Did you know you can hire a Tenant’s Agent to work for you exclusively as a prospective Tenant? Here Are Some Frequently Asked Questions About Tenant’s Agents:
Frequently Asked Questions
Q: Why Should I Use A Tenant’s Agent?
A: Most likely, the landlord of the property you lease from will be represented by a listing agent who provides expertise throughout the transaction to the landlord. Don’t you want and deserve that same level of service as a tenant?
A tenant’s agent (or tenant’s representative) can provide the expertise you need throughout the entire transaction, greatly improving your leasing experience and potential results. Besides retaining a tenant agent seldom adds any expense to your transaction.
Q: But won’t I get the best deal on a property if I only call the agent listed on the For Lease sign.
A: No. That agent is already contractually bound to represent and get the best deal for the landlord not for the tenant.
Q: What Does It Cost To Hire A Tenant’s Agent?
A: There is no upfront cost and there will be no out-of-pocket expenses without your consent. Typically, when leasing commercial real estate listed on the MLS®, a tenant’s agent’s commission is already built in to a landlord’s listing price in the form of a split commission. That commission is paid to the listing agent’s office, and that office pays the tenant’s agent once the lease has been legally formalized.
If you choose not to use your own tenant’s agent, the landlord won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that landlord may keep the commission or share it with their listing agent.
The only time an out-of-pocket expense could occur where you may have to pay your tenant’s agent directly (not including the typical inspection and closing costs that are regular to a real estate transaction) is In the event the property that you decide to lease is a situation where the landlord is not providing a tenant’s agent commission or the commission that is being offered is lower than what was agreed to on your tenant’s agent’s contract. However the tenant’s agent has a duty, prior to the preparation of any offer, to disclose to the tenant when there will be an out-of-pocket expense for commissions.
Bottom Line: There will be no out-of-pocket expenses without your consent.
Q: Do I Have To Sign A Contract?
A: Yes, if you would like the top level of service that we offer. Because there is a limited number of hours in a day and a limited number of days in a week, we can only commit our expertise and time to tenants who have committed to us. Under the contract you would be expected to use the tenant’s agent (Flatlands Team) exclusively to lease a property. We can set the contract for a shorter time like 60 to 90 days as a trial period to ensure that we am performing to expectations.
The contract can be canceled at any time by signing a cancellation form and delivering it to our supervising broker or the reception desk at any CENTURY 21 Dome Realty office. Because we are confident in our skills and abilities as a professional Tenant’s agent we will actually give you a blank cancellation form upfront without you even asking.
Q: Will I only be able to look at properties listed by one agent?
A: No, A tenant’s agent can show any listing on the market within the geographic market they service including all company listings, MLS® listings, for sale by owner listings, builder & new construction listings, off-market listings, and any other source of property listing.
Q: What About New Construction and Developers?
A: Often times builders will have their own sales staff and encourage tenant’s to work with them directly, but if you ever needed an agent it would definitely be when you are leasing from a “professional landlord” such as a builder or developer. Typically builders and developers will include a tenant’s agent commission already worked into their listing price or a split commission that is shared between their sales staff and a co-operating tenant’s agent.
If you choose not to use your own tenant’s agent, the builder or developer won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that builder may keep the commission or share it with their sales staff.
In this type of situation, a tenant’s agent’s job is to point out the pros and cons of what the builder or developer is offering, explain the forms and agreements the builder or developer uses, suggest contract contingencies to protect you rather than the landlord, assist in negotiations for a favorable price and terms, and provide insights into how the different builder options can affect the long term usage of the space.
Q: What About For Lease By Owners?
A: Often times tenants think that they have to work directly with for-lease-by-owners, but if you ever needed an agent it would definitely be when you are leasing from a “unqualified landlord” such as a for-lease-by-owner. Typically for-lease-by-owners will set their listing prices based off of MLS® lease prices and MLS® lease prices already include commissions for both a listing agent and a tenant’s agent.
If you choose not to use your own tenant’s agent, the for-lease-by-owner won’t automatically give you the equivalent of your would-be agent’s commission. Instead, that for-lease-by-owner may keep the commission themselves.
In this type of situation, a tenant’s agent’s job is to point out the pros and cons of what the for-lease-by-owner is offering, provide insights into current market conditions, suggest contract contingencies to protect you rather than the for-lease-by-owner, assist in negotiations for a favorable price and terms, and suggest the different types of inspections needed to determine an unbiased report on the condition of the property that you are trying to lease.
Q: What Can I Expect When I Work With You?
A: Working with us you can expect personalized service from an expert, with local knowledge, and who is available for their clients. We look forward to the opportunity of working for you. If the timing is right and you are getting ready to lease a commercial property, here is a snapshot of what we do for our Tenant clients: CLICK HERE.