DID YOU KNOW…
When searching for a new location for your business, it is easy to pick up the phone and call a number you’ve seen on a “For Lease” sign.
However, the real estate company that is marketing that building for lease or sale represents the owner of that property and their job is to get the best deal for their client, the building owner, not you.
The state has provided a means for real estate consumers to be informed of agency representation in real estate transactions. This is facilitated by the Consumer Notice. This form should be presented by the real estate licensee to a consumer during the initial interview and explains the different types of agency permitted under Pennsylvania Real Estate law. One of the agencies permitted is Tenant or Buyer Representation. This relationship is typically formalized by a written agreement in which the licensee works on behalf of, and has a fiduciary duty to, their client, the tenant or buyer in this scenario. In addition, the consumer agrees to work exclusively with the licensee.
Under this type of business relationship, the consumer can be assured that their agent is 100% committed to finding the right location for their business for the best possible price while providing loyalty and confidentiality. This type of arrangement typically does not cost the consumer anything. The licensees’ commission is still paid by the owner of the property.
Why should I use a tenant/buyer representative?
Searching for and securing the right space requires a significant amount of time and effort. Your representative will help you identify your needs, evaluate the options available to you, then work toward negotiating and securing the best terms for your company. You can focus on your business while your representative focuses on your real estate needs.
If you would like more information on how tenant or buyer representation can benefit you, please contact:
Martha L. Graham
Massaro Properties LLC
412-963-2800, Ext. 236
Article by Martha Graham, Associate Broker, Massaro Properties, LLC