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From Tension to Success: Broker-Owner Relationships in Retail Leasing
If you are involved in lease negotiations on behalf of retail asset owners, you already know a couple of hard truths: The deals will not happen without the help of solid, hard-working commercial retail brokers (who can be worth their weight in gold) and at least some tension inevitably arises while moving the deals along. This article gives focus to the tension, and suggests that the tension is not only desirable, but important to help improve negotiation results for all concerned.
First, a reality check: No matter how great your retail asset (in your mind), no matter how desirable you know it to be, retail tenants typically do not clamor at the owner's doorstep begging to lease space. The retail commercial broker is instrumental in sifting the wheat from the chaff, navigating the chaotic tenant marketplace and bringing to ownership the gems with a reasonable chance of success.
A derogatory fiction is espoused by some — that the broker brings a prospect to ownership, then assumes the job is done and waits to earn commission. But nothing could be further from the truth. Capable, high-quality brokers in fact take on many roles and do far more than “find someone.” A seasoned commercial retail broker knows the industry, follows the trends, watches the local market, knows the players, has the relationships, gladly joins discussions even at odd hours, relies on practical data to sift through the prospects, knows the owner's “hot buttons,” negotiates the letter of intent (LOI), frequently reports to ownership, guides the owner and legal counsel throughout the lease negotiation on business term nuances, and often plays the role of friend and informative professional (and perhaps even psychologist). This is what it really takes for a broker to succeed, and retail asset owners rely heavily on these skills.
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