Before we dive into the benefits of working with a tenant representative, let’s briefly recap what services your representative can provide.
What is a tenant representative?
A tenant representative is a commercial real estate broker who works exclusively on your behalf to identify and secure a lease at the best possible space for you. Tenant reps have a fiduciary responsibility to the tenant that is different from commercial real estate brokers that specialize in representing property owners and landlords.
When working with a tenant representative, your CRE broker should always have your business’s best interest in mind.
The top benefits of working with a tenant representative
In addition to working with someone who will advocate on your behalf, tenant representatives can also help you:
1. Analyze your current and future needs
Most likely, you’re searching for a new commercial space because your current one no longer fits your organization’s commercial space needs. But, accurately identifying the ideal amount of space your company will need in 3, 5 or 10-years is difficult. What you need today may be very different from what you’ll need in the future.
It is often said that a company’s business cycle and its lease expiration do not occur in synchronization. Tenant representatives not only help you find space that works for you today but can negotiate lease terms on behalf of the tenant to provide flexibility should an expansion or early relocation be necessary.
2. Access more options
Trying to find a commercial real estate space on your own can be frustrating and downright difficult. The reality is you don’t have access to many of the critical tools that are available. But savvy, experienced, best-in-class tenant representatives do. Between industry relationships, off-market information, and access to listing databases like CoStar, a quality tenant rep can provide a complete list of available properties.
3. Serve as a buffer between your business and the landlord
Negotiating makes some people uncomfortable and is rarely easy when the landlord is represented by a knowledgeable CRE broker. And when large sums of money are involved, things can get tense. A tenant representative can advocate on your behalf so you can build or maintain a cordial, professional relationship with your landlord.
4. Save time and money
Tenant representatives shepherd business owners through the leasing process from initial space-needs assessments to proposal negotiations to final lease agreement negotiations to completion of tenant improvements and finally move-in. This ensures you can remain focused on your business while also benefiting from the expertise of a CRE specialist who can effectively go head-to-head with a landlord or landlord’s broker. By handling the hard work for you, tenant representatives can save you significant time and money.
5. Securing the best possible leasing deal
Perhaps most importantly, a tenant representative is going to help you secure the most suitable leasing deal. They know the ins and outs of commercial real estate transactions and how to professionally but aggressively negotiate the economic and non-economic terms of your lease deal. With a Denver tenant representative working on your behalf, you can often achieve more flexible leasing terms, a lower monthly payment, and long-term cost savings.
Learn more about Denver tenant representation services
If you’re interested in Denver tenant representation services, reach out to us at Fountainhead Commercial. Our commercial real estate experts are here to provide lease renewal negotiation services as well as relocation or expansion services for a new space that best serves you and your business.
Contact us today to learn how our tenant representatives can benefit your commercial real estate search.