Exclusive Agency-Tenant Representation
Most large companies in New York City seeking to acquire rental office, loft, medical or showroom space, appoint a reputable broker to find commercial real estate for them. Tenant representation agreements essentially appoint a broker as your company’s sole representative to search for leased or purchased space on your behalf. The contract generally lasts from three months to one year.
Signing an exclusive agency agreement offers the following advantages:
1. Efficient use of your time: your time will not be wasted being shown the same spaces repeatedly by multiple brokers.
2. Better service: your broker can afford to invest more time assisting you since you have committed to working though him/her. A broker who has been hired exclusively is more likely to focus on the assignment and your requirement becomes a top priority.
3. Common objective: exclusivity keeps the interests of the broker and client aligned.
4. Negotiating leverage: The broker can use his exclusivity as a negotiating weapon against the landlord and thereby negotiate better deal terms for you. He makes the owner aware that he will earn a commission wherever he goes.
5. Commitment to your interests: Your broker will have a fiduciary responsibility to serve your interests rather than the landlord’s.
Signing an exclusive agency/tenant representation agreement is not mandatory at Metro Manhattan Office Space, Inc. Our company is happy to assist you with your Manhattan commercial real estate needs in an informal manner.
For companies that would like to benefit by appointing an exclusive broker, click here to read our simple one page exclusive agency agreement.