L andlord brokers, generally, do a great job representing landlords. That being said, it is in your best interest to know who is on your side of the court and who is going fight to get you a stronger position in the lease. The consequences can be costly unless you have a trusted advisor to guide you through the process.
Often times, we as tenant reps meet with businesses who neglected proper representation in their lease or purchase transaction. In a majority of these instances the businesses ended up paying much more than what they thought they originally agreed upon because of hidden expenses and "spun" wording in the lease documents.
These problems arise when the tenant is not properly represented or does not fully understand the fiduciary obligation the broker has contracted with the landlord. In the following slides I will break down some key phrases you should be ready for if you are considering a purchase or a lease for your business.
Key Phrases: Landlord Brokers use to your disadvantage
1. "We can get you the best deal because we know the market."
2. "We can get you a great deal because of our relationship with the landlord."
3. "We can provide great service because we have a lot of branch offices."
4. "Don't rock the boat and upset the landlord."
5. "Hurry up and get the deal done."
6. "Since you're such a big tenant, you have very few alternatives."
7. "The landlord's draft is boilerplate, standard terms."
8. "Just focus on rent and workletter - let lawyers take care of the fine print."
If you are ever purchasing property or considering a major lease transaction make sure you know all of your rights and options.
- Tenant/Buyer representatives generally add no additional cost to the transaction and often times make a positive impact on your bottom line by helping you avoid major pitfalls and advising you through the transaction from start to finish.
- First Scout Realty Advisors has assisted tenants and buyers in all fifty states as well other parts of North America. Please give us a call with questions or concerns and we would love to be the advil for your real estate headaches.