Anyone involved with commercial real estate?
- Thread starter saint
- Start date
I've got a buddy (best friend who saved my life) involved in it that knows all about it. He owns a business brokerage, and can tell you what ever you want to know. Get my email from Jack and I'll give you his cell phone number.
kneifl
kneifl
- Apr 28, 2006
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I'm looking for office space to lease. I was told by the commercial agent who was recommended to me that I will not be responsible to pay them as the lessee. I was told their commission comes from the owner of the space.
After 2 weeks of looking for properties he sends me a few forms he 'forgot to give me and wants me to sign'.
One of them says that his commission is 4% of the value of the entire lease, and that if it is not paid for by the owner of the space, I, the lessee, am responsible for paying them.
I wanted to know if this is commonplace or if that was an underhanded move? If for some reason the owner fails to pay commission I don't want to be responsible for what probably will be around 30k.
Thanks for any feedback-
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sounds like you better increase your charges for a crown royal to about 2,000 grand per tooth
that should work out for ya
that should work out for ya
only see kiddos scotty. if i had to see miserable adults all day, well, then i would be miserable too. kids keep it fun. and no 2k crowns either.
I had a bad experience when I was a kid with a dentist. I was scared and by myself sitting in the chair. I was getting a tooth filled. I think I was about 10
The dentist was pushing in the filling with one of them hook thingees and he slipped and dug it deep into my gum.
that was it for me
how much does a crown for a kid cost nowadays ?
hopefully you dont have too many kids that would need them
PS - just remember your responsiblity when you have one of them hook thingees in your hands
it makes potential clients into people that will avoid dentists at all costs
The dentist was pushing in the filling with one of them hook thingees and he slipped and dug it deep into my gum.
that was it for me
how much does a crown for a kid cost nowadays ?
hopefully you dont have too many kids that would need them
PS - just remember your responsiblity when you have one of them hook thingees in your hands
it makes potential clients into people that will avoid dentists at all costs
- Apr 28, 2006
- 1,552
- 32
- 0
Saint -I'm looking for office space to lease. I was told by the commercial agent who was recommended to me that I will not be responsible to pay them as the lessee. I was told their commission comes from the owner of the space.
After 2 weeks of looking for properties he sends me a few forms he 'forgot to give me and wants me to sign'.
One of them says that his commission is 4% of the value of the entire lease, and that if it is not paid for by the owner of the space, I, the lessee, am responsible for paying them.
I wanted to know if this is commonplace or if that was an underhanded move? If for some reason the owner fails to pay commission I don't want to be responsible for what probably will be around 30k.
Thanks for any feedback-
Brokers are sneaky, lazy bastards. That's the first thing you need to know and remember.
Like almost everything else in commercial real estate, it's negotiable. Typically, though, the landlord does pay the broker fee, yes. As I understand it, though, you are starting your own shop, right? There's no need for you to be on the hook, period. It's not that he's pulling the wool over your eyes, he's just trying to ensure he gets paid. That, however, is not your problem nor should you make it so. Brokers typically have separate broker agreements with the landlord that lay out the terms of their payment. If he doesn't get paid, he has to go after them. I work for a large, publicly traded company and we don't even agree to this - so there's absolutely NO reason for you to.
So, the short answer is you don't need to sign it. Just tell him you're not willing to open yourself up to that exposure and that he needs to work out a solid agreement with whoever the landlord is.
- Apr 28, 2006
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One more thing. When it's time to negotiate your lease, pay someone a few hundred bucks to protect your interests - it will be well worth it.
Kelly,
Thank you very much for confirming my initial thoughts. I am planning to use someone who has a lot of experience negotiating leases for dental.
I'm questioning why I even have a commercial agent. I found the space, he hasn't really done much of anything. I'm sure not going to let them negotiate my lease for me...since they make more money the higher the terms. Talk about a conflict of interests.
Thanks again for the input-
Thank you very much for confirming my initial thoughts. I am planning to use someone who has a lot of experience negotiating leases for dental.
I'm questioning why I even have a commercial agent. I found the space, he hasn't really done much of anything. I'm sure not going to let them negotiate my lease for me...since they make more money the higher the terms. Talk about a conflict of interests.
Thanks again for the input-
- Apr 28, 2006
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No problem. Good luck with your space. Don't let the broker negotiate anything for you. All they care about is getting paid, not getting you the best deal or protecting you from exposure. Their interest and yours are definitely not aligned.
