Are you considering working with a tenant representation broker? You have come to the right place! The Compass Commercial team only provides tenants and buyer representation, as we enjoy putting clients in touch with the properties of their dreams. At our commercial real estate brokerage, you can count on us to find the perfect property for your business. Before we talk about our process and specialty, let’s cover what tenant representation is.
What is Tenant Representation?
When a commercial agent provides tenant representation services, it means the agent only represents a tenant or a buyer’s interest. So, it provides conflict-free representation. A landlord/owner agent’s job is to get the tenant/buyer to pay the most money possible because they only represent the landlord’s interest. The landlord’s agent can legally help a tenant during the deal. But, be aware that by law in the State of Michigan the landlord’s agent’s duty is to solely represent the landlord. The agent for the landlord does not need to inform the tenant of this duty.
A tenant/buyer’s agent will pull listings, show properties, prepare financial cash flows, and assist in the negotiation process for their client. Finding commercial real estate to lease can be quite challenging when done on your own. From finding the properties to placing an offer, it’s much easier if you have a tenant representative on your side. Additionally, they can save you a lot of time. This is highly valuable if you’re a business owner.
With tenant representation, the agent pulls different listings based on the client’s wants and needs. This can save a considerable amount of time for the client. Then, once the client expresses interest in a few listings, the tenant representation broker will give them a tour of the listings. They can also prepare written requests for lease, prepares financial summaries showing the costs to lease the facility, and negotiate on the tenant’s behalf.
Why Work with a Tenant Representation Broker?
Many people wonder if they can find a property to rent themselves with no assistance. While this is possible, it is not our recommendation. There are many benefits of working with someone who is experienced and specializes in tenant representation. Perhaps one of the biggest advantages of working with an agent is the benefits that come during the offer and negotiation process. There are many steps that must be taken in the process of renting a property. For one, it’s necessary to submit a request for a proposal, which is where the owner of the property submits their offerings. This usually includes the rate for rent, common area maintenance charges, and other details like utilities or cleaning fees. Then they will prepare a financial cash flow, so you see the actual costs of each property under consideration.
Additionally, a tenant representative will help you with negotiating, which can save you a great deal of money with your monthly rent. Remember the landlord or their agent and our agents at Compass Commercial work in commercial real estate 365 days a year. You may only deal with this a few times in your life.
If this is your first time leasing commercial real estate, we especially recommend working with an agent. To put it frankly, commercial real estate can be incredibly confusing. This is even more so the case if you have never been involved with a property transaction before. There are many terms, steps, and laws that go into leasing commercial space. So, it’s best to have an expert on your side when finding a property to rent. And if you have used a tenant representative in the past, you’ll likely want to use them again.
Our Process for Tenant Representation
We have a process in place to ensure our tenant representation services are efficient and successful. First, we ask you about your needs for your business’ space. We use this information to look for properties available for rent that will suit your needs. Then, we pull several listings we think have potential to be your future space. When you give us your feedback on listings, we will either schedule showings or refine our search. Finally, when we find the perfect property for you, we will assist you in the offer and negotiation process outlined above.
We will help you through the entire leasing process. Our goal is to assist every client, so they get a fair deal on their rent. We also help find them an excellent space. We don’t stop working until your needs are met.
At Compass Commercial, we only help those who either want to rent or buy a property. We do not assist professional landlords who are trying to find tenants. Our team focuses on just one side of commercial real estate so we can provide top-quality services. With this specialty, we are able to focus on what our clients need from their property, rather than worrying about listings to sell as well. This gives us a much greater attention to detail and helps us more effectively serve our clients.
If you’re interested in finding tenant representation in Metro Detroit, Michigan, anywhere in the USA, feel free to contact us any time. Our team would enjoy the opportunity to assist you in finding a place for your business to call “home.” Whether you’re looking for medical office space, traditional office space, retail space, an industrial warehouse, or any other commercial real estate property, we are here to help. Contact us today to start a conversation.