An office broker or a serviced office broker is a person expertise in office space trading. They are middleman who connects a person or a company interested in renting an office space with the space or property’s owner. For advertising purposes, they might get hired by business center owners or any individuals that are looking for a lease deal. Usually, they hired by start-up companies, but even multi-national corporations sometimes need the help of an office broker. Once a deal has been made, they get their fees from a few percent from their first agreement.
Office Broker Definition
The term office broker is defined as people who work for businesses people seeking serviced office space to rent and space owners looking for tenants. As many brokerage services do, they broke down the communication between the two parties. They might act on a side’s behalf, but also possible to represent each side simultaneously. By making an agreement between both parties, they get paid just a few percentages from the total lease value, often only three to five percent. If they work dependently, the profit needs to be parted to their base brokerage firms. That is why most of the times an office broker works independently.
What does an Office Broker do? Example
1. Locate available office spaces
Basically, the first base an office broker needs to do is listing available office spaces around his/her area. This can be done by taking a direct visit or by looking at leasing advertisements online. They should be able to make a full detailed list of every space available for renting. Simply put, it should contain the size of the properties, what material it built with, what design it applied, facilities provided, payment plants and discounts; thus making it easier for them to locate property that suits the tenants wish and needs.
2. Aid the tenant or the owners
Depends on who hired their service, an office broker can assist them effectively. They can provide the tenants with the best deal available that suits their needs. They also help them in negotiation and visiting process, pointing what’s best and what to reject efficiently to the tenants. Other than that, they work with the office property’s owners to promote and advertise their spaces, as well as putting up the best deals and payment plans to go with that would profit the owner. Overall, the broker does not decide the price.