If you needed life-saving surgery, would you do it yourself?
Probably not, right?
Then why would you DIY it with one of the most critically important business decisions you will ever make…deciding where to lease commercial space to transform your vision of success into your reality.
Using a commercial real estate agent as your tenant representation (aka “tenant rep”) when looking for commercial space is one of the wisest decisions a savvy business owner can make.
And here’s why…
1. You Get Access to More Properties
Between websites and all of the other commercial real estate tools out there, it might seem like you have access to every available space.
However, while you can see a portion of what is available, the best spaces usually get leased out before they are available for public viewing.
Tenant reps frequently employ their own industry and internal tools, and the best ones also scour the market to find spaces that aren’t marketed, such as properties For Sale By Owner (aka FSBO’s).
2. A Tenant Rep Has Local Market Knowledge to Help You Find the Perfect Space
Finding spaces is only part of what goes into tenant representation. Knowing which are a good fit for a business and which aren’t is just as critical.
Tenant reps are local commercial market experts, which means that you can use them to identify not just what you can pay…but what you should be paying.
Tenant reps also know which lease terms are common in their area so they can help you determine whether or not a proposed offer is reasonable or not.
3. You Get Help with Negotiating Terms of the Commercial Lease
Due to the complex and often changing nature of today’s commercial leasing agreements, even an experienced commercial tenant might be confused when determining a deal’s progress or which side of the table holds the leverage.
Tenant representation specialists handle these negotiations day in and day out while expertly managing the whole process for you from beginning to end.
4. There is No Conflict of Interest When Using a Tenant Rep
While it might seem easier to simply work directly with the landlord’s representative, it’s important to note this individual is not working with your best interests at heart.
In fact, the landlord’s rep is both ethically AND legally bound to take care of the landlord’s interests at YOUR expense!
For example if the space you’re interested in leasing is $10 per square foot but a neighboring property is offering better space at $5 a square foot, the landlord’s rep likely would not inform you of this.
When you work with a tenant rep to help you lease commercial space, the rep is ethically and legally bound to put your interests first to find you the best possible space at the best possible price with no conflicts of interest.
5. The Tenant Rep’s Services Are Already Paid For!
The fee for tenant representation is already built into the cost of the space you’re looking to lease.
Landlords typically pay a single commission fee split by both sides of the deal. Since the fee is already paid for in the leasing price, there is no reason to miss out on the benefits of using a tenant rep to find and lease commercial space.
You’re setting yourself up for success when you work with a tenant rep who not only has YOUR best interests at heart, but can provide the hustle AND knowledge to help you get the most bang for your buck when leasing commercial real estate space for your business.
And that’s what you really want…isn’t it?
When people are searching online terms like “best tenant rep for commercial real estate leasing” or “why should I use a tenant rep when leasing commercial space”, inevitably Cushman & Wakefield / Pyramid Brokerage Company is among the top of the search results for the highest rated and best tenant representation specialists.
This is primarily due to Pyramid Brokerage Company’s much-deserved reputation in Upstate New York for working tirelessly to uncover all potential options, then working closely with clients to ensure the smartest commercial real estate leasing decision is made.
James K. Kim
James K. Kim (Jim) is a commercial real estate advisor with Pyramid Brokerage Company of Albany, Inc. in the Capital Region of New York, specializing in helping business owners expand into new locations or sell/lease a commercial retail, office, industrial, or investment property.