How Commercial Real Estate Brokers Work
Are you a small business owner in search of the perfect rental space? Are you a landlord searching for a tenant? Are you concerned about your ability to find the right space at the right price, or locate a tenant?
Rather than tackle the process on your own, it’s best to consult with a commercial real estate broker. These professionals provide a variety of services, all of which can help you during all phases of your search and transaction.
Here is an overview of the many types of commercial real estate broker arrangements:
1. Brokers Who Work for Tenants
If you don’t want to work directly with a landlord and their broker, you can hire your own broker to represent you. Since this broker is only working for you, you can be rest assured that they’ll have your best interests in mind at all times.
From finding you the perfect space to negotiating the best deal, you can rely on your broker for assistance. The only potential drawback is your responsibility to pay some or all of the commission.
2. Brokers Who Work for Landlords
When a landlord has available space, it’s common to list it with a broker. This person then takes on the responsibility of searching for tenants. If a lease is signed, the landlord is responsible for paying the broker a commission, not the tenant.
As a tenant, you can work directly with the landlord’s broker, but you should only do so if you feel comfortable with all aspects of the transaction.
3. Brokers Who Work for Both Parties
If you’re not going to consult with a dedicated broker, the next best thing is to use a professional who represents both the tenant and landlord.
The only issue with this is that the broker is responsible for helping both sides, which can lead to questions about who they’re really helping. You can protect against this by hiring an experienced broker who is honest in their dealings.
Questions about Commercial Real Estate?
At TCG, we offer both tenant and landlord representation. Don’t hesitate to contact us to discuss your situation, ask questions, and learn more about the process as a whole.