Prove You Aren't Bluffing
When a broker becomes involved, a Landlord knows the Tenant is not bluffing and may leave the building. They will generally pay the broker’s commission even on renewal.
Not only because it is cheaper to pay a broker to renew a Tenant than find a new Tenant but also so they are on an even playing field with other Landlords who will compete for the tenancy.
Landlord's love self-negotiators and they eat their lunch. I know because I once negotiated renewals for landlords. The self-negotiators got a far worse deal than even tenants who used a brand new to the business broker.
So don't bluff and pretend you know the market.
Make the landlord compete to keep you even if you are planning to stay.
And don't stay in your office, visit the other spaces, get quotes and win rather than lose.
And don't forget a lot of tenants end up relocating when they intended to renew because of better opportunities.
If it doesn't cost anything to hire a tenant rep, it seems like a bit of a no brainer to do so.
How have some of my clients done on renewals as well as relocations? Click here to find out