Tenant rep
A commercial broker who represents a business looking to lease space, helping find locations and negotiate rent, concessions and TI. The tenant rep is usually paid by the landlord through the lease commission.
Also called: tenant representative, tenant representation, tenant broker
Related terms
A short document outlining the main terms of a proposed lease or purchase, such as price, rent, term and contingencies, before a full contract is drafted. Most of it is usually non-binding.
Changes made to a space to fit a tenant's needs, such as walls, flooring and wiring. Landlords often offer a TI allowance per square foot, which is negotiated as part of the lease.
What agents are paid when a deal closes, usually a percent of the sale price. It's always negotiable. It goes to the brokerage, which pays the agent their share.
Property used for professional and administrative work, from small suites to high-rise towers. It is graded by class, leased by rentable square foot, and often uses full service gross leases.
The agent who represents the buyer. They find homes, set up showings, write offers and negotiate. Since 2024 most need a signed buyer agreement before touring homes.