Right Space - Wrong BrokerThe next time your firm considers relocating, the biggest mistake you can make is to inspect the right space with the wrong broker. That means you have to make sure the broker is representing you - not the landlord.
Some tenants, when thinking about moving, drive around and call the phone numbers found on signs in front of all the buildings that appeal to them. Not only does this method waste a lot of the tenants' time, causing them to consider buildings that may not have appropriate available space, it also puts the tenants in a terrible disadvantage. Keep in mind - the person answering the phone when you make those calls was hired by the landlord to make the best deal possible for the landlord - not you. If you engage a firm to represent your interests, they will create the leverage you will need to ensure you the best possible results.
When dealing with the larger brokerage firms, most average-sized tenants will be relegated to dealing with one of the firm's more junior brokers. Not only do these junior brokers not have the level of experience you need, they usually are part of a "team." That means they not only have to split commissions with the house, they also have to split with the other members of their team. Therefore, on a typical 3,000-square-foot lease (on average, three out of four leases signed in Westchester each year are for 3,000 square feet or less), each broker ends up with what may be as little as a 500-square-foot transaction. Few brokers can afford to pay a lot of attention to a transaction that small. Surely, most will not.
The larger brokerage firms may bring in their heavy hitters to handle the final negotiations for you, but at our firm, we believe negotiations begin the moment the prospective tenant is introduced to the owner or his or her agent. Tenants must also be careful to avoid the conflicts if interest faced by the larger brokerage firms that derive the lion's share of their income from representing landlords.
Some tenants may believe that their attorneys can take care of everything. However, by the time final negotiations begin, if your interests have not been represented properly every step of the way, the damage will already been done. Therefore, before going into the market, be sure you chose a broker that has undivided loyalty to you, is prepared to represent you every step of the way, and one who has plenty of experience in the marketplace in which you are looking.
At Rakow Commercial Realty Group Inc., we specialize in representing the interests of tenants. Our brokers average more than 17 years experience in this marketplace and our method of compensation ensures tenants the absolute highest level of service.
There was a time not long ago, if a broker wanted to provide cutting edge, state of the art data processing technology, computerized lease analysis, space availability databases, etc, that broker would have to work for one of the larger brokerage houses. Not anymore. Thanks to today's technology, not only can the boutique brokerage compete head to head with the largest brokerage houses, we can do so right at the tenant's desk.
We provide each of our highly trained tenant representatives with a laptop computer outfitted with the latest software. Right at your desk, not only can we perform an extremely thorough space availability analysis based on your specific space and geographical requirements, we will show you four-color images and up-to-the minute detail for each property that matches your specific needs.
In the short space of a 20 to 30 minute meeting, we provide you with all the information you need to decide which properties are worthy of investing your valuable time to inspect.
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