When you’re looking for a new office or warehouse space, it can fun and exciting, while being stressful at the same time. You’ve probably only had to look for new office space a couple of times in your career. Once you decide on how much space you need, layout, and location, it’s a good idea to turn the search over to a professional broker or agent. They can find everything you need under one roof and take you on tours of properties to help you find the ideal space. Here are a few of the reasons you need tenant representation.
1. You Can Focus on What Is Important
Finding an office space or warehouse can be time-consuming. You need to find available locations, contact the leasing companies, arrange a showing, haggle over the contract, and so much more. In many cases, you’ll have to contact multiple companies and arrange a number of different showings until you find the space you want. If you choose a space but can’t come to a deal, you have to start all over.
With tenant representation, they take care of all these things while you take care of managing your business. You can handle your day-to-day chores while your representative finds the property, makes the phone calls, and arranges a date to view potential properties. Once you choose the ideal property, you can go back to work while the representative works on getting you the best deal possible.
2. Best Deal Possible
You’ll probably only lease half a dozen office spaces in your career, so the landlord, who rents units all the time, has an advantage in knowing how to negotiate the terms. Your tenant representative helps lease many office spaces and knows the ways to get the best deal. Your representative also has a lot of leverage with landlords to get a good deal.
Your tenant representative, Ted, has more than 100 clients that he represents at any one time and a quarter of them are looking for properties or will be looking in the next couple of months. Frank is the owner of a brand-new office park with more than 25 units available. Frank understands that if he makes a really good deal for you that Ted will be more likely to bring more of his clients to view Frank’s available offices.
3. Avoid Pitfalls and Headaches
When it comes to searching for a commercial property, there are many pitfalls and potential headaches from properties advertised incorrectly to landlords asking for unreasonable terms. Your tenant representative has seen and heard it all. They can see warning signs that you probably wouldn’t recognize. You can save yourself a lot of trouble and a few years with a lease that isn’t in your best interest.
4. Knows All the Available Properties
There isn’t one website or newspaper that you can go to find all the commercial real estate currently available. They’re spread out across dozens of websites, publications, and even word of mouth. Your tenant representative should know almost every place in your local area that lists available office and warehouse space.
Your representative should be able to find you places to view and possibly lease that you would never have found on your own. They have many contacts in the industry and probably know about planned office parks before construction even begins. Your tenant representative is invested in helping you find your ideal space and representing you throughout the process. From viewing potential properties to renewing your lease two years from now, your representative is always your advocate.
5. Understand the Jargon
It seems like every industry has its own secret language, and real estate leasing isn’t any different. When you work with a tenant representative, they’ll go over all the paperwork and the final lease with you. They’ll explain what each and every term that you don’t recognize mean. The goal is to put it into terms that you can easily understand. It’s essential that you understand your lease and exactly what you’re agreeing to in the terms. If you don’t understand something, it’s beneficial to discuss it with your representative and make sure that you understand before moving forward with the lease or next clause.
6. A Team on Your Side
When you use a tenant representative, you get access to an entire team of professionals. Your representative always knows a guy as the saying goes. If you want a real estate lawyer to review your lease, your representative probably already works with one. They can help you find an architect and contractor to help you develop a space to your precise needs.
The people that your representative recommends are already vetted and approved by your rep. The professionals have probably done jobs in the past for your representative other clients. Tenant representation is so much more than having some show you available office space.
7. Works for You
If you’ve tried renting an office or commercial space on your own, you’ve probably already met a few landlord representatives. Of course, they seemed friendly and helpful. That’s part of their job. However, they represent the landlord and not you. These representatives will always put the landlord’s needs and wants above your own.
It’s the goal of a landlord representative to find well-qualified renters for their clients and to make as much money as possible. With tenant representation, you get a representative who works for you and protects your interest. It’s their goal to find you the space you want in the location you need and to negotiate the best possible price. They work to ensure that there aren’t any hidden pitfalls in your lease and make sure that all of your questions are answered along the way. If things go wrong with the lease at any stage, your representative goes to work on your behalf.
At The Genau Group, we work hard to represent our clients at each stage of the leasing process. We believe in building long-term relationships with our clients. We’re always ready to help you find a property, negotiate the lease, and ensure your lease term runs smoothly. Contact us today to arrange an appointment.