What Can a Tenant Representation Broker Do For Me?
Need Office Space? No problem.
If you are seeking commercial office space to lease for your business, hiring a skilled tenant representation broker is the way to go. With a tenant representation broker, you will find that many of the difficulties associated with finding commercial space will be alleviated. A good tenant rep broker will find you the office space that meets your companies needs while paying attention to your bottom line. Read on to find out what a tenant representative can do for you:
#1 Offer Industry Insight
During the search or the negotiation process, you might have some questions to ask about choosing the ideal office space and what makes the most sense for you. A tenant representation broker will enlighten you on areas where you hold leverage as well as areas where the landlord may not budge on negotiations. This knowledge comes from handing several transactions in your respective market.
#2 Help You Establish Your Needs
With some experience in the bag, tenant representatives know the right questions to define what kind of office space will be ideal for your company. After a meeting with your tenant rep broker, you may find that your primary idea of a perfect office might not be the best fit for your company after all.
#3 Explain Your Market
It is challenging to determine whether you’re getting a fair deal from a landlord if you don’t have an accurate understanding of the market. A tenant rep broker can provide you with data to help you see how an offer measures up against current market rates in the area.
#4 Tell You About Pocket Listings
Many office spaces are not advertised to the general public. Landlords need tenants so they tend to have good relationships with tenant reps. This direct connection to the landlord can help you gain access to places that you may not have considered or had access to on your own. Experienced tenant brokers are familiar with the tenants in the buildings located in their sub-markets and know those who are not renewing their leases. This insider knowledge could afford you the option to snag a great and sought-after space.
#5 Have the Right Connections
A lot of tenant rep brokers have existing relationships with space planners, interior designers, and real estate attorneys and can help you with referrals for capable professionals whose services you may need in the future. If you have a good tenant rep, they may help you manage some level of the build-out stage.
#6 Help You Win Leverage
When you have a tenant representative beside you on the table, you’ll have an extra advantage during the negotiation process. The tenant rep broker will argue in favor of your company and help you engage the prospective landlord. They will make sure you get favorable concessions and make sure all business terms are correct in the final lease draft. A broker can also point to you the right time to agree or when it would be better to walk away from a deal.
#7 Help You Read the Fine Print
Commercial leases are very complicated, long documents, filled with things you might not understand properly. Lease drafts tend to be very landlord-centric and, sometimes, can be outright ridiculous. On your own, you may not understand this fact but a tenant rep broker can read the fine print and see clauses that could be problematic in the future. In addition, they can explain in simple terms what the lease agreement entails before you sign the agreement preventing you from making a poor business decision that could affect you for years.
#8 Not Charge You A Penny
The tenant representative’s fee is taken care of by the landlord, not your company. Because of this, you can enjoy all the benefits of having one on your team during the search and negotiation process without altering your budget. It’s a win-win for you!
#9 Security
In conclusion, having tenant representation is truly essential in securing good office space for your business. It also will create security in lease negotiations. The tenant representative helps you identify hidden opportunities in the market and make your search easier. With all of this said, doesn’t it make sense to hire a tenant rep broker? What do you have lose? A lot if you go about your commercial real estate search without representation.
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