As the world combats the widespread challenges of a global pandemic, many commercial brokers and tenant representatives are receiving inquiries related to property obligations. Considering the adverse financial situation, tenants are worried about how new restrictions from the government could affect the leasing business for commercial properties.
As businesses are reopening, various startups and small businesses are looking for new commercial properties to lease as they prematurely ended the previous ones — a debate for some other time. Hiring a tenant representative seems to be the only viable solution in the times of today when leases are high backed with stringent government policies.
Finding a commercial property in itself is a daunting task, and doing so, amidst the pandemic, becomes all the more difficult. Here are a few benefits of working with a tenant representative:
(S)He Works in Your Favor:
Tenant representatives work for their clients; that means YOU. They have your best interest in mind, so we will show you an extensive range of properties to help you choose the most suitable one. That’s only the part of the deal; a tenant rep will also get you the ideal space at the fairest price possible with the best lease terms.
They create a competitive environment using their knowledge and skills, allowing you an edge over the landlord.
Provides You a Greater Number of Options
The finest commercial get tenants even before they make advertisements. When going alone or with property brokers, you may miss a chance to take a look at these properties; unless you consult a commercial property tenant rep.
An experienced tenant rep has the skills and industry knowledge to identify valuable leasing opportunities, including the ones that are off-market. Commercial real estate is a lucrative market for people with skills and experience.
Tenant Rep knows the Market
Many tenant reps are subscribed to online market sites and commercial real estate database, providing them access to properties outside the jurisdiction. Working with a tenant rep means you’ll have access to all these properties.
Secondly, a tenant broker also understands the key motivational points of different landlords. Factors that can motivate a small property investor may not work for large commercial property owners.
They also understand the current market trends and rate structures. Due to their connections with landlords, tenant reps can help you get the best deal.
Negotiations Become Easy
Leasing a commercial property is quite complex compared to renting residential spaces. Thus, it requires lengthy and intense negotiations. Hiring a tenant rep means you have an advocate throughout the process to help you negotiate.
Landlords often treat tenants as captive markets and may not offer them the same incentives if they don’t have a rep to represent them. This highlights the significance of a tenant rep who can help you get the property at the right price.
Helps in Space Planning
A forward-thinking tenant rep will look beyond the primary needs, such as ideal space, friendly lease policies, and smooth transaction. He will work for you as an occupancy advisor and suggest you tools and techniques to make the most out of the space. He may have a strong alliance with architects and project managers who can effectively design and construct your workplace.
His only aim is to provide you with the best of services. But to ensure optimum work quality, you should hire a tenant rep at least six months prior to your lease expiry. You can find a seasoned tenant rep at chicagobroker.com, where they use proprietary methods to assist their client with commercial leasing. Their extensive work experience and industry knowledge ensure the highest level of services and support.
Saves You Time and Cost
A tenant rep will listen to your needs and analyze their viability through market research. On the basis of this research, the tenant broker will make the final recommendations. This will help you save time in touring the properties that won’t work for you.
Moreover, negotiating a leasing agreement is a time-consuming, arduous job; a tenant rep takes the burden off your shoulders and saves you time, money, and resources. Since he knows the market inside out, he will get you maximum cuts on your leasing plan. Thus, they ensure that you get a fair price and deal.
Reduces Market Risk
A tenant rep works as a property advocate who understands the needs, complexities, and risks of the leasing market. When navigating on your own, these pitfalls can lead to huge financial losses that are hard to overcome. Your rep can help you avoid these dangers and help you get the most suitable property with the best leasing terms and prices.
A tenant representation specialist manages your leasing project, works on every detail to provide you with the lowest risk strategy. Since he is an expert in his field, he is updated with the latest industry knowledge, government policies, and market trends, thus ensuring you never experience an unexpected surprise during the tenure.
Steven Goldstein and ChicagoBroker.com have been active in Chicago as an office tenant representative since 1991. Please let us know if we can be of service with any of your commercial real estate needs. We are available 24/7 to answer any questions or assist with any real estate needs.