Tenant Rep Questions
Choosing a tenant rep to look after the real estate needs of your business should be decision made carefully, and made only once. Saving money is important to your company, and you want to be certain you picked the best rep for the job the first time around. When you research tenant reps in your area, it is important to know everything about his/her business and expertise before you hire. Here are a few questions you should consider asking any tenant rep about their commercial real estate broker experience and work:
How do you get paid? Find out how the tenant extracts his share, if any, from the fees incurred in any negotiations.
What is your experience in finding properties like mine? If your work is primarily retail, you want to know that the rep you have in mind is experienced in retail property more than industrial or other fields.
What projects have you worked previously? Don’t be afraid to ask for experience or references of past work.
Is your work entirely tenant rep advocacy or do you list properties? If you are concerned that a tenant rep may also be a landlord or property owner working in his own best interest, find out.
Do you have time to work with me? Some reps may work concurrently on projects. If you need quick turnaround on your property concerns, be sure the rep knows.
What is your negotiation policy? Know what the tenant rep plans to say and do before you allow him to represent you.
What happens if I wish to dissolve our relationship? Are you beholden to any fees or penalties if you wish to break from your tenant rep?