent and experienced professionals across the table.
Types of Brokers
Brokers come in two categories usually: tenant brokers and landlord brokers. Landlord brokers represent commercial spaces and building owners Tenant brokers specialize in helping the tenant during negotiations and will not have a conflict of interest when finessing a deal with a landlord.
What Tenant Brokers Do
Working with a tenant broker, also known as a tenant representative can streamline the location selection process and take much of the burden of negotiations off your back. Additional benefits include:
- Cost savings during negotiation
- Thorough analysis of your company’s space needs
- Take over cumbersome and lengthy paperwork
- Create a healthy distance between you and a landlord
- Finesse a good deal for you beyond the standard rental rate negotiations
- Create a portfolio of feasible locations within your budget
- Negotiate terms that work for you today and into the future
Hiring on someone who specializes in finding offices and negotiating leases can make a big difference to your bottom line in the long run. Instead of taking on your next office lease negotiation on your own, consider working with a professional who can negotiate terms that answer your short and long term needs.
Senior Vice President at Colliers International, based in Houston, Texas.