Tenant rep brokers (i.e. tenant representatives or tenant advisors) are commercial real estate professionals who help businesses find the best properties and negotiate the best terms. Unlike residential real estate agents, these brokers focus on office, retail, industrial, and other commercial spaces.
Are you considering leasing or buying a commercial property? Read on for seven good reasons you should hire a tenant rep broker before you begin your search.
1. Protects Tenants
Working with a tenant rep broker means that you always have someone in your corner. Your best interest becomes their best interest, so they are committed to asking the tough questions and negotiating better terms when possible.
Tenant rep brokers are experienced professionals who understand occupancy terms, and may be able to help you gain more square footage at the same or lower price point.
2. Creates Competition
Need a better lease rate or terms? Tenant rep brokers are skilled negotiators who can help you acquire a more favorable lease agreement or purchase terms. Given the complexity of commercial real estate negotiations, these lease and purchase adjustments may save you thousands or tens of thousands of dollars—if not more over time.
3. Saves Time
As a business owner, your time is precious. The best tenant rep brokers have years of experience navigating the world of commercial leases and purchase terms, and will use proven processes to save you time and money. Sit back and let them handle time-consuming tasks like researching properties, making phone calls, scheduling tours and negotiating agreement terms.
4. Find the right space.
Tenant rep brokers are well connected in the industry, which means they can often show you properties that haven’t even been listed to the general public yet.
Brokers also have a deep understanding of the local market, real estate development trends, and common pain points for commercial tenants. Their wealth of experience means they may be able to point out pros and cons of various properties that you would otherwise miss.
5. Market Knowledge
When it comes to making a smart real estate decision, knowing the market is key. Tenant rep brokers in your area have their finger on the pulse of market insights, trends, predictions, demographics, development plans, and more.
A better understanding of your local market will give you a more accurate perspective on how well—or how poorly—a given property will meet your business needs. This knowledge can be leveraged to create a more favorable deal.
6. Keeps Records
Commercial real estate can be incredibly complex—much more so than residential. Tenant rep brokers will review your real estate agreement terms down to every last detail and help make seemingly complex causes easier to understand.
More importantly, they will keep accurate records through every stage of the process, including important dates and changes to the agreement documents.
7. Advises Objectively
Ultimately, the owner of the commercial property you are interested in isn’t on your side—and neither is their listing agent. Tenant rep brokers level the playing field by listening clearly to your wants and needs, and offering objective advice. They will help you remove any rose-colored glasses and see more clearly which property is truly best for your business.
From finding the right property to negotiating commercial real estate terms, your tenant rep broker will be your advocate every step of the way. Their support will not only ensure that the process goes smoothly, but also that you get the fairest possible deal.
Interested in leasing a commercial property near Cleveland, Ohio? Learn more about our tenant representation services.
To learn more about how CRESCO, Greater Cleveland’s leading commercial real estate company, can help you with your property needs, contact us at 216.520.1200, or fill out the form below. A CRESCO professional will contact you shortly.