Commercial Real Estate Frequently Asked Questions
When should I start looking for new commercial space?
Typically, tenants are not always aware of the amount of time that it takes to relocate or properly renew a facility. One can easily forget about smaller details like the notification of the upcoming renewal. By the time they realize, tenants are often pressed for time and this can decrease their leverage with landlords significantly as well. Regardless of whether you expand the current lease or choose to relocate, it’s always important to prepare in advance so that you have adequate time and a strong position towards Landlords Due to this, Austin Tenant Advisors suggests that you start at least 6 to 8 months in advance; before your ideal move in date or before your existing lease expires.
How do I get started on finding commercial space for rent?
One of the best ways to get this process going is to determine the amount of commercial real estate that you will need; you can also review the current market and acquire a list of suitable properties that are available. Contact us or call us at 512-861-0525 to begin the process immediately.
How much commercial space do I need?
One of the first things you have to do when leasing a property is to confirm the amount of space that you will require. As a general guideline, you should expect to lease between 150 and 175 sq. ft. per person. This may vary depending on your needs, and you can always create a space outlay or program to be more accurate. If you are not sure how to calculate this, feel free to get in contact with us.
Tenant Representatives usually have similar databases when it comes to a list of available properties in the area. If you choose to make use of multiple reps, it can lead to duplicate enquiries and this again can lead to increased rental rates of a building owner receives many enquiries for the same space.
Will I get a better deal if I choose to find and negotiate commercial space on my own?
Tenants are often under the impression that they might save money by cutting out the tenant rep, however this is hardly ever the case. This is because in most cases, the landlord pays the fee or commission, not the tenant. Added to that, the landlord usually pays a commission directly to the building rep, regardless of whether a tenant rep is involved in the transaction or not. It is far more likely the tenant will end up saving more money as well as time, if he or she uses a tenant rep, as opposed to cutting them out.
A landlord, together with his or her broker, knows and understands most aspects of real estate, as well as the condition of the current market. It is very difficult for tenants to have exactly the same information as the landlord does, which puts the tenant at a slight disadvantage. With our lease transaction experience in Austin Texas and relationships within the Austin real estate community, we are able to provide updated information on the market and help you to make a sound decision. We work to help you choose the best solution for your needs with constant assistance to help you along the way.
One of the biggest mistakes that a tenant can make is not to consider any alternatives. As soon as a landlord thinks that the tenant is considering on renewing their lease, the tenant will immediately lose a degree of leverage, putting the landlord in control. With an experienced advisor on their side, tenants will have negotiating power and this will create leverage for them. We can save you significant amounts of time and money on lease renewals.
How much does it cost to hire a tenant representative to lease commercial space?
You don’t spend a penny to use our services. The landlord will in most of the cases pay a fee to the leasing agent and the agent in turn will share that with Austin Tenant Advisors. If you don’t have your own representation from a rep, it is likely that the landlord will likely end up paying the leasing agent the whole fee; remember where an agent’s loyalty will be when has to represent a property. His primary obligation is to secure the best terms possible for the landlord. In contrast, a tenant representative will work to get the best possible deal for you, as that is where his obligation lies.
You can think of this as your own private real estate department that comes complete with market research, best practices, and expert leasing expertise. And all of this is usually available at no cost to the business; there are no taxes, wages, managerial oversight, or benefits applicable.
Real Estate Attorneys need to be in place to protect your legal rights, and they may understand the basics of real estate practices. But, it’s not their job to know the market trends, the type of properties that will fit according to your requirements, and the leasing concessions that current tenants are receiving.
Our service does not end after a lease is signed. Regardless of whether you choose to renew, expand, or even relocate, we are available t you throughout the whole process. If any issues with regards to your lease arise, we will represent you, and allow you to focus on your own business.
Who can benefit from our commercial real estate leasing services?
Anyone looking to purchase or lease any industrial, retail, or office space can benefit from using our services. This includes companies that are just starting up and requires space for the first time; current leasing companies looking to relocate or expand, or companies that need overall assistance with renewing their lease. Typically, our clients are owners of small or medium sized businesses that want to concentrate on their own activities, without having to deal with the headaches that come with real estate, brokers, deadlines, and terms.
One of the biggest mistakes that tenants make is not considering any alternatives to their first choice, regardless whether they are looking to renew a lease or obtaining a new space. Tenants realize that they do not want to relocate and rather want to renew their lease. Even if you keep this information from your tenant initially, chances are that he or she will realize this. Once they know this, the tenant often loses negotiation leverage. Even tenants with no reason to relocate have to consider a few alternatives to their situation. If not, they might end up spending more money than they bargained on, as they have lost all negotiation leverage with regards to the terms of the lease renewal.