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Commercial tenant representation services work with business owners who want to lease office, retail or industrial spaces. Business owners like yourself often get overwhelmed by the process of finding a new commercial space that fits their needs. Even when you do find a space that would work for your business, the entire commercial lease agreement process can be draining. From drafting a letter of intent to signing the lease agreement, there are many steps that should be handled with caution. If you are new to this process, a commercial tenant rep or services could offer strategy, knowledge and expertise. Here’s why you need commercial tenant representation services.
Firstly, commercial tenant representation services have more access to available office spaces. You might conduct research on vacant offices regularly, looking for the best deal possible. If you cannot find that deal, a commercial tenant representation broker might be able to find it for you. After all, they hear about expectant vacancies in commercial buildings long before the average business owner can find them on the internet.
Moreover, they will have knowledge of the existing commercial spaces that could work for your company. With this being said, you can get ahead of the game and discover new options by hiring a commercial tenant representation service.
Business owners also turn to commercial tenant representation services because of their connections with landlords. On top of gaining insight into expectant vacancies, brokers who have strong relationships with landlords often get prospective tenants better deals.
By building a relationship with a commercial tenant rep, they can advocate on your behalf to landlords. On the other hand, they know which landlords treat their tenants poorly and/or offer unfair leases. Leveraging these relationships, commercial tenants can use these services to get the best deals on a new commercial lease.
Moreover, commercial tenant reps can review commercial leases. Most business owners do not have experience in reviewing leases, which is why they often end up signing unfair ones.
If you lack the knowledge to fully understand every term and condition in your commercial lease, you need to get a professional to review your commercial lease document before you sign it. Commercial tenant representation brokers are trained to uncover hidden fees and biased terms in leases. Have your rep review a commercial lease carefully. This could end up saving your company thousands in the long run and acquiring tenant friendly terms.
The best commercial tenant representation and lease review services also use their negotiation skills to improve their clients' situations.
While you may have business negotiation skills, you likely do not have much experience negotiating with landlords. Since negotiating commercial real estate terms is a completely different ball game, you need a broker's expertise to get you the deal you want. Most of the negotiating is done within the terms and clauses of the lease.
A professional lease review rep can highlight the key negotiation points. This gives you the knowledge and information to match your landlord's legal representative's negotiation skills. This is yet another reason for you to consider hiring a commercial tenant rep.
Finally, business owners who hire commercial tenant representation services gain more time to conduct business. When you started searching for new office spaces, you realized how time-consuming it is.
Now, imagine how long it will take you to narrow down your options, review the terms set by the landlord and learn what all of the lease agreement terms entail. After you complete all of that, you still have to negotiate the tenant obligations, price per sq ft and lease clauses.
You could lose business by falling significantly behind on work. Avoid this outcome by hiring a tenant rep or lease professional to complete these tasks for you. Then, you can continue to focus on growing your company.
If you want to find the commercial space of your dreams and get a good deal for it too, you should consider commercial tenant representation services. A rep offers access to more available office spaces. You can achieve better deals through tenant representation brokers' connections with landlords. At the same time, they can review your lease to ensure that you do not sign a document with hidden fees in it. These professionals also have top-notch negotiation skills that can get you the lease terms you need. Furthermore, you can save time that you would have spent completing all of these tasks by hiring a professional to do the work. Consider these reasons why you should work with a commercial tenant representation service.