Tenant rep brokers are commercial real estate experts that concentrate on working for tenants. They help in finding the office space (industrial or retail) and help them to find the best suitable and negotiable deals. They will help you to save time and money in finding you an appropriate space at a competitive price. By having an effective tenant representation broker, prospective tenants will worry less about the leases and can focus more on expanding and innovations in their business. But this is possible only if you find experienced and reliable commercial real estate experts like Newmark Knight Frank. They are reliable and professional tenant representation brokers specialized in retail, office, or industrial tenant representation.
What is the Tenant Representation process?
As stated above, a tenant representation broker or called as tenant rep broker, in short, is a commercial real estate agent who is concerned about finding the best deal for his tenant. They are unique from standard real estate brokers who usually represent both tenants and landlords. This could lead to a potential conflict of interest in many cases. As most of the commercial tenants would be thinking about strategies to improve their business, hiring a tenant rep would remove the extra pressure of real estate from your side. But you need to ensure that you get an effective real estate agent who will successfully execute the process for your company and provide you with the best options that suit your business. A basic job of tenant rep broker is to do complete research on the locations and find an exact space according to your requirements. But before reaching out to any tenant rep broker, it is important to have complete knowledge and understanding about the major tasks of the broker.
Why should you have a Tenant rep?
Discovering the perfect Fit:
Tenant rep brokers help to find the perfect fit for your business in two manners. Initially, they aid in streamlining your requirements by defining the right path. Later, they go out in search of the best possible spaces to suit your defined requirements. An effective tenant rep broker will be an expert in the local market ongoings and will have a defined network of other local experts. This knowledge will help them in narrowing down the best possible spaces quickly. Once they get the list, they will start the process of visiting the spaces and showcase them to the tenant. If the tenant is fine, send the request for a proposal, negotiate the leases, and settle the deal.
To Gain Market Insight:
Tenants will not have the exact knowledge of current market trends as there could be many changes since the last time, they could have signed a deal. Tenant rep brokers will be completely aware of market trends and any changes in the rates and rules.
Poor understanding of the market by the tenants may lead to the signing of poor lease terms and also potentially ending up getting a bad deal. A reliable tenant rep broker will provide you with accurate market data. It may be rental rates, vacancies, and also best lease deals in your specific location. They will assure you of the best possible deal with secured paperwork verification which will help you in the long run.
They could also help in assessing the current location by providing services such as the Centre of Gravity mapping. These services help you to find the right location depending on the residence of your employees.
Have a beneficial bidding competition among landlords:
An experienced tenant rep broker will execute a beneficial bidding competition and avoid the situation of you being ending up with a single owner. They will optimize your negotiating position by building a tight competition. This could help you in many ways like getting beneficial concessions that surpass the limits in that particular marketplace. You could end up getting a deal with allowance for tenant improvement or also free rent for a few months.
Protect you from possible pitfalls:
They will safeguard you by analyzing the lease documents with all the terms that will meet your future needs. A tenant representative will be completely aware of all the norms in real estate transactions and will avoid any possible drawbacks. Tenant rep brokers will prepare all the paperwork’s like a letter of interest and proposal requests that will help to resolve any problems before preparing the final deal. They will avoid you from signing any improper deals by ignorance as they would be aware of all the real estate rules and documents.
Act as a shield between tenant and owner:
A reliable tenant rep broker can be the best negotiator and also serve as a shield between tenant and owner. During this process, the tenant rep can act as a bad guy by being firm on terms that could help you in keeping a good bond with the owner intact. This will come handy anywhere in the future.
Solve any clashes that could arise even after the lease is signed:
Tenant rep brokers are experienced in handling all types of situations as they would be supervising every step of the lease transaction. They would also have a record of every documentation files to showcase during such clash times, to know what was executed during negotiation.
Define lease terms:
Many lease terms hold the tenants responsible for current maintenance. But the tenant rep broker will ensure you that this does not include the restoration of already present deficits that would have an impact on the building. They will analyze and document all the existing conditions of the building and define a point at which the wear and tear begin for this particular tenant.
If you are searching for a reliable tenant rep broker, then Newmark Knight Frank (Leasing Utah) will guide you in all involved processes. We are precise in our research statistics and strategies that aid in giving the greatest results for our respective clients.