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Tenant Representation For Commercial Real Estate

Tenant representation is precisely what it sounds like.  Entrepreneurs or business owners will hire a commercial real estate broker to represent them in the process of leasing workspace.

A tenant rep only represents the tenant and negotiates on their behalf to achieve the best possible lease.

New business owners or current business owners looking to expand or relocate fail to understand the importance of a tenant rep because they’re not aware of the service.  Plus, the property management company will never inform them to get representation.  With a tenant representative in the picture, tenants can concentrate on the business of the day and worry less about getting an office space that suits their purpose.

Why Hire a Tenant Rep?

The tenant rep has the corporate tenants’ best interest in mind throughout the leasing process.  Plus, they can provide a tremendous amount of local market knowledge and resources that the business owner can leverage.

When you want to hire a tenant representative, opt for a firm and broker that represent tenants only, and has local knowledge in the area that you want to set up your business in.

You should look at a tenant rep as an extension of your internal staff.  In the future, they’ll provide the knowledge that is needed when your business wants to expand into other locations or migrate to a larger office space.

Benefits of Having Tenant Representation

Tenant reps show you every property that meets your needs, they are not biased to only those in their portfolio like landlord reps.

You will have your very own team of tenant rep real estate experts; from site selection, to lease negotiations, to occupancy.

You will have access to the same real estate market intelligence as landlords.

You will enjoy a reduction in time and expenses which will help you boost profits.

Tenant representation is a free service to you as landlords pay our fee.

Your liabilities and risks will be mitigated allowing you to spend your energy on your own business.

Tenant reps connect you with architects, attorneys, and furniture vendors, consult on ideal office space layouts, and help get construction bids.

You will have an expert negotiator at your side that understands how to create as much leverage as possible in competitive markets.

You will know what is available and when even before the space hits the market.

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Tenant Representation... How It Works

Whatever you do don’t call the sign in front of the building that you want to lease because they don’t represent your best interests.  Those commercial agents represent the property owner and will negotiate against you when you want to sign a lease.

1. The first step in the process is for us to meet and discuss you current and future commercial real estate needs. For example:

  • your current and future head count
  • ideal layout (open or lots of hard-walled offices)
  • ideal location
  • maximum monthly rent budget
  • Plans for growth
  • amenities

2. Our tenant representation brokers will search only those commercial listings that meet your ideal size, location, budget, etc. We pay for access to the best commercial listing databases and have relationships will all of the landlord agents in town. We will know what is available and when, even before a commercial space hits the market.

3. Once we have identified all of the spaces that will work we meet with you to review and narrow down the options and select the ones that we will tour together

4. Tenant reps set up tours of all the best spaces and walk each space with you highlighting the pros and cons of each

5. Next we draft and send RFPs to our top 2-3 options. In tight markets we may only have 1. Ideally we want at least 2-3 to create leverage and negotiating power with the landlords.

6. Once we receive the responses to our RFPs we will most likely need to determine the cost of tenant improvements (if needed). Most landlords respond to RFPs with some sort of TI allowance so to negotiate intelligently we need to know the cost to build out. Then we can do an apples apples cost comparison of each space.

7. After a bit of back and forth negotiating with the landlords we end up with the best and final offer from each. Now we must make a decision based on monetary and non monetary concessions.

8. After the basic terms and conditions are agreed to on the proposal we now request to have the landlord draft the lease for us to review and comment on.

9. Together your tenant representation broker and attorney will review the lease and negotiate lease terms until a final document is agreed upon that you can sign.

10. Once the lease is executed now we are able to begin the tenant improvement process (meeting with architect to finalize a plan and pricing notes that can be used to get hard construction bids.

There really is no benefit to searching for commercial real estate space on your own. Only the landlords benefit by charging more rent and giving fewer concessions. Tenant representation services do not cost you anything and by using a tenant rep you will save a ton of time, mitigate your risks, and get the best deal possible.

Whether you are renting office space, warehouse space, or retail space we got you covered.

Hire The Best Tenant Rep in Dallas, TX

Jumping into the negotiation process without experience can be pretty daunting. A landlord can quote any number of terms, and you have no inkling whether they’re standard for the market unless you do in-depth research beforehand.

Things like renewal optionstenant improvement allowances, and exclusivity use terms are just a few items for negotiation, and it can be hard to know how to negotiate these if you do not have experience in the real estate industry.

Between the knowledge, negotiating and service benefits, tenant representation can potentially save you thousands or millions of dollars over working with landlord representatives. Given the value that tenant reps add, you might expect to pay them a sizable service fee for what they do for you.

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