7 Reasons To Appoint A Tenant Advocate

July 27, 2018 | Commercial Real Estate

Tenant Representation Specialists, also known as Tenant Advocates, offer independent, expert and conflict-free advice to commercial tenants surrounding site search, leasing negotiation and agreement, project and portfolio management and more!

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Here are 7 reasons why “Tenant Reps” are crucial in getting you the best possible deal:

1. Some markets have shifted in favor of the landlord

Gone are the days when landlords and leasing agents were in competition for tenants and offers of 18 months of free rent and other favorable terms were not unusual.

Many markets currently have low vacancy rates. And in this environment, it’s more important than ever to engage the services of a professional to help you gain some leverage over the landlord in lease negotiations.

2. Secure a market rental rate and the best possible lease terms

Most tenants simply don’t have the time or the knowledge to thoroughly research current market rental rates and lease terms.

Tenant Representatives do this for a living.

Tenant advocates also have the skills to strategically negotiate a commercial lease for you that is fair and falls in line with current market conditions. They’ll use factors such as location, the type of landlord, building vacancy rates, fit-out costs, incentive levels and the future market outlook to secure you the best possible deal.  

3. More opportunities for you to consider

A good Tenant Advocate will have the experience, knowledge plus expertise to identify and qualify suitable leasing opportunities from the entire market, including off-market options that are available but not actively marketed.

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4. “Time is Money”

This old saying certainly applies when it comes to leasing new office space.

Searching for commercial space, getting to grips with market trends and negotiating leasing agreements is complicated and often takes longer than expected. This can place an enormous burden on your company’s time, money and resources.

Tenant Reps can eliminate this stress by:

  • Providing you with up-to-date market advice
  • Preparing a list of suitable options for you to compare and consider
  • Scheduling and conducting property inspections
  • Shortlisting suitable options and submitting proposals
  • Negotiating and reviewing leases
  • Managing improvements and relocation projects
  • Managing fit-out projects

This is how using a Tenant Advocate will save you time and money. They’ll also make sure that no important considerations are overlooked.

5. Reduce your risk

Just as you would hire a solicitor to deal with your legal matters and an accountant to deal with your taxes, the real estate process should be handled by professionals who are ‘on your side’.

Tenant advocates understand all the potential dangers and complexities of leasing transactions. And these pitfalls may multiply if you try and navigate the lease negotiation process on your own. A Tenant Representation Specialist takes responsibility for managing every detail and advises clients on the most risk-free strategy, which ensures that you avoid unexpected and costly surprises.

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6. Optimise your space

It’s possible to optimise the way you use your workspace to lower your average rent per square meter without compromising your business’s productivity and efficiency.

A Tenant Rep will analyse your business needs and help you to identify essential layout requirements suitable to your company culture and working style.

7. No Conflict of Interest

If you’re dealing with a real estate agent or broker, remember that they work on behalf of the landlord.

A Tenant Advocate, on the other hand, works on your behalf. That means they’ll be trying to negotiate the best possible deal for you, the tenant, and will provide you with impartial and honest advice that always looks out for your best interests.

 

Get in touch with the team at Tenant CS. We’ll evaluate your needs, canvass the market and provide you with full market insights!

 

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The Author

Maxwell brings over ten years of commercial real estate experience and currently works as a tenant representation specialist in the tenant representation Sydney team. He says some of his more memorable projects over the years include an 11,000sqm lease renewal in Islamabad, Pakistan, and the sale of a 200sqm commercial unit on the Canals of Amsterdam.

In his spare time, Maxwell is a loving father, backcountry skiing fanatic, boat lover and food enthusiast.

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