"The request to have you re-apply for the apartment together sounds like the landlord wants to issue a new lease to both of you, rather than renew your lease and have your boyfriend live there as an occupant," Wagner says. This request should definitely send up a red flag, First, it helps to be aware of your rights as a tenant. 2. Unwillingness to pay the broker commission is one of the top reasons that companies choose to forego using a tenant agent. Brokers should be familiar with and follow the duties set out in Rule 535.2 . Under New York City's "As long as you disclose the presence and identity of your boyfriend to your landlord, you're allowed to have him live there," says Douglas Wagner, a broker with Some management companies may charge certain tenants a small fee upon lease renewal, but such requests do not ordinarily come from agents or brokers. "Is this the way the landlord wants to be represented, assuming the broker asking for the commission has an exclusive agreement with the owner? Current Commission Members. ), and they will be all the more motivated to fight for your renewal and think twice about a Because your existing landlord wants to keep your company in his property, and competing landlords are trying to lure you away, you are all of a sudden the hot ticket item that everyone is fighting for. If you are willing to “shop around” during the months before your agreement expires and see what else is out there before renewing, you will want a market expert with first-hand knowledge of what commercial real estate is available as a guide.When you bring a professional to the table with you, your landlord will know at that point that you are serious about finding the best deal possible for your business (lower rent, perhaps? Yet businesses seldom have to pay out-of-pocket for this commission. Be upfront with them that you want someone to be completely honest with you, about everything from money to terms. Sometimes negotiations between tenants and landlords can be uncomfortable or contentious. They will be able to identify issues and Not only will an active real estate broker know important terms and provisions, they will also be up-to-date on laws and policies related to the industry. It’s an ideal situation for a renter to be in and it’s CRUCIAL to have an experienced broker willing to help you sift through and digest every proposal and offer on your way to making the best decision for your business at this time.Renewing your lease doesn’t just mean signing an extension to the old offer under the exact same terms and exact same monthly rent.While your business may be staying in the same suite, it’s essentially a new agreement and may require Alternately, you may want some free rent at the start of the new agreement as a bonus for re-signing and continuing on for an additional term. Derek Sankey is … A real estate professional will be familiar with provisions that could be bad for your company and will be able to raise them to you so you avoid the traps.A real estate broker can be your trusted advisor in the renewal process. They can then be realistic about your situation, whether that means you are in a powerful position or whether it means you are in a weaker position where you might have to accept unwelcome news—like the potential for a rent increase, for example.Although we might instinctively think of negotiations as a kind of “war,” and the real estate broker as a champion for “our side,” it may not need to be like that at all. And, in many ways, when it is negotiation time, you should consider a lease renewal like a new lease.Here are a few reasons why getting a broker to help you negotiate a lease renewal is a wise move that can save you a lot of headaches:Having an existing lease with one landlord doesn’t preclude you from being free to negotiate a fresh agreement with another.
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broker commission on lease renewal