“I can find and lease my own business space myself. I don’t need any tenant representation!” If that is you because A.) You are a Rugged Individualist and B.) You think you are going to save money, then please consider thinking it over again. Would you take out your own appendix to save money and prove you can do it yourself? I doubt it, but as with many things in life, finding and negotiating your own lease is a lot harder that it looks. As our society grows more complex everyday, its always about knowing the right questions to ask. You can always find the answers, but you have to know what you are looking for. Let’s start off with some basic questions to ask yourself. 1. Do I really have the time and expertise to research the market for property? 2. Can I conduct my own needs analysis to adequately assess my businesses’ requirements? 3. Do I know all the available properties in the market that meet my needs? 4. What are the effective leasing rates and what inducements are being offered at this time? 5. Do I know how to compare the proposals offered by the various Landlords? 6. Do I know how to compare the different lease structures, like Full Service Gross versus Triple Net versus Modified Gross? 7. How do I evaluate how much tenant improvements I will need, or what the Landlord will provide in his allowance and what I will have to provide? 8. Do I know how to use real estate to improve my company’s financial and competitive position? 9. Should I lease or should I buy or even build? 10. Which parts of the lease are negotiable and which are not? 11. This lease is 20 plus pages long! What do these things really mean and what is being left out? 12. Who do I turn to for legal advise, construction work, architecture, or engineering help?
A good Tenant Representative is well-versed in these issues and many more. He or she acts as a good steward whose is sole purpose is to look out for your best interests and your company’s best interests. The Tenant Rep should become a trusted advisor so that you can focus your time and energy on what you do best – running your business – and delegating your real estate activities to a specialist.
Investment Realty Company’s professionals are ready to assist you with your Tenant Representation needs. Just call us.
Parking Ratios. electric requirements, a/c requirements city codes, zoning, room to expand, way to contract? Length of lease verusus a bailout penalty. expenses passed through? reputation of the Landlord? Mix of tenants good or bad for my business?