Most companies understand that commercial leases are different than any other type of real estate and requires the assistance of experienced brokers. Still, some may not fully understand that tenant representation is essential to help them get the best leasing deal possible. Without the experience of a reputable tenant rep company to help, companies looking to lease commercial space could unknowingly short-change themselves by settling for less.
Before a tenant decides to pass on the opportunity to work with a tenant rep, those looking for the best lease should consider the many reasons why they need experienced tenant representation.
Tenant Reps - A Much Needed Voice
Above all, the main reason why every company in search of space to lease should always work with experienced tenant representation is because they need a voice to stand up for them during negotiations. Commercial real estate is a complicated field, and leases can get very creative. Negotiations and numbers can be complicated. This is an environment where a landlord can very easily take advantage of a tenant if they are not working with a tenant rep company. Tenant reps can avoid all of this and help companies get the lease they need with the most favorable conditions and without the risk of uneducated negotiations.
Tenant Reps Provide Essential Services
Negotiating a final deal is not the only thing that tenant reps handle. From start to finish, the leasing process can be facilitated by working with an experienced tenant rep company. From building location and showing, to working out all details and overseeing improvements, tenant representation offers leasing tenants an extensive list of services that would be challenging to manage on their own. Tenant reps have the knowledge about the local market and the various business and service contacts they need to get the best deal possible, then see it through to the signed lease.
Tenant Reps Understand the Business
The commercial real estate business is very competitive; finding appropriate office space is challenging. Even after the right space is found, closing a lease deal takes time. Having an understanding of the local market and the trends being followed by the commercial realty industry is essential. Without appropriate tenant representation by a rep who knows how to successfully negotiate with local property owners, tenants can be at quite a disadvantage. With the proper knowledge about local conditions, finances, negotiations, and everything in-between, tenant reps ensure success with a commercial space lease.
Tenant Reps Are Organized
Another important reason to work with an experienced tenant rep company is to stay organized and keep on top of commercial lease renewals. Whether renewing an existing lease or choosing to move elsewhere, commercial leasing requires organization and time. The research involved, including reviewing current leases and determining a renewal strategy, cannot be left to the last minute. Organized lease assistance from a tenant representation agent who knows what should happen and when is the best leasing partner that any company could have on their side.
Considering these and many other reasons, companies leasing office space benefit greatly when they work with a knowledgeable tenant rep company. In an industry where the unknown can definitely hurt the tenant, tenant representation provides the services and protection that companies need for leasing success!