What does it cost me? This is the first question I usually hear. The answer is that landlords pay tenant rep brokers, not the tenant. Most landlords already factor in commissions on their spaces, and pay them to the brokers who list their buildings. But those listing brokers aren’t going to show you anything else when you call them (they’re working for the landlord). Using a tenant rep makes perfect sense, even when renewing your current lease. You take advantage of your broker’s property knowledge, leasing guidance, and negotiation skills (negotiation always works better through a third party), making landlords compete for your business. And most landlords are happy to pay your broker a commission for bringing them your business.
You’re smart. You run your own business. Yes, you can find your own space. But you don’t do this every day, so it’s going to take you forever driving, calling, and looking at absolutely wrong spaces. And you probably won’t get the best deal, because you’re not in the business (how could you know that there are 80 other landlords who want to compete for your lease?).
When a landlord or listing broker knows you’re working with your own broker, they’ll stop messing around and make you their real deal. They know that I’m going to show you everything else out there, so they have to make a good offer to keep you interested. And at lease negotiation, we know what others are paying and what the landlord has done in the past. So you get the right terms, and the landlord appreciates working with a serious tenant who knows their stuff.