1. They exclusively represent tenants.
By working with a broker that specializes in tenant representation, the tenant receives market knowledge that was specifically crafted just for their side of the transaction. A good broker will lay out a series of steps the first time you meet them. It will guide you the entire way through.
They will ask about your employees, where they live and the ideal office layout in that first meeting, and then why you are moving. Then use this with your wants and needs, to start prospecting for your building.
Since they have a full knowledge of the marketplace, the broker knows rates, concessions and quality of property management which serves the tenant tremendously in earning them a better deal. They inform you of how the deal is progressing when dealing with business and real estate terms. This later shows itself in the final lease documents as well.
3. Tenant Improvements
Each tenant will get a customized build out for his or her space. The broker will negotiate for their allowance (landlord’s contributions) to build out their suite. Through this process, the broker guides the tenant into the best square footage and most efficient layout, all while maximizing the landlord’s contributions.
Finally, the broker negotiates directly with the contractor and the landlord’s representative to ensure the desired occupancy date is met on schedule.
4. Lease Execution and Construction Management
The broker manages preparation of final documents, checks for accuracy and coordinates all necessary signatures and deposits in order to complete the transaction.
When the tenant’s suite is under construction, the broker checks on the accuracy of the build out and the pace, in order to accommodate the desired occupancy.
5. Following Through With the Lease Details Throughout the Occupancy
A reliable broker is always available and should be utilized to ensure that all the terms of the lease are adhered to and fairly enforced the whole time. He or she will monitor the escalations in the lease rate and audit the operating expenses. Then they will step in if it appears they have rose to quickly.
After your lease is up, you will usually have the opportunity to renew or find a lease through them as well.
About the Author
Chuck White serves as Vice President of Office Brokerage Services at Prime Realty in Jacksonville, FL primerealtyinc.com. He has an extensive depth of experience in the commercial real estate industry starting in 1982 with Coldwell Banker Commercial (now CB Richard Ellis). During his years brokering in Jacksonville, Chuck has personally completed some of the market’s largest tenant representation and investment/ development transactions. This track record has led to multiple awards from - Northeast Florida Chapter’s (NAIOP-NEFL), including twice recipient of the Office Broker of the Year, Office Deal of the Year, Redevelopment Award of the Year and Chapter Merit Award for his work in defeating 2010's "No on 4 Campaign".