7 Questions for Your Tenant Rep Broker

When you are considering a commercial real estate broker to represent you, have you considered the qualities or skill set that will best suit you?   I would suggest considering the following evaluation criteria:

1. Does this person have his/her interests aligned with yours?  Are they more interested in moving you or making sure you are happy with your office space – regardless of where it is?
2. Are you comfortable with them representing you in the business community?  This person will be speaking on your behalf.  Is she listening to your feedback and acting accordingly?  Is he professional in appearance and manner?
3. Is she knowledgeable about the market and the landlords?   Has he handled lease transactions similar to yours?  You really need someone who has “been around the block” with multiple transactions in your area.  But more importantly, does she know how and what type of concessions are readily available to you?  Is he fearless and aggressive in negotiating with the landlord.  Some brokers just want to do the deal with as little pain as possible.  You need someone who will push the deal hard on your behalf.
4. How are their communication skills?  Do they communicate in the style that works best of you?  Some folks prefer emails or phone calls – will your broker adapt to your style?
5. What deliverables will they provide?  A good tour book, a comprehensible financial analysis, thoughtful proposal and lease comments are just a few things that any broker should easily provide.
6. How promptly to they respond to you?  Are you constantly chasing your broker down and waiting a couple of days for a response?  That isn’t good.  24 hours response time is essential because leases are time-sensitive.
7. Will they provide you with references?  Written references are one thing, but I would suggest that you ask for two clients that you can call.  I have only had that happen on rare occasions and personally, I think it should happen more often.

The broker that you select will be guiding you through the process that will result in a very significant cost for your company – your office lease.  Ask the questions upfront so that midway through the transaction you won’t be regretting your decision.  You will be talking to this person frequently, so a good rapport is essential.  Call me – I get along with just about everyone and have the references to boot.