Trying to go it alone during your search for commercial real estate to lease? If so, you may find yourself missing out on the perfect office space or with a leasing contract that is less than perfect. A tenant representative broker is an asset you truly can't afford to lack. Here are 10 reasons why:
1. You'll Have Someone in Your Corner
The landlord is looking out for their own interests throughout the negotiation process. A tenant representative helps to level the playing field, giving you someone who is on your side to help you navigate the complex world of commercial real estate.
2. Your Potential Spaces Will Increase
The most highly sought-after buildings won't ever make it onto online or print listings, meaning you never have a chance to see them. A tenant representative broker builds relationships with landlords and can get you into those secret spaces.
3. The Process Will Be Simpler
The tenant representative takes on the burden of researching the market and prospective properties, allowing you to focus solely on comparing spaces and selecting the best one.
4. You'll Get a Fair Deal
Tenant reps can tell you whether or not a proposed rental rate is fair and analyze how CAM is calculated to ensure you are not being charged too much. Having a tenant representative can save you money, particularly if you're new to commercial real estate.
5. You'll Know What You're Signing
Commercial leases are full of unfamiliar terms, making it difficult to know what it is you're agreeing to when you sign on the line. A tenant rep broker will take the time to explain the contract to you, so you can add your name to the document with confidence.
6. You'll Get the Right Space for Your Business
A tenant representative broker will take the time to learn about your business. Then, they can advise you on everything from how much square footage you should shoot for to what locations are most in line with your brand’s vision.
7. You'll Have an Edge at the Negotiating Table
Tenant rep brokers can advocate for you during negotiations. With one by your side, you're more likely to get concessions and perks that are important to your business.
8. You'll Have Inside Information About the Market
A tenant rep broker knows the market in and out. He or she can let you know what other businesses like yours are paying for their office spaces, what types of perks they're enjoying and more. Reps can also give you information about the reputations of various landlords in your area.
9. You Won't Miss Small Details
There is a lot to consider when you're choosing an office space and negotiating a deal. A tenant representative broker will make sure you don't overlook something like parking space or signage rights.
10. You Won't Have Any Added Costs
Tenant representatives work for you but are paid by your landlord. As a result, you won't pay a penny to reap all of the benefits listed above.
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