Who Pays for the Broker?
A question that often gets asked by new commercial tenants is "who pays for the broker"? The good news is, it's not you! Tenant representatives don't cost the tenant anything. A tenant rep broker acts exclusively for the tenant, but the owner of the building you lease pays their fees through the proceeds of the rent.
How it works
The tenant chooses which tenant rep broker to work with, they sign an agreement that stipulates an exclusive arrangement with the tenant. The tenant then discusses their space requirements with the tenant rep who then searches the market for a property that matches the tenant's budget, timeframe and location.
The tenant rep broker will shortlist a number of properties that meet your criteria and arrange for you to tour a range of properties together. Make sure you score each property based on your requirements and the facilities available - use the Office Space Checklist to help you.
Office Space Selection Process
Several properties are then earmarked as shortlisted, and the tenant rep broker begins the office lease negotiation process - based on your leasing requirements. This stage of the process can often be lengthy as several drafts of the lease may go between parties until a final agreement is reached.
Once the office lease agreement has been signed, the landlord arranges payment with the tenant rep broker. So despite the fact that their fees are being paid for by the landlord, they don't have any alliance with the landlord - they're representing you!
Hiring a tenant rep broker isn't just free - it can actually save you money too, because they'll make sure you get the best bang for your buck by negotiating the rent and lease terms - saving you significant dollars.
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