In commercial real estate, each party can hire a broker to represent its own interests. A tenant representative (tenant rep) represents tenants looking to lease space. A buyer's broker, sometimes called a buyer's representative or acquisition advisor, represents buyers. A listing broker represents property owners who are selling, and a landlord representative or leasing broker represents owners who are leasing space. Each owes duties to their own client, which is why knowing who a broker works for matters before you share information.
Who represents whom: a quick overview
| You are a... | Who represents you | What they do |
|---|---|---|
| Tenant looking to lease | Tenant representative (tenant rep broker) | Defines your needs, finds and compares spaces, negotiates the lease for you |
| Buyer looking to purchase | Buyer's broker or acquisition advisor | Finds properties, analyzes them, negotiates price and terms, coordinates due diligence |
| Owner selling a property | Listing broker (seller's representative) | Prices, markets and negotiates the sale for the owner |
| Owner leasing out space | Landlord representative or leasing broker | Markets the space, screens tenants, negotiates leases for the owner |
| Investor owning several properties | Any of the above, depending on the assignment | Acquisitions, dispositions or leasing, plus market analysis |
Who represents tenants in commercial real estate?
A tenant representative works exclusively for the business that wants to lease space. Their job is to translate your needs into a search, compare options across buildings and landlords, and negotiate rent, concessions, operating expense terms and lease flexibility. A tenant rep does not work for the landlord of the building you end up leasing. Our tenant representation page describes how we handle these assignments, and our article on why your business needs a commercial tenant representative goes deeper. If you are unsure how a tenant rep compares to the agent listed on a sign, read tenant representative vs. leasing agent.
Who represents commercial property buyers?
A buyer's broker represents the purchaser. They help identify properties that fit your criteria, including on-market and off-market opportunities, analyze income and expenses (see how to calculate NOI and analyze a rent roll), prepare offers or a letter of intent, and coordinate due diligence with your attorney, lender and inspectors. Buyers include investors, owner-users who will occupy the building, and developers. Learn more in our guide on how brokers help buyers find investment properties, and see our investment opportunities page.
Who represents commercial property owners?
Property owners have two main types of representatives, depending on what they want to do:
- Listing broker or seller's representative: markets the property for sale, helps set the asking price, manages offers and negotiates the purchase agreement. Read how to choose a commercial real estate broker to sell your property.
- Landlord representative or leasing broker: markets vacant space, screens prospective tenants, negotiates leases and supports renewals. See our landlord representation page and the article on why commercial property owners need landlord representation.
Owners may also hire a property manager to handle operations. A property manager is not the same as a broker, though the two roles can work together.
What agency means in practice
In real estate, "agency" describes whose interests a broker is legally obligated to protect. A broker who represents you owes duties such as loyalty, confidentiality, disclosure and care. A broker who represents the other side does not owe you those same duties, even if they are polite and helpful. That means information you share with the other side's broker, such as your maximum budget, your lease expiration or your urgency, may be used against you in negotiations.
Virginia has rules about disclosing representation, and brokers generally must disclose whom they represent. The exact requirements and available arrangements, including written agreements and whether a firm can represent both sides, are legal matters. Ask each broker to explain in plain language whom they represent and get it in writing, and consult a real estate attorney for questions about your rights.
Dual agency and conflicts
Sometimes the same broker or firm ends up on both sides of a deal, for example when a firm lists a building and a tenant or buyer wants to work with that same firm. This is called dual agency, and where permitted it requires disclosure and consent. It creates a built-in tension, because one broker cannot fully push for the highest price and the lowest price at the same time. Questions to ask:
- Do you represent me exclusively on this transaction?
- Do you also represent the owner of this property?
- Will I sign a written agreement describing your duties and compensation?
- How would you handle a conflict if one arose?
Our post on the difference between tenant and landlord representation explains how the two roles differ.
Who else is on your team?
A broker is one member of a deal team. Others typically include:
- Real estate attorney: reviews contracts, leases, title and zoning issues.
- CPA or tax advisor: advises on tax implications and entity structure.
- Lender or mortgage broker: arranges financing for purchases.
- Inspectors, engineers and environmental consultants: evaluate the physical and environmental condition of the property.
- Appraiser: provides an independent opinion of value (see how to determine market value).
A broker coordinates these specialists but does not replace the legal and tax advice you need from a licensed attorney and CPA.
How to choose the right representative
Once you know which role you need, compare candidates on the same criteria. Property-type experience matters, since a broker who mostly handles office leases may not be the best fit for a warehouse purchase. Local knowledge matters because Fairfax County, Loudoun County and Prince William County each have different zoning rules, submarkets and approval processes. Ask how the broker communicates, how quickly they respond, and what data they use to support recommendations, such as CoStar comparables. Finally, ask how they are compensated. In many leases the landlord's listing agreement pays a commission that is shared with the tenant's broker, while in sales the commission is typically paid from the sale proceeds. Compensation is negotiable and should be explained in writing before you commit. For a fuller checklist, see how to find the right commercial real estate broker in Northern Virginia.
How Fred's Properties works with clients
Fred's Properties represents sellers, buyers, landlords and tenants in commercial sales, leases and investments across Northern Virginia, and has access to CoStar, a commercial real estate database. Before any assignment, we recommend a conversation about whom you want us to represent and what that means for your transaction. Browse current properties for lease and properties for sale, or read our guide on what a commercial real estate broker does.
Next step
If you are unsure which role fits your situation, call us at 703-505-3501 or use our contact page. We will explain how representation would work for your lease, purchase or sale, and which questions to ask before signing any agreement. This article is general information, not legal advice.
Frequently asked questions
Who represents tenants in commercial real estate?
A tenant representative, or tenant rep broker, represents the tenant in finding space and negotiating the lease. They owe their duties to the tenant rather than the landlord.
Who represents commercial property buyers?
A buyer's broker or acquisition advisor represents buyers. They find properties, analyze them, negotiate terms and coordinate due diligence on the buyer's behalf.
Who represents commercial property owners?
A listing broker represents owners who are selling. A landlord representative or leasing broker represents owners who are leasing space. Some owners also hire property managers for daily operations.
Can one broker represent both sides of a commercial deal?
Sometimes, through a disclosed arrangement often called dual agency, but it can create conflicts. Ask any broker whether they have a relationship with the other party and get the answer in writing.
How do I know whom a broker represents?
Ask directly, and review any written agency disclosure or representation agreement before sharing confidential information. If anything is unclear, ask an attorney.
Do I need a lawyer if I have a broker?
Yes, in most cases. A broker negotiates business terms and market issues, while an attorney advises on legal rights, contract language and risk.
