Is ​There A "Code of Ethics Protocol" For Commercial Landlords?

[John Arendsen]

Is There A "Code of Ethics Protocol" For Commercial Property Management Broker Landlords?

I'm representing my daughter-in-law on the negotiation on a commercial lease for her second beauty salon. The leasing agent has and continues to be anything but ethical.

When I first discussed a lease with him he very happily gave me a cost per square foot of $3.75 with a 50 cent NNN and a 2.5% commission for me as the lessees broker.

He then offered us up to 120 days free rent as my son, a general contractor and tenant improvement specialist, will be doing about a 100k worth of improvements. Because they are planning to spend that amount of money I also asked the PM for at least a 5 year lease or more which he happily agreed to.

I asked him to email me those terms and conditions so I could review them with my daughter-in-law and son and have yet to receive them. I made several attempts to communicate with him and he never answered any of my calls or emails.

Finally last Thursday he called me and said that he'd been in touch with my daughter-in-law directly, which I thought somewhat of a breach and rather odd, and that because I was her father-in-law, which has absolutely nothing to do with this RE transaction, and I was representing a family member he was changing the terms.

He then told me that the commission would be reduced to 2% first and foremost and that the lease would now be $3.85/sf with a 52 cent NNN and only a 90 day rental allowance for the improvements.

He wouldn't give me a commitment on the length of the lease and instead told me that those were the new terms and conditions and if we didn't like it he had someone else who was waiting to lease the property. So I once again asked him to email me his revised T & C's and thus far have heard nothing whatsoever from him.

First and foremost I am willing to forgo any commission if it helps my kids get into this building. I'm also well aware that he may have some other players in the deal. But I can't help but think he's just gaming us.

I'm not an experienced commercial RE person and have no idea what's going on. But somethings just not right here so if anyone in AR land can cast some light on this dilemma I'd be eternally grateful.

SHAME ON HIM!

WHY DO FOLKS HAVE TO ACT LIKE THIS?