Navigating the world of commercial real estate can be tough. And even brokers with the best of intentions can misguide you in your final real estate decisions. I don’t want to get all Tom Cruise and Jack Nicholson from A Few Good Men on you, but….do you think you can handle the truth?
If you can, here are the top three things your commercial real estate broker wants you to believe…that aren’t necessarily true:
1. “I’m free.”
This one may seem tricky to some. The reason? Because although we (as brokers) may not be an “additional cost,” our commissions are factored into your lease terms/rates no matter what people may tell you. It’s how we make our money. We are in a commission-based industry, plain and simple.
At Keyser, we tell you up front that we have a fee and that it is factored into the lease terms. But this means we fight harder to ensure we negotiate lease terms that are significantly lower or more favorable to the tenant than it would be without a broker (or with a different broker).
The cost is there with or without us; landlords will often tell you that the lease rates will be less without a tenant broker and much higher with us being hired. With Keyser, this is not true.
Tenants can be confident hiring us, knowing we come in and put together a real estate strategy that helps them maximize their “buying power” and create the leverage needed to ensure the most favorable deal terms.
2. “We keep things totally confidential.”
Ever wonder why you begin to get 1000x calls 12-24 months before your lease is set to expire? As in many other industries, brokers gossip and share info (no judgement–those are just the facts).
Sharing information can mean anything from a tenant’s strategy, to their financial information. All things that should be kept confidential unless otherwise discussed with the client (many times information does need to be shared but ONLY with the permission of the tenant/client).
Here at Keyser we often sign NDAs with our clients and don’t share transactions with other people. Confidentiality is very important to us. Like I said before, in the world of real estate word travels quickly and information spreads. How else would those cold calls start? *WINK*
3. “We have your best interest (as the tenant) at heart.”
Most brokers represent landlords AND tenants. And representing a landlord is much more lucrative than a one-off tenant. This means they could be less likely to fight hard for you if it means upsetting an owner who is either a current or prospective client.
Here at Keyser we represent the tenant only and we have a common saying that perfectly captures why this is:
Would you have a prosecuting attorney also represent a defendant in the same trial? No. Because there’s no telling whose best interest would be prioritized.
The same goes for real estate, and we always put our clients and their needs first above all else.
If you want to learn more about real estate and choosing the right space, feel free to reach out to me.
Find Noah:
Email: [email protected]
Facebook: Noah Barrasso
Instagram:@hashtagnoah
Twitter: @NoahBarrasso
Company: Keyserco.com