Tenant Representation For Commercial Space Leasing
Austin Tenant Advisors only focus is Tenant Representation. What that means is we ONLY represent the needs & best interests of the tenant.
We help business owners and companies find commercial space for rent and negotiate the best deal.
Landlord agents have a fiduciary duty to represent the best interests of building owners. Of course they will be nice and professional with you however at the end of they day their job is to help the landlords negotiate the highest lease rates possible.
Renting commercial space can be a complicated process so it’s important that you have the experience, tools, and market knowledge when dealing with landlords. If you don’t then consider hiring a tenant representation broker.
If you are looking to rent commercial space in Austin Tx feel free to give our tenant reps a call at (512) 861-0525. Regardless of your business size, we will help you identify and select the best space so you can focus on your business, which matters the most.
Who Needs a Tenant Rep?
- Companies that lack the time and resources to secure space on their own, or cannot go through a proper lease process to ensure that they are given the best deal possible.
- Any business decision maker, company, or business owner who wants to lease an office, industrial, or retail space.
- Startups that need to rent space for their business and are leasing space for the first time.
- Existing companies that want to expand or renew their current lease
- Companies who would like assistance with negotiations on their commercial lease renewal.
Benefits of Having a Tenant Representative
- We are not biased to only one property unlike landlord reps. We provide details and show you every property that meets your needs
- You will have your very own team of real estate experts; from site selection, to lease negotiations, and all the way to occupancy.
- You will have access to the same market intelligence as landlords.
- You will enjoy a reduction in time and expenses which will help you boost profits.
- Tenant representation is a free service to you as landlords pay our fee.
- We will help you to reduce your liabilities and risks and this will allow you to spend your energy on your own business.
- We connect you with architects, consult on ideal layouts, help get construction bids, connect with furniture vendors
- You will be connected with great attorneys if you don’t already have one.
- You will have an expert negotiator at your side that understands how to create as much leverage as possible in competitive markets.
- You will know what is available and when even before the space hits the market.
How to Engage a Tenant Rep
Most commercial real estate companies will want you to sign a tenant representation agreement before they even consult with you.
Austin Tenant Advisors wants to earn your trust first and give you some free advice and consulting. Once you feel comfortable that you will be well represented and that we have the same sense of urgency as you do we suggest entering into an agreement.
Ensure Success In Working With Tenant Representation Brokers
A good commercial agent will ask you all the right questions however just in case below are some things that would be important to discuss with them.
- Current and future headcount (ideally 3-5 years)
- Ideal layout (e.g. # of offices, conference rooms, break areas, etc.)
- Job functions within the company (e.g. who needs private offices vs open office)
- Your current financial situation (are you a start up or an existing company with track record)
Tenant Representation Process
1. The first step in the process is for us to meet and discuss you current and future needs. It’s important that we spend some time here and talk about the following:
- your current and future head count,
- ideal layout (open or lots of hard-walled offices),
- ideal location
- maximum monthly rent budget
- Plans for growth
- Internet infrastructure needs (e.g. do you need a fiber lit building)
2. Now we do all the heavy lifting from there to find only those commercial listings that meet your ideal size, location, budget, and other needs. We pay to have access to the best commercial listing databases and have relationships will all of the landlord agents in town. We will know what is available and when, even before a commercial space hits the market. We will NOT waste your time showing you spaces that don’t meet your needs.
3. Once we have identified all of the spaces that will work we meet with you to review and narrow down the options and select the ones that we will tour together
4. We set up tours of all the best spaces and walk each space with you highlighting the pros and cons of each
5. Next we draft and send RFPs to our top 2-3 options. In tight markets we may only have 1. Ideally we want at least 2-3 to create leverage and negotiating power with the landlords.
6. Once we receive the responses to our RFPs we will most likely need to determine the cost of tenant improvements. In most cases tenant finish outs will be needed. Most landlords respond to RFPs with some sort of TI allowance so to be able to negotiate intelligently we need to figure out the cost to build out. Then we can do an apples apples cost comparison of each space
7. After a bit of back and forth negotiating with the landlords we end up with the best and final offer from each. Now we must make a decision based on monetary and non monetary concessions.
8. After the basic terms and conditions are agreed to on the proposal we now request to have the landlord draft the lease for us to review and comment on.
9. Together your tenant rep broker and attorney will review the lease and negotiate lease terms until a final document is agreed upon that you can sign.
10. Once the lease is executed now we are able to begin the tenant improvement process (meeting with architect to finalize a plan and pricing notes that can be used to get hard construction bids.