Services
Tenant and Buyer Representation
Leasing or buying commercial space is a time consuming and complex process, consisting of many interrelated variables. Whether you overpay for commercial space or are able to negotiate below-market pricing and favorable terms depends on your preparation and understanding of the nuances of the leasing or buying process and your choice of advisors. Savvy business and medical people wishing to make fully-informed real estate decisions seek guidance from an independent commercial real estate advisor who specializes in tenant and buyer representation.
I focus exclusively on representing, and protecting the rights of, business owners, doctors, dentists and corporations in commercial real estate transactions and, since 1984, have advised over 2700 businesses. My duties are to research the marketplace for every suitable property, regardless of which agent or agency lists them; determine which landlords have the most urgent needs; and use this information to negotiate the lowest overall prices possible.
Cost: Commercial real estate leases and sales usually generate commissions that are typically shared between the agents or licensed advisors representing each party. While I generally work on a contingency basis (i.e., sharing commissions with listing agents) I also can be paid hourly, by a flat fee, or a retainer arrangement. In those instances where I am paid a retainer (typically $1,500.00 to $5,000.00) and subsequently collect a commission on the same transaction I refund the retainer on a dollar-per-dollar basis.
Mentoring Programs (Earn while you learn)
This program is designed for licensed real estate agents that want to learn the ins-and-outs of commercial tenant and buyer representation. The agent will work side by side with Steve Cross and learn the following:
- Prospecting for Clients
- Qualifying prospective Clients
- Fiduciary duties owed to the Client
- Researching for suitable space
- Conducting negotiations with agents, landlords and sellers
- Preparing proposals
- Negotiating the terms of the Lease or Purchase Agreement
- Completing the transaction
- Service after the transaction has been completed
Length of program: 12 months
Details: The agent-in-training (“agent”) is required to obtain 15 prospective tenants or buyers that have commercial real estate requirements (leasing space, buying property, renewing or renegotiating existing leases) during the 12 month mentoring period. On the first 5 transactions Steve Cross performs the research for space and conducts all negotiations, with the agent observing and learning. Commissions and fees resulting from these transactions will be split 25% for the agent and 75% to Steve Cross.
On the next 5 transactions (transactions 6-10), the agent will perform some of the research and negotiations. Commissions and fees will be split 50-50 on these transactions.
On the final 5 transactions (transactions 11-15) the agent will conduct the majority of the research and negotiations. Commissions and fees will be split 75% to the agent and 25% to Steve Cross.
Coaching
This program will be tailored to suit the individual needs of each student.
Cost: $245.00 per hour or a pre-determined commission split. In some cases fees paid will be credited to earned commissions on a dollar-per-dollar basis.
Seminars (Public Service)
Steve Cross is available to present his insights, experiences and recommendations on leasing or buying commercial real estate to clubs, groups and organizations. These presentations typically last 20 to 40 minutes and can be tailored to your group’s areas of interest. A popular seminar is titled “How to Negotiate a Commercial Lease You Can Live With”.
Cost: There is no charge for this service. In exchange, Mr. Cross would appreciate a list of the names and e-mail addresses of those in attendance.
In-Depth Educational Programs
Steve Cross will tailor educational seminars to the needs of your businesses. Topics could include: “How to Research for Suitable Commercial Space”, “Negotiating Commercial Leases”, “What Terms Should be Included in Every Leasing Proposal”, “When the Landlord Says No”, “Leasing in a Down Market Cycle”, and the like.
Cost: $500 (per hour) to $2,500 (6 hour class).
Second Opinions and Expert Witness
People considering leasing commercial space or buying commercial property sometimes desire an objective second opinion about the contemplated terms.
Those considering, or involved in, litigation may require an expert opinion and testimony as to the transaction under dispute including whether an agent acted in an undisclosed dual agency capacity, to the detriment of one or both of the parties to the transaction.
My fees for these professional services generally range from $1,500.00 to $10,000.00, plus expenses, and are dependent on the complexity of the assignment.
