How to choose a Tenant Rep Broker
Choosing the right office space for your business can be a real minefield. It takes more than just touring around a few office properties to find the right one. Then there's the lease negotiation to think about - and this requires the expertise of a good Tenant Rep Broker to really ensure you "best value" with the deal.
This article emphasizes the importance of having a good tenant rep broker by your side throughout the process and give you better insight into how to find the right one - and what to look for to make an informed decision and understand the process better.
Why hire a Tenant Rep Broker?
Searching for office space is a complex task. It's not as easy as house hunting where all the available properties are available under an online property portal. In the commercial real estate market, some properties may be coming up for rent which are not necessarily advertised on the open market.
A Tenant Rep will also negotiate the terms of the lease, so expert negotiation tips are essential to secure a favorable outcome. A tenant rep makes sure you get the best deal and pay the fairest rent.
Cost of a Tenant Rep Broker
Some tenants think that bypassing the broker and working directly with a landlord will save them money in leasing commissions. This is not the case. Hiring a tenant rep is free, and using one can actually save you money because they are expert negotiators and will therefore secure a competitive deal with the terms you want included within the lease.
Where to find a Tenant Rep Broker
There are many tenant rep brokers to choose from; we have a selected number listed in our comprehensive tenant rep broker directory. They are listed because they work exclusively for tenants and operate in their local market - meaning that they have good knowledge of the properties in your market and the rents that are being achieved.
Qualifying a Tenant Rep Broker
It's important to meet with your prospective broker so that you can ask questions and discuss your timeline and requirements with them. Ask what type of tenant transactions they've been involved with - have they worked with companies of your size and nature? Make sure they work on an exclusive representation agreement and specialize in representing tenants rather than landlords.
All brokers must be licensed and in good standing in the state in which they work, which can often be verified by online inquiry or phone call to the Department of Real Estate.
Finally, make sure they are free of any conflicts of interest, in terms of the landlord and your direct competitors that may be looking for space within the same criteria as you. You want their undivided commitment, and signing an exclusive agreement with them is advisable.
Can you work with them?
The basis of any good relationship is communication and understanding, and this is also true working with your broker. First and foremost you need to get on with them and be confident that they understand your business, relocation goals and requirements.
Renting office space is a big decision, and you may be tied into the lease for a number of years so it's important you trust the guidance you are getting from your tenant rep to ensure you get it right.
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