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What Is The Single Worst Thing You Can Do As A Prospective Tenant During Your Search for Space?

Prospective Tenant – “Hey Dave, I just drove by a space and saw your name on the sign at the corner of Kirby and Richmond.  It is in an incredible location and would be the perfect spot for my business.”

Listing Agent – “Great! DO NOT MOVE, I will be there as quickly as possible.” Sounds of tires screeching…click.

The answer (contacting a listing agent directly) may not only surprise you, but also explain why our intuition fails us in the search for space to lease. It’s weird to think that your first inclination when searching for space to lease is actually the worst mistake you can make. I believe it highlights why the search for space should not be done by a tenant themselves, regardless of how educated they may think that they are (except for executive space).

“So, TheSquareFoot (yes, we just referred to ourselves in 3rd person), why is this such a terrible thing to do?” Great question, here is why –that leverage you had, just got tossed out the window.

  • The listing broker knows you are letting emotions affect your decision.
  • The listing broker knows you do not have representation.
  • The listing broker knows you are an uneducated consumer.
  • You are going to feel the pressure that the space you “absolutely love” is being looked at by other prospective tenants and may lease soon. How could you possibly know if that is in fact the case?
The worst part is, once you look without a tenant broker, trying to bring one into the fold is painful. The only time it won’t be painful is by catching the listing broker on a technicality. An example of an aforementioned technicality would be the listing broker not presenting a disclosure letter on the first showing stating that his or her interests are aligned with the landlord.

Are you surprised that calling the number on a space for lease sign is one of the big no-nos of searching for space to lease?