Now that you're familiar with how brokers work, you may want to hire your own-- one who owes a legal duty only to you. A broker who works exclusively for you has one main assignment-to get you a good deal-not to help the landlord quickly fill the space or get top dollar rent. Also, your broker will be free to point out problems with the property or the neighborhood it's in. Beyond that, a good broker can help do the following:
Review your Rental Priorities Worksheet (explained in Chapter 1) and help focus your search. A professional who's familiar with the market should have some idea whether you'll he able to find the space of your dreams, If your list of `Essentials' is totally unrealistic, it's best to know now and do some rethinking.
Direct your search. Using your realistic Worksheet, your broker can help you hone in on the spaces most likely to meet your needs. Instead of looking at ten spaces, you might wind up just looking at three.
Investigate the details. A broker who knows what's what and who's who in the world of commercial leasing can help you line up qualified inspectors, contractors and space planners, as well as check on tax and utility bills if you're going to sign a net lease. (Net leases are explained in Chapter 9.)
Analyze lease terms. An experienced broker can help you evaluate the financial consequences of the landlord's lease terms, and can spot hidden charges that translate into higher rent.
Comparison shop. Assuming the broker knows the whole market, you can find out how the rent at one space you're contemplating stacks up against other spaces th town. It will give you peace of mind to know that you're not overpaying.
Learn the key lease terms. Before taking you on any field trips to see potential space, your broker can find out the key terms of the lease the landlord expects you to sign. The broker can compare these points with your Rental Priorities Worksheet. If there's an absolute incompatibility--you must have a five-year lease but the landlord has already given a neigh- boring tenant an option on your space which may be exercised in three years-your broker can cross that property off the list and not waste your time.
Negotiate the lease. The broker who's acting as your agent can help in lease negotiations-a terrific boon if, like most people, you don't feel like you're a natural born negotiator.
Are there any disadvantages to hiring your own broker? As explained below in Section F, if you pay your broker on com- mission, you might have to pay all or a portion of that commission. If your share of the commission is half of 3% of the rent over the life of your lease, you could be looking at a significant amount of money. Arid because the broker doesn't usually earn any money until a lease is signed, she has an interest in closing a deal sooner rather than later. But here, at (east, you'll find that market forces will put pressure on a broker ro put her client's best interests first. A broker who develops a reputation for rushing a deal or not bargaining vigorously on her client's behalf will soon Find herself without much business.
Remember, too, that even highly qualified brokers have limitations They won't have the skills to provide you with sound advice on the physical condition of a building-for that, you need to hire an experienced and reputable building contractor to give you an opinion.