“I didn’t know I was supposed to use a broker when I leased my first office space,” said a client. We connected because he found himself in lease trouble. The space turned out to be unsustainable, and he needed to find a better fit. Upon signing, he didn’t know what he didn’t know, which led to an entangled mess.
He's a perfect example of why you need a broker when making a CRE deal. Why is it important to use a broker when leasing? Keep these five things in mind and spread the word if you hear someone talking about entering into a CRE lease:
1. Be efficient. Brokers have access to information to help a prospective tenant make informed decisions. Having honed their skills over years, experienced brokers––and those connected to them––know where to look, who to talk to, and what it takes to get the right space. That way the client’s focus can be on the business side of things.
2. Be in the know. A broker helps clients understand the terms of a lease. Even simple leases can become complicated if there are loose ends. And they’re often discovered too late. An expert on the team ensures that one knows what they’re signing.
3. Save money. An experienced broker can help spot hidden charges that increase rent over time. They’ll also negotiate to get the best financial deal. Typically, there’s zero cost for the tenant to hire a broker. They’re paid by the building owner as part of the listing contract.
4. Be supported. Brokers are experts in their fields. That means they know how to find the right property, structure deals, and most importantly, negotiate the nuances of commercial real estate. To get the most beneficial terms, use a broker.
5. Stay grounded and open-minded. Having someone who knows the market can help keep expectations realistic. They can also explain how different spaces could work when it’s not so obvious. A broker with construction and property management experience sees the big picture, and that’s beneficial.
Conclusion
Brokers are protection when you don’t know what you don’t know. They navigate the current market, get the right deal structure, and successfully negotiate, which saves time and money.
Jeff Salzbrun is the owner/broker of Commercial Equities Group (CEG). As a veteran-owned real estate brokerage, CEG has been involved in thousands of sale and lease transactions, ranging from single offices to 250,000+ square foot buildings. At CEG, we get your deal done. We know space, and we know the CRE business.
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