Tenant representation is a type of commercial real estate brokage where the agent focuses only on representing the tenant. The agent will work directly the tenant throughout the property search, leasing process, and negotiations.
Leasing a commercial space for your business may seem simple at first – find a good property and sign the lease, but there are several factors to consider. The guidance of a real estate broker can go a long way in finding the right property and negotiating the contract.
First, hiring a tenant representation broker can help you figure out what you really need in a property. A broker can help you think through the space and what tenant improvements you will need to make. In addition, they can help you determine your current needs and future needs so you lease a property that will suit you for the long run.
Since brokers have experience in the local market and know various types of properties available, they can help you find an office, retail or industrial space more quickly and narrow down your options. Oftentimes, brokers will know about potential spaces before they are advertised. If you’re not working with a broker, you may miss out on opportunities.
Once you’ve found the right property, the broker will negotiate on your behalf. A good broker will know comps in the area and how to negotiate to get you the best deal possible. Furthermore, hiring tenant representation doesn’t cost you anything. In fact, the landlord covers the cost, so there is no “downside” for the tenant.
In addition to the services discussed above, a tenant rep broker can help you decide if you should renew an existing lease or find a new space. A broker can help you sublease any additional space. They can also advise you on various aspects of the building and impacts it may have on your business.
Hiring a tenant rep can save you time and money throughout the leasing process. Having an experienced professional in your corner frees you up to run your business instead of stressing to learn everything you would need to know to represent yourself.
If you are looking for space to lease or would like to learn more about working with a broker, contact us today.