On Wednesday we talked about exactly what type of broker is the best fit for corporate tenants. (If you missed it, here is What to Avoid When Hiring a Corporate Real Estate Broker pt. 1.) And now that we understand why a pure tenant representation firm and broker are the most beneficial to you and your company, let’s discuss qualifications.

Negotiation Experience

Here is where the tenant rep superstars really shine. Most brokers – not just tenant reps, but brokers of all sorts – have little to no experience in lease negotiation. Or if they do, their success is only measured by the one or two tenant provisions they were actually able to keep. Many companies just leave the negotiations up to their lawyers, but as we will see in a moment, they may not always have the firmest ground to stand on in their negotiations. When you are recruiting a broker, make sure they have adequate experience and success in negotiating commercial leases. Avoid anybody who does not posses such invaluable qualities, as it may cost you in unfavorable terms and conditions.

Market Intelligence

Step 2 of how to Save a Million on Your Next Tenant Lease is developing extreme market intelligence. This CRE best practice is not just for farming competitive bids, it will also afford you a better feel for the market and the other party’s (the property owner’s) stance in these negotiations. This is where just sending the lawyers in doesn’t necessarily work in your best interests. On top of all of the paperwork and everything else they must deal with, lawyers simply do not have to the time (and often the resources) to truly learn each market in which you have a deal pending. Because of that fact, it is often best to avoid just sending in your team of lawyers who have no means of really preparing for a successful negotiation. If you have trouble finding a good tenant rep broker with quality negotiation experience, absolutely build your team (Step 1 of how to Save a Million on Your next Tenant Lease) with your specialized players ready to get you the best deal possible.