One of the more complex parts of doing business is needing a location to conduct that business – which means dealing with real estate and leasing suitable space. Tenant representatives are a vital asset to any business who can find the right property and negotiate for a good price. This doesn’t eliminate the need for tenants to do their share as well. Understanding the crucial relationship between time and successful real estate deals is one of the ways that any company can help a tenant representative help them.
Time Is Everything
In commercial real estate, there is much up front planning that must take place before any business can successfully relocate or renegotiate a lease. This all takes time – and while the planning stages can be controlled, the secondary stages including property searching, lease negotiation, and improvements cannot be. Failure to include in planning the possibility of delays during these stages can cost money in the long run, either in extra fees or in simply losing out on a good deal or a chance to negotiate. Tenant representatives advise that time is one of the most important resources that any company can bring into the leasing process.
Planning Saves Time and Money
The planning stage of any real estate transaction is a critical one to help businesses understand what they want and need in a leased space – and it can also save time. This is the time when spending more time at the onset saves time at the end. Better planning with the help of experienced tenant representatives can save wasted time later, as prior research by the rep yields spending limits to get what they want and need.
Additionally, planning early avoids sticky rental situations. The inability to occupy a new space on time means paying high holdover fees to current landlords when unable to vacate the property on time. It could cost as much as double the monthly rental fee, which is a big blow to any company’s budget.
Planning Out the Time
With good workplace analysis and the cooperation of creative minds, tenant representatives can discover a good picture of what the company needs and what property must be found to satisfy those needs. By planning for the possibility that negotiations and property preparation might take some time, companies can be prepared.
Analyze whether the requirements are extensive, the budget is tight, or any other reason why lease negotiations could take longer than usual – and leave time for that. Likewise, if there is going to be a need for improvements to the property, tenant representatives should analyze such possibilities to come up with a base time frame for improvements, perhaps adding some extra time to be safe. There is never any harm in starting the process sooner rather than later – and many times that extra time ends up being a deal saver rather than a deal breaker.
The important point is that tenants must take some responsibility for the real estate search and associated dealings, even when working with skilled tenant representatives. The best way to do this is by starting the process months ahead of an upcoming lease renewal or relocation to eliminate any pressure from a moving deadline approaching. By starting early to appropriately plan and anticipate the possibility of delays, any company can have successful leasing endeavors!
Looking for Experienced Tenant Representatives in Dallas TX?
LCRG Has The Best Tenant Representatives To Negotiate Commercial Leases!
Call Us At (214) 526-2626
Related Articles:
Commercial Tenants – Do You Know Your Improvement Allowance?
Tenant Representation – How and Why It Began!
Why Relocating Companies Need Tenant Representatives!
On The Upswing – Corporate America is Going Urban!