What do Brokers Actually do Afterall?

Different broker types have different purposes within commercial leasing. Depending on the type of broker there is a correlating purpose the broker excecutes. The three main types of brokers within commercial leasing include the tenant broker, the dual representation broker, and the landlord’s broker. The tenant broker finds the tenant the best NYC office space for lease. The purpose of this type of broker is to represent the tenant exclusively. When a prospective tenant needs space for their business, they might partner with a tenant broker because of the services offered by tenant brokers. These services include searching for space based on unique criteria the tenant lays out. If the prospecting tenant likes the space it has been shown, it might sign on a space. The prospecting tenant does not pay the broker's commission. The landlord does. The landlord's broker works on behalf of the landlord. The landlord wants to decrease the rate of vacancy within their buildings, therefore, the landlord may hire a broker to find tenants who are willing to pay the most for the least amount of office space. In this way, landlord brokers really don’t have the tenants best interests in mind. Dual representation brokers represent both landlords, and tenants. In this way, the dual representation broker may be divided in his representation of the tenant. Dual representation brokers do not have the tenant's best interests in mind exclusively for the aforementioned reasons. In essence, brokers bring together the tenant and the landlord to form a sort of business union. It is the job of the broker to do this. When tenants are searching for space, they should be mindful of what kind of broker they decide to work with, because only one kind has the tenants interests in mind exclusively.
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