Looking for new space or renewing your current space can be very time consuming and will probably be costly. If you don’t have an expert looking out for your best interests, you are at the mercy of a landlord. If you want to save time and ensure you get the best deal, you need to hire a tenant rep broker. Here are just a few reasons why.
They are specialists. An experienced tenant rep broker is well versed in their market. They know the area, know the comps, and know what a fair deal looks like. They are your first line of defense—giving you the leverage you need to successfully negotiate with a landlord. Lease negotiation and review, space plan consultation, and market analysis are just a few of the skills they will provide to you.
They work for you. A tenant rep broker’s sole purpose is to find and negotiate the best deal for you. After discussing your current (and future) needs, they will provide you with a comprehensive market analysis with options that would best fit your requirements. By remaining objective they are able to advise you on the best plan going forward.
They will save you time. More than likely you don’t have the time or inclination to educate yourself on current market conditions. And where are you going to find lease comps? You’ll need those to make sure you are getting a fair market deal. Sure, you could do your own search for available space on Loopnet or something similar, but did you know that there are many spaces you won’t see there? A tenant rep broker will know about options that may not be available to the public. They will also know exactly what you need so you won’t waste time looking at spaces that are not a good fit.
They are paid by the landlord. Tenant rep brokers typically do not charge a fee to their clients. The landlord pays their commission after a lease is signed. The commission is factored into the leasing cost, so trying to do a deal by yourself will not save you any money. In fact, the landord’sbroker will just make a larger commission.
Now you are ready to hire a tenant rep broker. Great! But do you renew your lease or find a new location? In our next post we will talk about the factors to consider when making this decision.