When leasing commercial office space on your own, it’s important to consider hiring a tenant rep to help you, especially in landlord friendly Austin office space markets. Building owners have highly experienced agents representing their best interests which puts you at a disadvantage during negotiations. Having a tenant rep in your corner will ensure that the playing field is level and you have the same tools, experience, and resources to negotiate the best deal for your company.
Top 3 Benefits of a Tenant Rep
1. No More Having to Sift Through Outdated Property Listings
There are over ten office space listing websites (e.g., loopnet) that post “available” office spaces for rent. I put quotes around “available” because what you will find is that all of these have incomplete or outdated information. In many cases what you see listed has already been leased. Also other sites just post generic information about available offices making it difficult for you to decipher what is actually available and what spaces will meet your needs.
Your tenant rep will be able to research and identify only those spaces that meet your exact needs. They pay for the best databases & have relationships will all the brokers in town which means you will know what is available now or in the future including office market spaces that are not yet known to the public.
2. Landlords Are More Likely to Respond to Tenant Rep Calls
Unfortunately, most landlord agents take on more listings than they can handle. When this happens they cherry pick the phone calls to return because they get so many calls from tenants who are just kicking tires, they don’t want to waste any time. They know that when a Tenant rep calls there is a high probability that the tenant is already qualified, which means calls get answered quickly. Also, tenant reps with good reputations and relationships with local landlords are more likely to get returned phone calls.
3. Tenant Reps Will Negotiate on Your Behalf
As mentioned above building owners have landlord agents with years of experience in negotiating office leases. Listing agents do not represent you. They serve the owner, and their fiduciary duty is to help the owner get the best deal possible. If you are doing this alone, you are at a considerable disadvantage and more likely to leave money on the table.