Two Thoughts for the Day:
1. Real Estate Brokers know the market and fully understand the leasing rates. They also understand what types of concessions Landlords may be making at any given time (i.e., free rent, tenant improvement amounts, free parking, etc.). While it is easy enough to google what the leasing rates might be in an area – these are just “asking rates” and are usually not the “actual rate” achieved. It is not easy to find anywhere – what concessions are being given at a particular time or location. Brokers know this because of their continually dealings with Landlords and the deals they have done in the recent past. And concessions are usually confidential from deal to deal (so basically only brokers and landlords know what these are).
2. Hiring a Tenant Representative Broker costs the Tenant nothing. Why wouldn’t a Tenant want an expert in the field to negotiate on their behalf at no cost. Some say the cost ends up in the real estate deal. Perhaps some of it does, but the value add brought to a Tenant that does not do real estate for a living is huge in savings on not just financials in the lease, but other items in the lease that may restrict Tenants if that language is not negotiated out. A Tenant will never know if they got a good deal or not without the Broker on their side.
More to come …
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