You see a rental sign for a great building in super neighborhood, the kind of place you could grow your company and create a legacy. You think you might save a few dollars by negotiating the deal yourself. Landlords say the deal could go through faster, cheaper without outside interference. Choose in haste and regret in leisure.
Examine the array of tenant representatives who could help with your deal.
Look for someone who negotiates leases daily and monthly, not once in a great while when the company seeks different quarters. In most buildings you find a property manager or broker who is paid a commission by the landlord or owner to conduct each lease transaction. If you factor in a tenant representative, this individual gets a portion of the rental fee.
In most instances, the landlord absorbs the fee – not the tenant. Why invest the effort?
- It takes a lot of work to do a proper site search. Most people don’t have access to the appropriate multiple listing (MLS) to know what is available for lease. Preparing the request for proposal and conducting financial summaries takes time and careful analysis.
- A good tenant representative will ferret out all hidden costs and prepare financial summaries to avert any surprises up the road.
A true tenant representative has a request for proposal which deals with tenant concerns and works to improve tenant’s rights at the bargaining table.
- How do I know I will get the best deal? A good tenant representative will seek out proposed leases from several locations at once, levering the best aspects of each deal to get a total package. Ultimately the tenant makes the decisions on which buildings to select and which proposal to sign.