The pandemic has permanently changed the way we do business, and as companies slowly bring employees back to the office there are many unanswered questions. Can your current space meet the needs the workforce is demanding in a post-covid world? If you are going to a hybrid work model – how does that affect the amount of space you require?
Now more than ever you need a trusted advisor on your side to listen to your concerns and help you navigate the complex world of commercial real estate. The landlord has advisors, and so should you. Here are a few reasons you should be working exclusively with a real estate advisor who specializes in tenant representation.
They are specialists. A qualified tenant representative is an expert in their market and understand what it takes to get you a fair deal, thus creating leverage that can be used when negotiating with a landlord. They are your strategic partner and will take the time to understand what your needs are—now and in the future. Lease review, lease negotiations, space planning consultation, and market analysis are just a few of the services they can provide for you.
They only work for you. Tenant rep brokers have no conflicts of interest because they only represent you, their client. They will be your advocate as they find and negotiate the best deal. If you work directly with your landlord, he is only looking out for his bottom line and not in your best interest. By partnering with a tenant representative you have an objective partner that is looking out for your interests.
They will save you time and money. Looking for commercial space on your own is time consuming, overwhelming, and the chances of making a costly mistake are high. There are websites that allow you to search for commercial space, but they will connect you to the landlord’s representative and are missing critical market information you need to make an informed decision. A tenant representation advisor will already have the necessary data, know what is going on in the market, and will probably know about any off-market deals. Because they have invested the time in you, and understand what your needs are, they are able to zero in on the spaces that make sense for you. A well negotiated lease in a space that fits your needs can save you thousands of dollars (and maybe even millions) over the term of your lease.
They are paid by the landlord. Tenant representation advisors typically do not charge a fee to clients when working with a landlord. Real estate fees are factored into the leasing cost, so trying to do a deal by yourself will not save you any money. In fact, the landord’s broker will probably just make a larger commission.
You don’t have to wait until you get a letter from your landlord that your lease term is expiring before hiring an advisor to represent you. They can help no matter where you are in your lease term.
All members of ITRA Global exclusively represent tenants and provide principal-level expertise that is based on transparency, integrity, and trust. With members throughout the world, ITRA Global is uniquely positioned to meet all your real estate advisory needs. Our Difference is Your Advantage
