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Many people think of tenant representative brokers as an unnecessary expense when searching for an office space to rent; however, that belief is mistaken. First of all, tenant rep brokers don't add costs to the search process, as their fees are paid for by the landlord. Plus, the assistance of a tenant representative can prove invaluable during every stage of the search and negotiating process. Here are some reasons why you need one by your side:
1. You May Not Fully Recognize Your Needs
Often, companies move into offices believing that the location is ideal and the amount of space they have is more than adequate only to find out that they misjudged their needs. With their wealth of experience, tenant rep brokers can evaluate your needs and match you with a space that's ideal.
2. Hidden and Exclusive Spaces Await
The very best offices often get swooped up before they're even advertised to the general public. Tenant reps have connections, so they know about the prime properties and can get you in the door for tours.
3. Your Time Is Precious
Tracking down spaces to lease, researching them and scheduling tours is a time-consuming process. You can give those responsibilities over to a tenant rep broker and devote more of your time to the actual business of your company.
4. The Landlord Isn't in Your Corner
Even if you are dealing with an ethical landlord, he or she is not on your side. Landlords nearly always try to strike deals that benefit themselves. Tenant representatives can level the playing field by acting as your advocate.
5. You Won't Need to Break Out Your Dictionary
During commercial lease transactions, you'll run across terms that you've likely never encountered before. Tenant representatives can explain their meaning in simple terms to ensure that you fully understand the process.
6. You May Need More Members on Your Team
At some point during a commercial lease transaction, you may find yourself in need of an outside expert like an architect, an attorney with a specific specialty or a spatial planner. Tenant reps have connections with professionals in many industries and can help you choose the right person for the job.
7. The Market Can Be Mysterious
Understanding the real estate market in your area is crucial to getting a fair deal at the negotiating table, but the facts and figures that provide snapshots and depict trends can be difficult to interpret. Your tenant rep broker will know the market inside and out and can help you gain a clear picture of conditions.
8. Commercial Leases Are Very Complex
Your attorney will undoubtedly review your commercial lease, but it's still important that you understand the terms to which you're agreeing. Tenant representative brokers have plenty of experience with contracts and can help make complex clauses much simpler to comprehend.
9. Lease Negotiations Are Lengthy and Arduous
Often, there are many rounds of negotiations during a commercial lease transaction. Tenant rep brokers will be on your side the entire time, helping to make the process go smoothly and ensuring that you get the fairest possible deal.
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