- June 22, 2018
- 0 Comments
By Ben Graham, CCIM & Chase Cangelosi
When you’re looking for the perfect commercial space to lease, landlord reps can help you through the process, but when your interests aren’t represented as well, you may wind up with a bad deal.
Here’s what tenant rep agents can help with and why to use them:
1. Tenant Rep Agents Work for You
A landlord rep may be helpful and get you a lease fast, but their interest is on the landlord. Their job is filling available space as quickly and as profitably as possible. A tenant rep broker, on the other hand, works for you. Their focus is getting you the best deal and the best property for your needs.
2. You’ll Have More Choices
The best office spaces are never advertised. Non-Agents will never even know that the properties are available if they aren’t advertised. Tenant rep agents have insider knowledge of the market and can get you a tour of the spaces that you might have not even known about.
3. Saving Your Most Precious Asset, Time
A tenant rep will analyze your needs and base their property search on your business’ specifications. This spares you from having to waste time researching and touring spaces that won’t work for your specifications, whether that’s size, use, price, etc.
4. Save You Money
Tenant reps are professionals who know the market. They know what a fair lease rate is for any area, and they know what lease types and terms are standard in the industry. You can be certain that you’re getting the best deal and not being taken advantage of when you have your own representation.
5. You Get Added Negotiating Power.
Leasing commercial space is often very complicated and negotiations can become lengthy and intense. A tenant rep will be by your side throughout the entire process to act as your voice throughout negotiations.
6. Lease Terms
You’re an expert in your line of business; they’re experts in commercial real estate. A tenant rep can explain terms and concepts (for example lease types such as Modified Gross, NNN, Full Service, etc.) that are unfamiliar to you, so that you can make better sense of the deal that you’re signing up for.
7. You’ll Get What You Need
With their expertise, tenant reps can provide valuable insight into what your space requirements really are and what amenities would benefit your business the most. Often, reps uncover needs that business owners didn’t realize, ensuring that the properties are truly a perfect fit for the tenants.
8. There Will Be a Whole Team of Resources at Your Disposal.
If you’re in need of an outside expert like an architect or a real estate attorney to assist during negotiations, a tenant rep will already have an established network of contacts to call upon. You won’t have to spend time searching for the right person for the job.
9. They’re Free to You
Tenant reps don’t charge a fee to tenants for their services. They make their commission after the lease has started. Therefore, they will be available to you throughout the process, and free to use.