Lease Negotiation: Getting Some Help
Prior to deciding on a broker, though, ask for references in terms of current clients. Then get feedback from the references. Did the broker pursue better lease terms tenaciously? Bring in a lease that was "on budget" in terms of your current needs? Complete the work on time? And how well has the broker's lease withstood slow erosion by operating expense pass-throughs?
Be aware there are two types of brokers: "tenant" and "landlord." The latter represents space marketed by property owners, so there can be a conflict of interest when it comes to lease terms. It's smarter to use a "tenant broker," who represent tenants exclusively.
You may want to seek the help of a consultant who specializes in property leases. One good source of experts is the membership list of the Counselors of Real Estate (CRE), comprised of real estate, financial, legal, and accounting firms who specialize in property lease negotiations. Visit their website at www.cre.org and click on "Find a CRE" to locate a counselor in your region.
Looking for definitions of the leasing world's puzzling terms? Visit the website of the International Tenant Representative Alliance at www.leasesmart.com. Click on "Lease Terms and Definitions."
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