In discussions about commercial real estate, you may have heard the perhaps unfamiliar term tenant representation come up. Tenant representation refers to the practice of a real estate agent or broker representing tenants when it comes to both locating and negotiating commercial leasing spaces. The real estate and business markets are becoming increasingly complex, and companies as well as individuals are looking to tenant representatives to help them navigate these markets. Whether renewing a lease or relocating, a tenant representative can help you find the best space for the best price, using their expertise to negotiate the optimal lease for your situation.
When looking for a tenant representative, you should look for someone who is a market expert, a professional negotiator, and practiced in the process of leasing transactions. For the average person, successfully navigating the fickle real estate market is no easy feat. But a tenant representative, with intimate market knowledge when it comes to location, buildings and spaces, and common trends, can help you take advantage of opportunities and find the best options.
You should also look for a tenant representative who has mastered the art of negotiation, using their market expertise to broker with landlords and owners. Representatives with strong, established relationships with landlords and building owners will also optimize your options and expedite the transaction process.
Effective tenant representation goes beyond these simple, although important, traits. A tenant representative’s knowledge should extend beyond basic market research and skillful negotiation. Knowledge of certain disciplines like financial analysis, real estate law, demographic studies, and even architecture make the difference between an adequate tenant representative and an excellent one. Tenant representatives should also take the time to understand the goals and objectives specific to your company, the industry you work in, and how location and real estate work into your business.
Finding the right location for your office or business space is an important task that can have long-term effects on the performance and success of your operation. In a time where markets are unpredictable and complex, using a tenant representative is the best way to ensure that you are making real estate decisions that will benefit your business operations.