Reasons a Tenant Should Hire an Exclusive Tenant Representative

 So, why should a tenant hire a tenant representative to negotiate an office lease?

Time Savings
Sometimes tenants feel that by getting many tenant representatives to handle their office space needs, (and landlord representatives) standing on the behalf; they shall gain markets efficiency and also a better transaction. In […]

 So, why should a tenant hire a tenant representative to negotiate an office lease?

Time Savings
Sometimes tenants feel that by getting many tenant representatives to handle their office space needs, (and landlord representatives) standing on the behalf; they shall gain markets efficiency and also a better transaction. In fact, the contrary is usually the case. Due to recent advances in listing database technology, there is much more transparency in the availability of commercial space. Each advisor has access to most of the same information and when working with multiple brokers the likelihood of "overlap" increases. Tenant Representation

Additionally, an exclusive tenant representative will have the opportunity to provide broader, ancillary services such as Construction Project Management, Space Planning, Lease Review, Move Management and others.

Objective, consultative advice
Without an exclusive commercial tenant representative, companies fall into one of two potential office leasing traps: a) working directly with the landlord or landlord's agents and b) working with multiple brokers. Unfortunately, in both cases, the tenant will receive biased advice.Additionally, while there might be potential savings offered (in concept) by your landlord, there might exist a hidden costs at the lease documents that will be overlooked. If there is an existing relationship with either the landlord or the landlord's agent, our recommendation is that the tenant request a "baseline" initial proposal (in writing) from the landlord, for which the exclusive tenant representative can evaluate and improve upon. In the case of multiple brokers, each broker is incentivized to make their individual deal at whichever property was offered and downplay any potential hidden costs or issues with that property or landlord. Tenant Reps

A Process-Driven, Total Cost Approach
One of the first steps in working with a tenants representation firm is to assemble a qualified team. This team often consists of professionals outside of real estate brokerage (i.e. project manager, architect, financial analyst, municipal incentives advisor, etc.) who can advise the tenant of hidden cost in the lease transaction. 

Greater Credibility within the Landlord Community
In many instances, tenants look at spaces with multiple brokers. With the digitalization of real estate listings, most brokers have access to the same information, and that has led to greater transparency in real estate availabilities (i.e. there is no such thing as "hidden space"). Consequently, there are occasions when a tenant will visit a property with two different brokers. When this occurs, the landlord and also landlord's agent will realize that the tenant has no leverage with either broker and look to fully exploit that situation. Tenant Representatives Firm