Issue: Brace yourself for a shock: your company's real estate broker may not always have your best interests at heart.

True, this is probably about as stunning as, say, the revelation that securities analysts once wrote flattering things about banking clients. But, like the complex relationships of the pre–Eliot Spitzer banking industry, conflicts of interest in the real estate business are pervasive and costly, say experts.

Solution:  So what should you do? One step is simply to raise the issue with the broker. Many companies now require prospective real estate providers to disclose any potential conflicts in their RFPs (some states also require such disclosure). "In my experience, brokers are pretty good about fessing up to their conflicts, if only because the conflicts are so obvious that to deny them would take away credibility," says Peter Linneman, professor of real estate at The Wharton School of the University of Pennsylvania.

Companies could also hire tenant-only firms, which is what Velocity Sports Performance, a sports-training franchise, has done. According to Kevin G. Keegan, head of operations (and a licensed real estate broker), the company did this to help ensure that its franchisees get the best deals on leases.