If you are new to the leasing process or simply need new office space, the first thing you should do is find a tenant broker. Knowledgeable tenant representation can be the difference in merely finding a new commercial space or finding an ideal real estate solution for your business. Many people make the mistake of directly contacting the commercial real estate broker listed on a property. They don’t realize that this person represents the landlord or property owner so, as this is their client, they will put their interests first. It’s much more advantageous to work with a good tenant broker, and here are ten reasons why:
1) Exclusive representation at no cost to you. Unlike leasing agents who often work for a landlord or property owner, tenant reps offer client exclusive fiduciary duty, confidentiality, professional support, and advice to you at every step. And you do not have to pay any extra for this service. Their fees are paid by the landlord or owner seeking to lease the property.
2) Save time on your search. The real estate market can be daunting. Using a tenant broker saves time, effort, and frustration often associated with site selection, lease negotiation, etc. Hiring a tenant rep keeps you from treading the unknown commercial real estate market without the proper tools and resources.
3) Access to in-depth market knowledge. Working with a tenant broker means you get access to information on commercial leasing that you wouldn’t have on your own. This puts you on equal footing with professional, full-time landlords and their agents.
4) Get a comprehensive needs analysis. Your tenant representative will conduct a thorough needs analysis with you to assess the appropriate space requirements so that you can find the ideal property for your business needs.
5) Develop and implement a timeline. Whether you are changing spaces or looking for a first-time lease, you probably have a time frame in mind for moving into a new commercial real estate space. Your tenant broker will create and execute a project timeline and provide you with consistent updates and timely communication throughout the process.
6) Have a facilitator throughout the process. Part of your tenant representation includes a team of professionals and contractors to facilitate the entire evaluation process, gain insights into market conditions, and make sure the best criteria are utilized.
7) Proprietary software and tools. Tenant brokers have access to proprietary software and tools specifically designed to locate and evaluate all the available properties and compare them to your established selection criteria.
8) Objective, professional evaluations. Unlike working with a commercial real estate brokerage that represents properties, tenant reps will obtain objective, professional evaluations of your alternative sites using objective methods and decision support tools.
9) Protection during lease negotiations. Tenant brokers represent you and only you. During lease negotiations, your tenant rep protects your interests, ensuring that you get the most value in improvement allowance and come away with terms that best meet your present and future needs.
10) Help establish a friendly landlord-tenant relationship. Lease negotiations don’t always go smoothly. A tenant broker will help to develop the foundation for an amicable landlord-tenant relationship while serving as a negotiator, intermediary, and buffer on your behalf.
So before you pick up the phone and call the number on a listing you’re interested in, think twice. Do you want to work with a real estate agent whose loyalty lies with the owner or landlord of that property? Or would you rather find a tenant rep whose mission is to find you the best commercial property – even if it is a different one?
Contact IRC today to schedule an appointment with a tenant rep. You can reach us at 210-828-9261