The Importance of a Tenant Rep
When you’re looking to relocate your offices or are expanding to a whole new market, you want to end up with the best space for your needs and be able to secure that unit for a fair price. Having a tenant rep broker on your side is crucial to accomplishing those goals.
Here are the top reasons why you should contact one before you begin searching for properties:
1. The Landlord Isn’t On Your Side
The goal of any landlord is to maximize the income that they make from renting their units. When you get to the negotiating table, you need someone who knows the commercial real estate market inside and out looking after your interests. Otherwise, you can’t be certain that you’re receiving a fair deal.
2. You Can’t Get In to See Every Property
Often times, office spaces in highly desirable buildings and locations within a city fill up before the property is even advertised as being available. If you don’t have a tenant rep broker who can get you in the door at places that are newly vacant, you could miss out on great opportunities in your area.
3. You Have Enough to Do Already
If you truly want to get the best space for your business needs and your budget, you need to invest plenty of hours familiarizing yourself with the market and searching through listings to find properties that are a good match. A tenant rep broker will take over the responsibilities for you, so you can focus on running your business, not following the commercial real estate market.
4. You Don’t Know the Lingo
The language that is printed in commercial real estate leases and tossed around in negotiations isn’t something that you encounter every day. A tenant rep broker can take the time to explain unfamiliar terms to you and provide you with advice and guidance that can keep you from making the wrong decision.
5. You May Not Know Exactly What Space Is Right
You know your business inside and out, but you may not be able to see all the ways that your office space impacts your business. When you’re searching for a space, you may not think of an amenity or feature that could improve productivity, lower costs or otherwise benefit your business. With years of experience working with companies like yours, can help to identify just what you need from a space and help you find it.
6. You May Not Know the Right People
As negotiations progress, you may need the help of an outside professional like a real estate attorney or a licensed interior designer. Tenant rep brokers have established networks with professionals in a variety of fields and can help you easily find the right provider.
Having a tenant rep broker at your side can greatly improve your chances of securing the ideal space for your needs at a fair cost. Best of all, you won’t have to pay for his or her services. The tenant rep broker only gets compensated if you sign a lease, ensuring that he or she will go to great lengths to help you find your dream property at the right price.