What are Tenant Rep Brokers?
Tenant Rep Brokers are precisely what they sound like; they handle the Tenant’s side of a commercial real estate transaction. They help guide you through the initial needs assessment, search process, site selection, lease negotiations, occupancy, an advisor during your lease period, and lease expiration. Tenant Rep’s are there to help take the stress out of the commercial real estate process, and the best part about it is they are FREE to use. The landlord pays their fees.
What do Tenant Rep Brokers do?
The simple answer to this is they add value. Would you go to court without an attorney? Probably not, so don’t try to go through the commercial real estate process without a representative. Having an advocate/advisor in your corner through this process not only adds value but brings you a piece of mind through what can seem like a very strenuous process. Tenant Reps can help guide you through the means of;
Initial Needs Assessment
The Washington D.C. Metro market is a vibrant and competitive market for businesses. One of the most common problems that companies have today is employee retention. Your business location, accessibility, work environment, technology adaptability, and real estate features can all play a significant part in your employment needs. Do you know what your businesses needs for real estate are? Does your current space work for you? Do you need more or less space? How many offices do you need? Do you need an open, collaborative environment or individual private offices for each employee? What technology access do you need? What features in an office will help retain your employees? How far are your employees traveling to work? Is there adequate parking for your team?
If your current space works for you and you would prefer to renew your lease, a tenant rep broker can provide valuable negotiation power. Landlords are continually looking to drive the most value and cash flow out of their buildings, so don’t get stuck with terms that are not favorable to you.
Location of your business can be a significant factor in sales, employee retention, productivity, and accessibility. Taking the information gathered during the initial needs assessment we work to identify multiple potential spaces in the geographic location that best suits your needs. Once you have narrowed down the list of potential spaces the Tenant Rep Broker will schedule times for you and your team to tour the spaces so you can understand the pros and cons of each.
Would you go to court without an attorney? Probably not, so why would you go to the negotiating table without a representative present. As Tenant Reps, we act in your best interest and can add enormous value by increasing your negotiating strength, through lease comps, financial analysis, market analytics, and experience.
Support During the Lease
Our team is here to support you for any questions or situations that arise during your lease term. We can help resolve any troublesome cases regarding your lease acting as an intermediary between you and the landlord.
Support at Lease End
Toward the end of your lease, we will work with you on planning the next steps, whether that is renewing your lease at your current location or starting the search process again for your next location. We are here to help you find the right space for your business to thrive.