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TENANT REPRESENTATION
Need help finding the right residential or commercial property? If so, turn to the experts at the Vidona Group for expert assistance whether it is residential or a commercial project.
What Is Tenant Representation?
A tenant representative, or ‘tenant rep’ for short, is a commercial real estate broker that works exclusively for you, the tenant. A tenant rep differs from a transaction real estate broker, who works with both tenants and landlords simultaneously (and can thus have conflicts of interest).
3 Reasons for Tenant Representation
There are many benefits of working with a tenant representative for your next commercial real estate transaction. Here are three of the top reasons it's worth hiring a tenant rep.
1. Landlords will actually return calls
If you've already started your DIY search for your new office or warehouse space, you know how difficult it is to get a landlord or landlord rep to return your call. The fact of the matter is that landlords or landlord reps are exceptionally busy people and they don't always have time to return every call (even though you might be the perfect fit for the space!)
Working with a tenant rep can help solve this problem because they have increased credibility, backing, and reputation of their real estate company and often have business relationships with those landlord reps from working on past deals. Hiring a tenant rep also shows how serious you are about the space. Your business is somewhat ‘pre-qualified’ and demonstrating your willingness to relocate your business; not just kicking tires.
2. Access to more properties
Not all commercial real estate listing services are available to the public. And many that are listed on free sites like LoopNet aren't often up-to-date. Working with a tenant rep broker ensures you can access to complete listing databases, like Costar, that requires a significant monthly fee. Tenant reps should also be well connected within the CRE industry. They likely have relationships with both landlords and leasing brokers, which can help give them access to off-market options. Relationships with quality architects, commercial general contractors, interior designers, office furniture dealers, etc. can also benefit the tenant.
3. Finding you the perfect space
Finding the right office space isn't easy. You can't just think about what you need now; you need to plan for the future too. Is your company growing, static or downsizing? What are typical landlord concessions currently (e.g. free rent; abated parking costs; base year cap; annual rental rate increases; moving allowance; tenant improvement allowance)? What kind of parking do you need for your employees? Are the rental rates within your budget? Are there specific amenities you want? Is the landlord professional and responsive?
These are all things your tenant rep will take into consideration and use to find you the perfect space. And once it's found, they'll also negotiate your lease to ensure you're getting the best possible deal. This can save you a significant amount of money, time, energy & frustration…and the landlord pays the tenant rep’s real estate commission, so you’ll never come out of pocket to compensate your tenant rep!
Our Tenant Representation Services
When you turn to us for help with buying or leasing a property, we take the time to get to know your business’s goals and objectives. From there, we scour and analyze all available properties to find the options that best meet your business’s physical requirements and budgetary restraints. We stand by your side as you consider each option, offering our expert advice when you need it. With our expertise in your corner, you can rest assured knowing that you are making a reasonable, well-informed real estate decision.
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When you turn to us for buyer or tenant representation services, we will take the following steps:
Determine your requirements, space needs, growth requirements, budget, timeline, workflow, desired locations, company image, and required amenities.
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Conduct a market survey of the properties that fit your criteria.
Arrange property tours.
Prepare and submit requests for proposals.
Analyze received proposals.
Manage space planning.
Negotiate lease terms and conditions.
Secure construction/renovation cost estimates.
Monitor construction/renovation progress.