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Why You Should Consider Having an Exclusive Broker by George Grace

Why You Should Consider Having an Exclusive Broker

Prospective tenants are often resistant to hiring an “exclusive” broker. They feel that if they hire just one company, they’re not going to get to see the breadth of the market and that by dealing with multiple brokers, they will get to see more properties and wind up with a better selection. The reality is quite different — there are valuable benefits to going with just one broker. Some of the main reasons you should consider an exclusive broker:  

  • There is no secret stash of rentable spaces. The reality is people who have property they want to lease try to get as many people as possible to see it, meaning they spread news of the availability as far and wide as possible. The idea that there are special spaces only certain elite brokers know about is almost always a made-up line some brokers use to try and attract business. Shopping around by going to different brokers is not likely to increase the pool of appropriate spaces from which you can choose.
  • Sometimes what you think you want is not what you really want. Often clients have difficulty articulating exactly what they want for their business. While you are going to begin by telling your broker exactly what type of space you are looking for, your preferences may actually change as you go around viewing different spaces. As a broker, I listen and watch the reaction each client has to every space I show him or her. I have learned to pay attention to the visceral reactions a client exhibits when viewing a property for the first time. This allows me to get a better sense of what they really want, and narrow down the search. Going from broker to broker will not allow you to form this type of beneficial relationship which is the “secret sauce” of good brokerage and good decision making.
  • It can help you and the people to whom you’re accountable to understand that the space you have chosen is right for your business. If you have a CEO or board of directors that must approve your selection of new office space for your business, they will want to be sure that you have done a thorough search and that you are getting the best value. Having a well-regarded and trusted broker to certify that a comprehensive process has been conducted and that the “winning” space is the best fit for your particular company will go a long way towards persuading your board that they should approve your choice. Your broker will provide the confidence for your decision backed up with facts, experience and, most importantly, the reasons why everything else was second best. 

You want your business space to reflect your personality, vision, and philosophy. Get started by contacting me at 646-312-6800 or click here.

 George E. Grace
 Mohr Partners, Inc.
232 Madison Avenue
New York, NY 10016