- Posted by Chris Carmen
- On April 5, 2018
“What could be so hard about finding office space for my company?” Sounds like a fair question. And honestly, finding commercial property for lease isn’t all that hard.
It’s finding the perfect space for the right price with the right terms that’s hard, if not impossible, without having a tenant representative in your corner. How does a tenant representative make the difference in your search?
If you’re like most business owners, you’re concerned with managing your bottom line, and you likely see the logic in asking the initial question. However, you might also be wondering why you can’t just use the services of the commercial real estate company leasing the space. They’re well-acquainted with the property and it seems like the process would move faster without a third party involved. After all, would the contract terms be any different even if you did have tenant representation?
The commercial real estate company is the person employed by the owner of the property to look after the owner’s best interests, not yours. The owner’s broker will create contract terms that favor the owner and give the owner the most flexibility without concern for you, the commercial tenant.
Securing the services of a tenant-only representation firm levels the playing field between you and the building owner. Best of all, when you entrust your real estate needs to a tenant representative, you pay nothing for the services. That is not to say that the tenant rep offers services without charge, but the fee is paid by the owner of the building in which you decide to rent space.
Tenant reps are not tied to landlords or owners but they work with them on your behalf. It is important to understand that the only thing that matters to your tenant rep is doing the right thing for your business and keeping you happy in your office and warehouse space decisions. The loyalty is never split.
The following are just a few of the questions for consideration when choosing a new space:
- How do you secure the best contract terms for your leased office space?
- How do you ensure that your office space is in the most appropriate location for your industry and your company goals?
- How does your office lease impact your bottom line and can you do anything to improve it?
- Is it possible to improve your office space and also reduce your costs?
- What do you do if you expect your business to expand and require additional space before the lease expires?