Finding, choosing the right space and negotiating an office lease is a time consuming, complex task that is filled with potential pitfalls. The simple act of retaining a commercial real estate agent (aka Tenant Representative) tells the landlord that you know what you are doing and creates a competitive bidding environment. They can make the process of site selection and negotiation much easier and productive since they have all of the tools, resources, and experience doing this every day. A good tenant representative can help prevent mistakes and advise you on the best possible solution for your company.
Commercial real estate agents are typically classified as either Landlord agents (represent owners/landlords best interest) or Tenant/Buyer agents (represent the best interest of tenants and buyers). Landlord agents can be very nice people, however when it comes to leasing or selling space their fiduciary duty is to represent the owners best interest and negotiate the highest possible lease or purchase rate. Just because they are nice does not mean they are in your corner.
An experience and qualified tenant/buyer agent will perform the following services:
- Analyze your current and future office space needs while looking for opportunities to save money
- Research all available properties and determine which ones meet your needs and budget
- Create a competitive environment so landlords compete for your tenancy
- Facilitate lease negotiations to ensure you get the best terms and conditions possible
- Represent and protect the interests of the tenant while maintaining a professional relationship between tenant and landlord
- Review lease and purchase contracts and handle all other time consuming details of the lease negotiation
- Settle disputes that may come up before, during, and after lease negotiations
- Ensure that the tenant receives the best value for all deal points (lease rate, tenant improvement allowance, expansion options, etc)
Regardless if you are renewing an existing office lease or relocating to a new space, the most important aspect of a successful lease or purchase negotiation is to create a competitive bidding environment. You want the landlords to compete for your tenancy. Landlords hire professional commercial real estate agents to represent their best interests and maximize the return on their investment. The only way to level the playing field is to engage an agent to represent your best interests. By doing so you will save time, money, and be less stressed!