If It Ain’t Broker—Definitely Fix It: 6 Reasons You Should Use a Tenant Representation Broker
March 30, 2022
For brands and businesses looking for the right space—at the right terms—a tenant representation broker is an invaluable partner. The right tenant representation broker can save you time and money, help avoid or solve problems, and make sure you are getting the best possible deal for the commercial real estate space that best fits your business and meets your needs.
Specifically, the best tenant representation brokers can help you:
Understand the market
Because companies don’t move very often, a tenant representation broker is an important asset in help you understand current market conditions. A broker does the legwork to make sure you understand what’s going on in competing buildings, see what deals your competition is making, and understand how that information relates to your current circumstances and your future options.
Understand your building
A tenant representation broker can also offer valuable insight into what’s going on closer to home: in your own project and your own building. Knowing exactly what deals your landlord is offering right now is not just great information, it can be an important bargaining chip. The last thing you want to do is accept an offer that’s less favorable than the terms being advertised or offered to others.
Secure valuable extras
Should you ask for a tenant improvement allowance? If so, how much is reasonable? How many free months might you be able to receive upon signing a new lease? These are the kinds of questions a tenant representation broker can answer for you, making sure that you don’t miss out on bells and whistles that don’t just impact your bottom line today, but in the future (such as building the potential to expand if needed into the lease, and/or securing the right to terminate based on performance metrics or evolving co-tenancy dynamics).
Make informed decisions
The best tenant presentation brokers take the time to get to know your business intimately. They understand the professional challenges you’re facing, and how your operational model and growth trajectory could impact your space priorities and leasing decisions—impacting everything from dollars and designs to location and co-tenancy considerations.
Savvy tenant representation brokers can monitor your timeline to help optimize strategic decision-making regarding future lease terms. Your tenant representation broker should be providing you with insight and strategic guidance well in advance of your expiration date, keeping a finger on the pulse of the market and taking advantage of prime opportunities to renew if it means you will save money in the long run.
Benefit from a true partner
The relationship between you and your tenant representation broker can be much more than just transactional in nature. A high-quality tenant representation broker functions as a true partner, checking in with you periodically to monitor how you’re doing and perhaps even renegotiating some terms of your lease if something isn’t working out—even in the middle of a lease term. Essentially, a tenant representation broker should serve as an extension of your firm, acting as a kind of ad hoc real estate director. If your tenant representation broker isn’t delivering that kind of personal service and knowledgeable insight and representation—it might be time to rethink your options.
Engaging a full-service CRE partner like Farbman Group can help spark positive change within your investments. Contact us and get in touch with an expert today.
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