For many corporate and commercial tenants, a commercial representative broker plays an essential role in securing premises and providing representation. A good rep broker will find their tenant suitable office or commercial space to rent, assist in negotiating contracts, and represent their client throughout the leasing process.
Understanding the functions of a tenant rep broker and help to find one suitable for your needs. Many business owners and company directors don’t have the know-how and insider information that is usually required to get the best commercial property for rent.
A tenant representative broker usually has 3 important roles – commercial real estate expert, a top negotiator, and efficient process manager. Let’s look in more detail at these roles.
Commercial real estate expert
To make sure and secure the best kind of commercial space for their client, a rep broker must have an intimate working knowledge of the local real estate market. However, they also have to match up the appropriate industry with the right kind of building. So, this requires knowing how industries like medical, industrial, retail, or offices function and what their specific needs are.
Top negotiator
A tenant rep broker should also have the ability to negotiate the best terms and conditions of any contract for their client. There is an art to negotiating and these have to be learned to ensure that the contract is always in the client’s favor. This also requires some knowledge of the specific industries that the broker represents. They also need to be familiar with the client’s own goals so that they can get as much leverage as possible in the contract.
However, being a negotiator also means taking into consideration the long term goals of the landlord. In the end, the broker will work with both parties to come to a solution that suits everyone.
Process Manager
In today’s competitive market, it is no longer enough just know the market and be a negotiator. A top rep broker needs to manage every step of the leasing process. This means knowing local zoning laws and regulations, conducting financial analysis, being an expert on space planning, and finding furniture solutions.
A broker representing a tenant needs to bring together a whole set of skills and professionals to make sure that their client gets the kind of commercial real estate that they need.
Photo by Nik MacMillan
