Selecting a Broker Meet Tenant Rep Brokers
Set up meetings with two or three of the tenant rep brokers if you have not chosen one after the first round of phone calls. The objective is to visit more regarding their office assignments, obtain their thoughts on locating appropriate office space for your business, and determine whether you will feel comfortable working with them.
Obtain Actionable Advice
While you make the final decision when selecting office space, you will want to feel confident the office space tenant rep broker will provide actionable advice.
Paid by Landlord and Advices You?
The compensation arrangement with the tenant rep broker is often not intuitive. In most cases, the tenant rep broker will be paid by the landlord. He has a fiduciary relationship to the landlord. His relationship with the perspective tenant is to provide honest information. Your office space tenant rep broker will go out of his way to accommodate you and help with the search process. However, remember that his client is the landlord. If you discuss your negotiation strategy or the maximum amount you're willing to pay, the broker has an obligation to provide this information to his client, the landlord.
Selecting office space begins by selecting a tenant rep broker. You may initially wonder, "why don't I skip the to broker, and saved the fee?" The reality is see will be about the same whether or not she's use a tenant rep broker. The landlords broker gets 4% if he negotiates a leased directally and 2% is an outside broker is involved. If a tenant rep broker is involved, he would typically be paid 2% of the gross total payments over the term of the lease. Additionally, there are nuances in the process for which guidance and counsel is it invaluable. These include issues such as what is and is not negotiable, and the reputations of the landlords and management companies. Even if you negotiate what is perceived to be an incredible deal, is it really a "good deal" if the landlord provides terrible maintenance and service?
What you have selected a broker, clearly communicate your goals and objectives. (You may not want to disclose your maximum budget.) Discuss the locations you are considering, the number of employees, amenities which are important, the class or quality of space you are considering and any other relevant expectations. A crisp and effective communication with the broker will reduce time necessary to find appropriate office space.
The Market Research and Consulting division of O'Connor & Associates provides information necessary to make decision to commercial real estate professionals. Occupancy and Rental Data, ownership and management information are routinely gathered for four major land uses – multifamily, office, retail and industrial. This information allows investors to compare competitive properties, facilitate business decisions and track market and submarket performance. In addition the data is useful to brokers who for example continually monitor Houston retail space leasing, Houston office space leasing, Houston industrial space leasing, Houston apartments, Dallas apartments, Ft. Worth apartments, Austin apartments, and San Antonio apartments.
This capacity to research, analyze and interpret market trends and the impact of specific transactions is a major reason for why developers and acquisition experts rely on O’Connor & Associates for
real estate market research,
real estate market studies, market studies, feasibility studies, rent studies, tax credit studies, project design guidance, property performance evaluation and lease audits.
