In the world of modern commercial real estate, few professional roles have taken on more value than that of the tenant representative these days. Tasked with helping commercial realty customers in various, essential ways, tenant reps are a critical part of a successful lease arrangement for both tenant and landlord. The best tenant reps provide a complex array of services, which companies must clearly understand.
Understanding the Client
One of the most important roles that is the basis of the role of a tenant rep is to understand each client’s needs. Reps must determine what a commercial client does, how their business is operated, how many employees work in the office space, and even what a company’s short-term and long-term goals may be. All these details enable an experienced tenant rep to learn about their client’s building needs and how to reach such goals.
Know the Local Market
Armed with a good client understanding, the best tenant reps use that information and apply it together with their own knowledge of commercial real estate to gain positive end results. Tenant rep agents must understand things like current leasing trends in the local market, applicable leasing rates, and which buildings are most suitable for a particular client based on company needs and goals.
Working for the Right Situation
Putting all that knowledge together, skilled tenant reps have the ability to pinpoint how to take need and apply it to supply and demand and wind up with the best leasing solution for a client. Leveraging things like location and amenities against lease fees and tenant considerations are all part of what tenant reps must do to fulfill all client needs. They must also leave landlords happy and willing to negotiate so that their clients will have the most benefit. Finding the right property is one of the main challenges of tenant reps; once they have found such property, the negotiations can end up being the biggest challenge of the process.
An Active Voice for Tenants
Commercial clients rely on their representatives to help them understand the many important parts of the whole process. Having an active voice of representation is essential, especially when that voice is one that is familiar with various landlords and other industry professionals through previous negotiations. The trust that develops between tenant reps and landlords is helpful to get a tenant the best leasing arrangement.
It is important to hire the best tenant reps to negotiate lease arrangement in the most favorable terms possible. There is much more to what tenant reps do than simply locate properties and help with the paperwork. With the collection of industry and local knowledge, a desire and capability to learn about a client’s company, and the professional kinship displayed by these agents, a much greater service is provided might be imagined!
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