When a tenant “hires” an Exclusive Tenant Representative, they are hiring a professional, whose sole interest is to find the best location, considering all variables, to conduct their business. A Tenant does not compensate their Tenant Representative. The compensation always comes from the Landlord in form of a negotiated commission.
When a prospective Tenant “goes at it alone”, or uses a myriad of Real Estate Professionals to “just look”, they are always at the mercy of the Landlord and the information that the Landlord is offering. Landlords are looking out for their best interest. There is not a professional looking out solely for the Tenants best interest.
In the State of Florida, unless an exclusive representation agreement is signed, Real Estate agents are considered “Transaction Brokers”. That means their fiduciary responsibility is not the landlord or to the prospective tenant but to the Transaction. A Transaction broker has done his/her job when the transaction closes. The Exclusive Tenant Representative has only completed their job when the Tenant is completely satisfied and signs a lease.
How would a prospective tenant really know what market rent is until they enter into negotiations for several different properties? How would a prospective tenant know what a Landlord is really willing to offer as far as Tenant improvements unless there is market knowledge of what the competition is doing?
For more information on how a Tenant Representative can help you find a new office or to see if renewing your current lease in existing space is the best alternative, please call or e-mail me today.
LOUISE BENDIX,LEED-AP | Office Leasing Specialist
ComReal Miami, Inc.|Commercial Real Estate Services
366 Altara Ave., Suite 102 | Coral Gables, FL 33146
lbendix@comreal.com www.LouiseBendix.com
786-433-2376 |
"ComReal is Commercial Real Estate"
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