Whether a company needs assistance with one property or with multiple business locations, it is in their best interest to work with experienced tenant representatives. Tenant reps provide an invaluable service in commercial real estate since they provide the knowledge and skill required for obtaining and negotiating business property and at no additional fee to the tenant. These skilled people should be considered an essential need for obtaining a successful commercial lease; they offer strategic services designed to help businesses gain the right office space.
Analysis of the Client’s Situation
The first essential service offered by experienced tenant reps to companies searching for appropriate office space is the ability to assess the company’s needs and relate them to the current real estate market. Representatives first learn about the business to determine their needs and desires, then research available lease options that could fit these requirements. This includes awareness of currently available spaces as well those coming available in the near future as well as a thorough knowledge and understanding of projected commercial real estate prices and trends.
Gathering and Development of Available Options
By using the above information, tenant reps can determine the most suitable options to offer their clients, then begin developing proposals that tailor these options to fit the company’s needs. This phase may include the following:
- Market surveys
- Building tours and property evaluations
- Cost projections and financial analysis
- Preliminary discussions with commercial real estate owners
- Analysis of any proposals
To increase favorable options, representatives will work on space planning with their clients, do test fitting, and further analyze the ways to improve properties to meet the company’s needs. With these and other necessary services, businesses can be assured they will be negotiating on the most suitable local properties.
Negotiation and Implementation
Tenant representation provides businesses with the strong negotiation skills needed to land the best lease possible and see it through to the point of moving in and beyond. Their thorough knowledge of local leasing rates and trends, combined with an understanding of accepted negotiation techniques, provide companies with the assistance necessary to ensure tenant interests are protected during the bargaining process.
Once an acceptable agreement has been reached, tenant reps oversee the implementation of the agreement, including coordinating and overseeing any improvements by working with architects, designers, and engineers as required. They will also oversee the move-in period and remain an asset for companies to call upon regarding lease concerns as well as to discuss lease renewal options and negotiations once the time comes.
By using this multi-phased, strategic approach, tenant reps work hard to ensure that businesses find the office space that meets their requirements, with an agreement that provides them with the greatest advantages. A tenant representative plays an essential role for any company seeking to lease office space in a competitive commercial real estate market, performing as an important advocate for the lessee. Considering that all these services are provided without expense to the tenant, there is no reason why any company should go through building search and lease negotiations without the assistance of an experienced tenant representative!