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Retail Tenant Rep

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A broker is trying to convince me to sign as exclusive tenant rep agreement AND pay a monthly retainer($3,000). He claims it is to do the location research as to where we should locate our 50 stores around the country. I argue that the leasing opportunity should be enough to get his attention. He will offset the retainer against commissions earned but it doesn't feel right to me as most brokers will work for free in hopes of making the deal and the big commissions that accompany it. Thoughts?

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What should I look for in a broker to represent me in my search for retail space?

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Posted by: Arnold, Walt Albuquerque	First off you would want to make sure that the broker is an expert in the field of commercial real estate you need. Also having a high level of experience which might include membership in either the CCIM Institute, which requires years to complete the certification process or an SIOR, a select group of 2,800 commercial brokers worldwide is an important component in selecting a broker to work with. Another important trait is a broker that listens to your needs and assesses those needs and then works diligently to complete the transaction and keeps everyone apprised of the progress as it moves toward completion. At Sperry Van Ness we talk about having encyclopedic market area knowledge and stress being recognized expert in the market area. Someone looking for a broker wants to make sure they understand the market and have strong knowledge of it.
Posted by: Barron, Bo Owensboro	The question of who to hire to represent you as a tenant is so important. The first thing to look for are the "air bags." You don't purchase a car because it has air bags, but you shouldn't by a car which doesn't have them. So it is with brokers. At a minimum, they should have certain skills, market knowledge, and connections. This your base line. Beyond that however, the key to being a successful tenant rep is creating competition for the tenant's occupancy. When done correctly, landlords understand that they are in competition with other landlords, and they will respond with their best deals - especially in a market with 18-20% vacancy rates nationwide. To see more of what I mean, check out this short 2 minute video - http://www.youtube.com/watch?v=epaHri1DMNI.
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