What Kind of Brokers Are There?
The validity of brokers may come into question by tenants when they receive poor service. The issue really comes down to the type of broker which gets utilized. There are a number of different types of brokers which one can go with. These include landlord brokers, dual representation brokers, and tenant brokers. All of these brokers have their own subsequent interests in mind.
In the case of landlord brokers, this type of broker seeks to find a tenant willing to pay the absolute most for the NYC office space for lease which comes from the landlord. In other words, the landlord broker does not have the interests of the tenant in mind because he is trying to get the tenant to pay more for less space.
The second type of broker is known as the dual representation broker. These kinds of brokers represent both the landlord and the tenant. There interests cannot be entirely in line with those of the tenant because they represent both parties, the landlord, and the tenant. Because of this, prospecting tenants should be cautious of signing any exclusives with dual representation brokers.
The final kind of broker is the tenant broker who seeks to find the tenant the best space for the best price. NYC tenant brokers are harder to come by because they represent a smaller portion of the total broker population. Tenant brokers benefit only when the tenant benefits, in this way they have the tenants interests in mind exclusively.