You will likely pay an extra 10-15% of the total cost of the lease if you do not hire a Tenant Broker. We have access to all listings. We act like your 800-pound gorilla.
With a regular broker, you likely will pay more and be shown fewer options.
On your own, you will not find all the options to be evaluated. You are blind in a negotiation as to what points the landlord would concede or reduce.
With a Tenant Broker, they will find more options, advocate, and locate and evaluate multiple spaces on your behalf.
The broker typically will draft an offer for your review and input and then submit it on your behalf. Typically, the term sheet goes back and forth three times.
Negotiating a lease can be 3-6 weeks. Three drafts for each side.
There are three types of brokers:
- A tenant broker represents only the tenant.
- The managing agent represents only the landlord.
- Then there are the dual-agency brokers.
Dual agents are nice and professional, but they treat you as a one-time client and will not fight for the best economic terms for you, because their ongoing duty is to the Landlord. I view these brokers as wolves in sheep's clothing. They're nice to you but want an ongoing relationship with the Landlord more than with you as a client.
Only a tenant broker fully protects the tenant's interests. An exclusive agreement guarantees they are your priority, and an advisor is critical. Online listings offer some alternatives but they cover only a fraction of available space.