Getting Value From Your Broker Services
Are you getting the most out of your broker? What are you getting for your buck?
Does this sound familiar?
You decide it's finally time to get some new digs. Whether you realized your lease was up or you're just busting out doesn't matter...it's just time.
So what do you do?
CHAPTER ONE--CHOOSING THE BROKER
You call a broker...or for that matter, as soon as the brokers find out you're looking to move, you get swamped by herds of brokers, often several from the same firm, telling you:
· They know the market better than anyone
· They have done more "deals" than anyone
· They know the Landlords better than anyone
· They should "represent" you
They all look the same...three suits and a lot of pictures...
CHAPTER TWO--THE ENDLESS (OR ENDED TOO SOON) SEARCH
You finally decide on a broker or a "team" of brokers to "represent" you. After a few basic questions like:
· How much space do you have now?
· Do you think you may grow?
· Where do you want to be?
Team YOU gets into the car armed with a pile of flyers nicely packaged into a lovely bound portfolio (if you're lucky), a cell phone to call ahead to the Landlords or their brokers. You drive around for about five hours, go into four or five buildings, then are asked the BIG question...So...which one do you like?
CHAPTER THREE--THE PROPOSALS
With your decision to whip off a proposal to the building of your choice (usually decided after only one five minute walk-through), Team YOU has notified every building you remotely drove past to “registered" your name with the landlord. This is to ensure that should you decide not to move forward with your chosen space or should this deal fall through, you will be obligated to use Team YOU to negotiate on your behalf for just about every building in a fifty mile radius.
Exactly what is in that proposal? Oh, the usual stuff:
1. Your company's name..probably not your full legal name
2. The address of the Building and the suite number if applicable
3. How many square feet...approximately...the space contains
4. When you want to start and how long a term you want
5. The base rent
Now it gets tricky. The proposal may even be creative...Oh no! NOT THAT!!!...some issues that may be vaguely addressed could include:
1. Parking costs AND number of spaces
2. Amount of tenant improvement dollars
3. Options to Expand..Renew..Cancel..Contract... that last one is real creative
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