Let me share something with you that most brokers avoid talking about—because honestly, it’s more convenient for them if you never ask.
If you're a business leader navigating a lease—or planning for your company’s next move—you need to understand this: conflict of interest is everywhere in commercial real estate.
And most of the time, it’s hiding in plain sight.
Here are the three levels of conflict that can quietly work against you—even when you think you’re being represented:
Level One: The Easy One to Spot
If the broker representing you is also representing the building you’re interested in, it’s a clear conflict. We all get that.
Same person, two sides. Opposing interests. That’s like hiring one lawyer to argue both sides of a lawsuit.
It’s obvious. And in most cases, it’s legally allowed—but strategically flawed. You need someone who can advocate for you, not split loyalty down the middle.
Level Two: The Firm-Level Conflict
Here’s the one that most people miss.
Even if your broker isn’t representing the landlord, if they work for the same firm as the landlord’s broker, the conflict still exists.
Why? Because in commercial real estate, fiduciary duty, “the same relationship you have with your attorney,” lives at the firm level, not the individual level.
So when a firm represents both sides—even through different agents—each broker that works for the firm has the same fiduciary duty to every landlord client of the firm. That can create a problem in trying to represent a tenant like you at the same time.
In short, your broker’s advice is part of a larger structure that still has skin in the game for the landlord. That changes things—subtly, but significantly.
Level Three: The Long-Game Conflict
Now for the one almost no one sees coming.
Let’s say your broker works for a different firm entirely. Great, right?
Maybe not.
If that firm represents landlords or developers elsewhere in the market—or wants to represent them in the future—they’re incentivized to protect those relationships. So even if they’re not involved with your specific landlord today, they may be playing nice to earn favor for tomorrow.
Why would brokers prioritize a possible relationship with a landlord over a current relationship with a tenant?
Well, even if you’re a tenant with a significant presence, you’re likely only executing one or a few commissionable events per year. A landlord client has multiple commissionable events per year, per building, making those relationships more valuable.
Unfortunately, the most unscrupulous behavior isn’t about serving current clients—it’s about courting future ones.
That’s the kind of conflict no one discloses. But you still feel the effects, usually in the form of soft negotiations and missed opportunities. Think this happened to you? Let Keyser review your lease at keyser.com/lease-review.
How Do You Protect Yourself?
Start by asking better questions:
- Does this broker—or their firm—represent landlords in this market?
- Who holds the fiduciary duty: the person across from me, or the brand behind them?
- Are they truly free to advocate for me, or are they managing multiple interests?
The Takeaway …
Real estate decisions shape your future. The stakes are too high to navigate them with partial advice or hidden agendas.
At Keyser, we believe business leaders deserve more than surface-level service. You deserve advocacy that’s clear-eyed, unconflicted, and deeply committed to your success.
We don’t just manage transactions—we align strategy with vision. We ask better questions. We negotiate harder. And we never lose sight of who we serve.
So if you’re making a move—or just wondering whether your current broker is truly in your corner—we’d love to connect.
Clarity starts with a conversation.
Frequently Asked Questions:
- Why is dual representation a conflict in commercial real estate?
Because one broker can't fully advocate for both sides. When a broker represents both the landlord and the tenant, their interests are split, compromising negotiation strength and strategic alignment. - If my broker isn’t on the landlord’s listing, am I still at risk of conflict?
Yes. If both brokers work at the same firm, that firm has fiduciary duties to its landlord clients, which can subtly influence the advice you receive, even if unintentional. - How can I ensure my broker is truly advocating for my business?
Ask direct questions: Do they represent landlords or developers? Is their firm incentivized by future landlord relationships? Are they willing to push back hard when it counts? True advocacy starts with transparency.
