Looking for new office space in an area you’re unfamiliar with can be time-consuming or even costly. Going for the landlord representatives will leave you with a little helpful information because they have the landlord’s best interest at heart. Your best option is to work with a tenant representation firm to ensure you get the best deal. Here are the benefits of working with a tenant representation firm.
Know More Properties for Rent
Searching for office space through listing sites may be hard to get all the available information. That’s because most firms don’t provide up-to-date listing information on free listing sites, and searching for properties on updated sites may take time and effort.
Tenant representation firms pay to have access to complete listing databases, so they know most properties for rent. Tenant representatives also have professional relationships with other landlords, letting them be updated on available properties. There is also an industry connection, where tenant representatives know of available spaces that are not on the market yet.
Saves Time
With a tenant representation firm, you can save time and use it to focus on your business, like managing supply chains and customer relations, instead of searching for office space. Even large companies hire tenant representation firms with professional expertise.
Take a tenant representation firm as a personal assistant whose work is to help you find the best office space available. The firm will handle everything from finding property location, and doing assessments, to carrying out financial analysis, letting you be as hands-on with your business as you’d like. Remember, time is money.
Better Negotiation
Looking for office space and negotiating with landlords alone can be challenging. A landlord may quote you their rates, and you wouldn’t know if they are standard for the market, unless you research extensively beforehand. For instance, they may quote higher renewal options, exclusivity use, or code compliance fees, and it would be challenging to negotiate these rates if you’re new in the real estate field.
However, when you work with a tenant representation firm like York Property Company, you’ll save yourself from all these negotiation headaches. The firm understands the economic and non-economic factors in the market and how to negotiate for the best deal. They’ll walk you through the process, explaining everything you need to know to make an informed decision.
Provide Insight On Your Office Space Needs
Choosing an office location may seem easy, but the minute details can complicate everything. Elements like the space you need, whether the desired location suits your clients and workers, etc., can significantly impact your choice.
A tenant representative will help you choose the best property for your office space needs. They’ll ask relevant questions to help you establish your current office space needs, how much space you may need in the future, and how to manage your business growth. They can also help you estimate the parking spots you need, negotiate a lower monthly price, and even offer creative parking solutions.
If you have concerns about amenity needs, for example, you want an office with access to the food court, gym, and other outdoor spaces, your tenant representation firm will offer you the best deal for your budget.
Fair Treatment From the Landlord
Being well-represented with a firm gives you an advantage over potential landlords than individuals. Landlords will offer several opportunities than when you’re on your own. They’ll even bid against one another for tenants. This enables them to present their terms in a better way without pretense. When you work with a tenant representation firm, your landlord will know you’re being represented objectively and that they’re dealing with fellow experts, leading to fair treatment.
When negotiating terms, it’s essential to understand all aspects of your agreement, including conditions under which a landlord might seek to modify or terminate the contract. For instance, knowing the answer to the question, “can a landlord break a rent-to-own contract” or “what are the consequences of breaking a lease” can significantly impact your long-term planning and investment, providing clarity on your rights and responsibilities throughout the duration of your lease.
Convenience
If you’ve tried finding office space on your own before, you know how hard it can be for landlords to return calls. You may have tried calling the number on the “for rent” sign several times but never heard from them. Landlords are often busy and may not return every call they receive, especially from individuals. That’s because they often have their brokers, who they’re more used to working with than individuals.
However, once you decide to work with a tenant representation firm, you’ll not experience this. Tenant representation firms are reputable, giving them a better edge and authority when calling landlords. These firms have likely worked with landlord brokers and established professional relationships, making it easy for the landlords to consider your interest in renting office space.
Have Your Best Interests in Mind
When looking for office space, it’s crucial to ensure the brokers you’re hiring have your best interests. Most brokers are double-sided and represent both landlords and tenants. This places them in a better position to secure a deal benefiting them as they know what every party is willing to pay, and thus, you may end up overpaying for an office space that doesn’t meet your business needs.
However, that’s not the case with tenant representative firms. Tenant representatives work for tenants, helping them secure the best deal and reduce possible risks at no cost to you, as they’re paid by landlords who are happy to have their vacant properties owned. This ensures you have someone representing you without incurring any costs.
Work With the Best Broker
Hiring an independent commercial tenant representation firm to help your business look for office space and handle other transactions lets you work with the best experts in the market.
Individual brokers can work with any advisor in the market as they are not motivated to work with the same office in every market. However, tenant representation firms work with the best brokers for every transaction. This gives you peace of mind knowing you are working with experts who know your local landscape and ensures a hassle-free process.
Looking for an office space to rent by yourself can be a complex process; that’s why you need to consider working with a tenant representation firm like OfficeFinder. Doing so ensures you have a representative advocating on your behalf, aiding you in finding the best office space for your business, and acting as a buffer during negotiations.
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