|
|
|
|
In New York, as in most money-center cities, there are no shortages of licensed brokers who deal in the leasing of commercial space. (For purposes of these discussions the term "broker" is intended to mean a duly licensed broker.) The trick is to find the broker who will be right for your needs, and to retain that broker by means of a written agreement that clearly and definitively sets forth the scope of the employment, so that you get what you pay for and don't wind up paying for seeing space that you ultimately do not lease. You should be aware that in New York a broker may be employed orally. Clearly, this can have unintended negative consequences. For example, purely by accident, you may wind up contracting for services from a broker when all you intended to do was to explore options. Needless to say, this can be expensive -- a waste of time and resources. The best way to select a broker is through a recommendation, and very often the best recommendations come through lawyers specializing in commercial real estate, who have had specific experiences with various commercial brokers. (See: Why Select Your Lawyer First) The right real estate specialist lawyer can obtain and evaluate candidate brokerage firms by setting forth your search criteria (See: How to Find Space) as well as the scope of the work expected from the broker. This may also include services to be provided by the broker's firm after the space is leased, and making certain that all of the work is priced appropriately. Moreover, lawyers specializing in commercial real estate are experienced in the drafting of an appropriate brokerage or exclusive listing agreement, one which deals, at the very least, with important issues such as broker loyalty and conflicts of interest, and which carefully specifies compensation, how and under what conditions the broker is paid, so that the control, independence and integrity of the search for commercial property stay where they belong -- with the tenant.
|
|
|
|
