Is your business expanding?
Well, if yes it’s a great thing. But now since your business is expanding you will also need a bigger space for operating the expanding business. Many people think that finding a commercial real estate is an easy job and one can do it by themself. But when you actually start hunting you realize that it is not as easy as choosing a book. Finding an ideal office space at the best possible price requires hiring a tenant representation. In the absence of one, you will end either up paying more or enter a contract with unfavorable terms.
What is tenant representation?
A commercial estate agent is a landlord representative working in the best interest of the landlord. On the other hand, a tenant representation is a commercial real estate professional working in the best interest of the tenant. They help your business by finding the best commercial space at the best price.
What are the advantages of hiring a tenant representation broker?
Vast knowledge and access to a wide range of properties:
When it comes to searching a commercial space, people either search in the MLS directory or websites. But not all properties are listed and you may miss out the perfect real estate suiting your business. A tenant representative is an expert on the local commercial market. They have access to real estate location even before they are listed for sale or rent in the commercial multiple listing services.
Their network is vast and they are even aware of the spaces that will be made available for sale. They are in contact with active brokers and have access to inside information about happenings in buildings and who is moving and so on. Thus hiring a tenant representative gives you the option of viewing and comparing multiple sites.
Guiding you in choosing the best space:
As a businessman, you may be expert in deciding which contract is most profitable or how to staff your sales team to maximize profits. But are you capable of deciding whether a particular space is worth its price? Or whether a space in downtown is better than a place in the suburb?
Well, a tenant representative will provide a satisfactory answer to all your questions. A tenant rep will meet you and understand your business, its operation and its history in detail. He will analyze what things are required in your new space. Keeping your goals in mind he will use their knowledge and help you in deciding what exactly you want. Thus tenant representative is the best guide to help you find the perfect spaces that best suits your needs.
Saving on time:
Never forget the old saying “Time is Money”. Searching the right commercial space is complicated and it takes more time than expected. It involves a number of processes such as
- Finding the most appropriate location for fulfilling your company goals.
- Visiting several sites to fit your criteria.
- Getting responses from several landlords.
- Negotiating with landlords
- Finalizing the deals and meeting all legal requirements.
Handling all these processes alone without expert knowledge can be troublesome. It is likely that you may end up signing a wrong deal. This will place an enormous burden on the company’s time, money and resources. A tenant representative can eliminate this stress. He will save your time by showing you only those properties suiting your needs. He will negotiate with the landlord and finalize the deal in your best interest. Thus limiting your responsibilities to tour spaces, make decisions and sign.
Expert negotiator and cost-beneficial:
Are you aware of the standard market terms? Don’t jump into the negotiation process without experience. Renewal options, tenant improvement allowances and other exclusive terms are hard to negotiate without knowledge.
A tenant representative is an expert negotiator and will negotiate a competitive and fair deal in line with current market conditions. He will help in saving you thousands or millions by getting you the best site in the most competitive price. He will take care of every detail that will eliminate any future risk or unexpected cost. A tenant representative is always trustworthy and will work aggressively during the negotiation process. Even after signing the lease, a tenant representative will be available to solve your issues.
Now, are you worried about the charges of a tenant representative?
Don’t bother. Working with a tenant representative is almost free for you. His commission is usually paid by the landlord or the landlord’s project leasing broker. Thus you can utilize the service with no cost on your pocket.
Bottom line:
If you want to find the perfect commercial space with the best leasing terms, immediately hire a tenant representative.
Are you looking for a commercial real estate firm in Austin? Reach GW Partners of Texas for a satisfactory solution for all your commercial real estate needs such as real estate asset and property management services. Visit our site to know more.
