It can be challenging to find good office space in a highly competitive marketplace at the right price as well as fair terms and conditions. Here are some of the key benefits of getting tenant representation for your commercial property needs.
Get landlords to return your calls
Finding an office space on your own can pose a number of challenges; #1 sometimes can be getting the landlord/or agent to return your calls.
You see a “For Lease” sign and call the number listed on it. How hard can it be to connect with the person on the other end of that call?
As it turns out, it can be downright distressing.
Landlords &/or their agents are a busy bunch and they don’t have time to return every call they receive. That’s where an experienced tenant representative can come and save the day! Here’s how:
- Since they have the reputation and backing of the company they work for, they are simply more effective at getting results – which, in this case, is getting the landlord to call you back.
- They may have worked with the leasing broker before, or they may know the other agents from marketing events to promote their properties or from professional organizations. So the agent, or landlord, is more likely to return your call.
- A tenant rep has the advantage of professional relationships that you simply don’t; that’s what makes their assistance so invaluable.
Negotiate your terms tenaciously and successfully
Going into the negotiations without representation can be challenging as well as overwhelming. It is pretty common for landlords to quote the terms & rates they want, and tenants often do not have the time to do the research to evaluate whether those terms are reasonable for the market, or not.
Negotiating a deal involves determining terms like renewal options, responsibility for code compliance, exclusivity use, and basically what is included and what is not for the rate. If you are not well-versed with the real estate industry, it can be difficult for you to negotiate these terms on your own.
Hiring a tenant rep saves you a lot of time, heartache, and often money. Since they are well aware of the economic and non-economic factors common in the current market, they add a ton of value to the negotiation process.
Hiring a tenant rep can help you and your company get the best lease deal possible without any hassle.
Advise you on a better option than leasing
Sometimes, buying a property is better than leasing. Ever since co-working spaces became popular, many people have started rethinking about their decision to enter into a long-term lease contract.
Instead of leasing an office, you can consider one of the following two options:
Buying the office space
Depending on the needs of your business and current market conditions, buying an office space could be a more viable option for you.
A tenant rep helps you outline your needs and determine whether purchasing your own office will be more advantageous. If you end up deciding to buy the building, your tenant rep will guide you through that process as well.
Co-working spaces have revolutionized the business world, giving tenants an exciting opportunity to explore a third option – neither purchasing nor leasing.
If you decide to go with a co-working space, a tenant rep will help you navigate the process while making sure you are aware of all the pros and cons.