Reasons Why Tenants Should Hire the Services of an Exclusive Tenant Representative

Are you looking to find an office space for your new business venture or want to expand it in a new region? Irrespective of the real purpose behind, it is always recommended to hire the services of a tenant representation expert who is known for providing assistance to commercial business owners in finding the right space for their business needs. Such a professional would help the commercial tenant at every step of the process from finding a suitable property, securing a lease, and even renewing the existing lease to obtain the best terms.

There are lots of benefits associated with this move. A few of them listed below:

·         Time savings

There is a general belief among tenants that they can gain market efficacy and better transaction by choosing multiple commercial tenant representatives to manage their office space needs. However, the truth is completely different. Due to on-going advancements in database listing methods, now there is more transparency in the availability of retail real estate space. This results into uniform distribution of information among various advisors and less advantage in regard to multiple tenant representation experts. On the other and, an exclusive tenant representative tends to provide wider, supplementary services.

·         Impartial, consultative advice

There are generally two possible office space leasing traps companies are prone to when they don’t get an exclusive representative.

1.       Direct working with landlord or landlord’s representatives

2.       Dealing with multiple brokers

The truth is that companies are supposed to get biased advice in both the cases. On the other side, having an exclusive representation expert is meant to take a tenant-centric, consultative approach to the process.

·         A process-driven, total cost approach

One of the crucial stages in dealing with a tenant representation firm is to bring together a competent team. This team generally consists of project manager, architects, financial analysts, municipal incentives advisor who can provide valuable advice in regard to lease transaction. This seems a bit difficult to achieve without an exclusive tenant advisor.

·         Enhanced trustworthiness within the landlord community

In case of multiple brokers, many times tenants visit the same property twice with two different brokers. However, in today’s age of digitization, this makes no difference to the access of new information in different ways. This exhibits no leverage of tenant with either broker and landlords consider this an opportunity and exploit the case to full extent. To avoid this, it is advised to stick to an exclusive tenant representation expert who will help you make the most out of your time, investment and efforts.