1. A Tenant Rep will assist you in analyzing and calculating your actual space needs and layout needs. They will make certain that you lease the appropriate amount of space and prevent you from paying for space you do not need. Landlords have no incentive to help you economize on space and save money.
2. A Tenant Rep will research all available properties on and off the market and determine which are the most appropriate based on your needs. This entails more than searching the various listing formats. Tenant Reps are experts at identifying the not so obvious choices. This could mean better economics if that is a consideration and space that better fits your needs in terms of layout, image amenities, drive times etc.
3. A Tenant Rep will leverage your lease requirement by launching a successful bidding war among a number of landlords and prevent you from being a "captive audience". Even if there is one property that you and your Tenant Rep agree is optimal, creating a three-way competition will boost your negotiating position. The outcome will be concessions and incentives that surpass the norm.
4. A Tenant Rep will protect you during lease negotiations so that you come away with terms that meet your present and future needs. A great Tenant Rep will negotiate a substantial tenant improvement allowance, free rent, subleasing options, termination options, expansion options, contraction options, a mid-term refurbishment allowance and much much more.
5. A Tenant Rep will act as the "bad guy" when necessary during negotiations and serve as a buffer between you and the landlord. That will allow you to secure major economic concessions while keeping a friendly relationship with the landlord.
6. A Tenant Rep will reveal the hidden costs of leasing and identify lease provisions that could cost you money during the lease term. These often are hidden in the document and are easily overlooked.
7. A Tenant Rep will handle the paperwork and other details of the lease negotiation. Having a Tenant Rep prepare letters of intent, financial analysis and letters of intent will help to resolve issues before the final lease is prepared.
8. A Tenant Representative will serve as an experienced set of eyes and ears to verify the details of a transaction should disputes arise after the lease is signed.
Having an exclusive Tenant Advocate to represent your commercial real estate lease transaction not only protects you but turns your business space into a strategic asset. If you're ready to start the process of renewing or relocating your office space or industrial space, ask yourself:
- Do you have the time and expertise to research opportunities that are currently available or will become available in the future?
- Do you know the effective leasing rates and concessions being offered to tenants?
- Do you have the time and expertise to deal landlords and there brokers while at the same time running your company?
The process of selecting office or industrial space and negotiating the most beneficial lease transaction are complex and time-consuming with the potential for disaster along the way. An experienced Tenant Rep will mitigate any potential consequences.
The cost of real estate often equates up to 40% of a corporation's budget
Only a select few real estate professionals exclusively represent tenants.
Nothing contained herein is to be considered legal advice. Always seek legal advice when evaluating any legal document.
