What is office tenant representation?
An office tenant representative is a commercial real estate expert who works exclusively on a tenant’s behalf. This differs from a standard real estate broker, who can represent both tenants *and* landlords, which can quickly create a conflict of interest.
But before you go hiring the first tenant rep you come across, let’s ensure you have a basic understanding of what one actually does.
One of the most important responsibilities of a tenant rep is to analyze your current and future business and office space needs. Does it make more sense to stay in your current office space or leave and look elsewhere? Both options should be analyzed in-depth to ensure you’re making the most financially sound and informed decision possible.
Why you should hire a tenant rep
An office tenant rep has your best interests in mind throughout the entirety of the real estate transaction. They will help you avoid costly mistakes, provide market knowledge, negotiate the best possible terms for your lease, and much more.
These are some of the top reasons to hire a tenant rep.
Find the right fit
A tenant rep will help you find the right fit for your needs in two ways. Firstly, they’ll help you define what you actually need in an office space, which could differ from what you initially think. Secondly, they’ll go out and compile a list of spaces that best suit the needs you’ve worked together to define. And, of course, once you’ve picked a place, they’ll help you secure it with leasing terms that best benefit you.
In order to secure the best possible deal when negotiating lease terms (whether it’s a new lease or a lease renewal), it’s important to create competition among landlords. Working with an experienced tenant rep will give you the knowledge, and resources needed to create negotiating leverage among the prospective landlords.
Get access to properties that aren’t marketed to the public
Tenant reps will have access to listings you otherwise wouldn’t know about thanks to their access to the most comprehensive listing databases, industry relationships, and off-market listings.
Negotiate lease terms
Last, but certainly not least, tenant reps will help you negotiate the best possible terms for your lease. Things like lease length, renewal options, exclusivity, and tenant improvement allowances are just a few of the things that are up for negotiation.
Learn more about office tenant representation
If you’re interested in learning more about office tenant representation, reach out to us today at Fountainhead Commercial. No matter the size of your company, we are here to help you find the perfect space at a price point that won’t break the bank.
Contact us today to learn more about our tenant representation services.