Manhattan Tenant Representation
While most commercial real estate brokerages represent both landlords and tenants, Willow Stone solely represents tenants. This is due to the fact that we believe the tenant needs the utmost guidance in a commercial real estate transaction and we have a fiduciary duty to provide that service. By solely representing tenants, we can avoid any conflicts of interest arising from past or current representation relationships with landlords. How is it possible to represent your interests to the fullest extent if your broker or agent represents the landlord’s portfolio as well? It isn’t! With Willow Stone Realty as your tenant representative, you will have the best possible negotiated deal regarding base rent, escalations, free rent, landlord’s work and more.
Why should a tenant work with Willow Stone Realty rather than another brokerage?
Willow Stone Realty will save you time.
If you are a tenant you most likely have had the experience where you spoke to a broker and gave them detail regarding your budget and your areas of interest. The broker may have then replied "great, let's meet tomorrow." When you finally met the broker, he or she showed you a slew of spaces that did not match your budget restraints, size range or aesthetic requirement. They showed you space that was larger or more expensive or just did not match the space you envisioned for yourself. In short, the broker did not listen to your needs or he simply chose to ignore them altogether.
To tell you the truth, when you walk into a space, very often that is the first time the broker has walked into that space as well. Now, isn't that ridiculous?
At the end of the space tour with your broker you walked out feeling as if you were dragged out of your office only to waste half a day viewing spaces that did not match your criteria at all.
As a broker, my job is to think from the client's perspective. That means, I am here to save you time so that you can focus on your own job, not the job of real estate. Find out more about my approach to commercial real estate.
Willow Stone Realty will save you money.
As a tenant representative, my job is to ensure that you receive the lowest possible price per square foot and I will push toward gaining you a free rent period and landlord's work. I will also ensure that all the financial elements of the deal are in line with industry standards. I cannot tell you how many times a tenant has called me saying that they worked on a prior deal directly with a landlord or directly with the broker that represents the landlord, thinking that by working with them directly they may receive a better deal. I've often asked those tenants to show me their current term sheet (which details the terms of the deal) only to discover that they are being taken advantage of.
One tenant I know of (who did not previously have any dealings with), was in the middle of negotiations for renewing their lease on 10,000 square feet and after reviewing their lease, it was discovered that the landlord, whom the tenant was dealing with directly, was literally taking advantage of the tenants lack of understanding of real estate taxes and the tenant was about to sign a deal that would unnecessarily strip them of over $200,000.
Dealing with a landlord or a landlord's broker directly will not save you money.
Often, it will cause you to lose money. It is as if you were a defendant in court and the prosecutor's attorney said "Hey, I think you should let me represent you as well as the prosecution. This way, this case will move along more smoothly" Of course, it will move along more smoothly, both for the attorney and for the judge. In the end, you lose. You never had a fighting chance of defending your interests. As a tenant representative, my job is to defend your needs and your needs only.
Once a broker reaches a certain point in his/her career, he or she should work solely with an exclusive agreement. This agreement means that you as the tenant are working solely with that broker, and no other. While some people may feel a certain hesitation about signing this agreement, you should not and here is why:
- Efficiency. In commercial real estate, listings are basically pooled into one main database so commercial brokers show the same listings. When a tenant decides to work with several brokers they often become frustrated as they notice they are being presented with the same commercial units time and again. Having one broker eliminates the redundancy.
- Better use of your time. By signing the exclusive agreement it gives the broker the assurance that they can take the time to head out into the market and view everything that may fit your budget, in order to best narrow down and solidify your options.
- Negotiating power. By having an exclusive agreement, a broker can present the agreement to the landlord as a means of letting the landlord know that he has a fiduciary responsibility toward the tenant and that if certain terms aren’t met, both the tenant and broker will simply move on to another deal.
Have any questions? Want to find out how Erik can help represent you? Feel free to call anytime at (646) 478-8007, or contact him via e-mail.