What to expect from your tenant representative
You’ve made a great business decision and decided to engage an Exclusive Tenant Representative to help you with your company’s real estate needs. Are you familiar with what to look for and what you can expect from your broker? The following are key items to be aware of when selecting a broker and their team, should they have one.
“A broker should have a deep, intricate understanding of their entire market“
Strong MArket knowledge
In addition to providing you with quarterly reports on the overall market, your broker should have their finger on the pulse of the local office market. A knowledgeable and experienced broker will have the ability to successfully leverage their relationship with the landlord brokers to know all current listings and rates of both on and off market properties. A broker should have a deep, intricate understanding of their entire market, enabling them to offer you, the client, a thorough survey of available options and negotiate the best possible deal. A broker with a long, successful standing within the brokerage community will also be aware of any spaces coming to the market due to expirations, which may be ideal for your business. Landlords favor a deal presented by a knowledgeable broker with whom they know will negotiate based off strong market knowledge and has the capabilities to bring the deal over the finish line. Staying up to date on build-out costs, employment rates, and working closely with economic development groups, are all things you should expect your broker to be involved in.