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Updated over 1 year ago on . Most recent reply
CA Commercial Brokers - questsion re: AIR CRE Lease Docs and cost
Hello BP,
Can any brokers working with AIR CRE lease docs on here tell how much it would cost to write out a lease with 14 -20 credits? Looking at AIRCRE website it seems they moved to a pay per use model with credits and so I wanted to know how much it would cost the broker to access these docs. https://www.aircre.com/air-cre...
I'm currently negotiating a new lease and in the past the Commercial brokers I have worked with have provided me the AIR Single Tenant Lease Gross along with the needed addendums, guaranty of lease, option to extend and rent adjustment. The current broker retained by the selling tenant doesn't have access to AIR but has access to CAR. How long does it take to get accepted into AIR CRE if I can convince the broker to apply so he can gain access to the docs?
Any other way to get these docs? Do Brokers offer writing an AIR lease for a fee?
Thanks for any help.
Most Popular Reply
Update on my question in case others run into this situation.
I wanted to work with the AIR CRE docs but the broker dual agenting the tenants didn't have access to them and didn't show a desire to get them. I went ahead and contacted the AIR CRE sales dept myself. They said that in order to use their contracts, I would need to purchase their software for $600 which comes with 199 credits. (The software is available to non agents such as lawyers, property owner/managers and etc.) So each credit is worth about $3 and a Lease for STL Gross is listed as 6 credits would cost me about $18 and any additional docs such as addendums, rent increase or Extensions would cost about $6 each. The cost isn't too bad per contract but the software cost was a problem since I only need a commercial lease docs once every 10 years or so. The good thing is if I did purchase the software, they said the credits never expire, so that's nice but what will I do with the rest of the 180 credits stuck in the software. LOL
I asked if it was okay to contact their members listed on their website to see if anyone would be willing to write the contract for me and the sales rep said that it was perfectly fine to do that. I found a nice agent on my first attempt and he and I came to an agreement on a flat fee for the docs that I would need. He is charging more than $3/credit but the convenience of not having to purchase the software as well as learn how to produce the doc is well worth it. He was happy to help since my fee would help him offset his fees.
I didn't like the shortness of the CAR document 7 pages compared to like 20 pages for the AIR Single Tenant Lease - Gross and I'm glad I stuck to what I know and like. Didn't want to have to go searching but it wasn't too bad.
All of their Leases are available for viewing on their site.
https://www.aircre.com/ under /air-cre-contracts/list-of-contracts/