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Before proceeding, ask yourself these five questions:
- Do you have the time and expertise to research the real estate market, including opportunities that are currently available as well as those which are coming available in the future?
- Do you know the market and the effective leasing rates and inducements being offered to those leveraging their real estate requirement?
- Do you have the time and expertise to deal with all the different brokers and landlords, while handling all of your other job responsibilities?
- Do you know how to use real estate to improve the financial and competitive position of your corporation? (Keep in mind, real estate costs are typically the second largest line item expense and normally equate to some 25% to 40% of a corporations overall budget.)
- Do you know that the quoted rental rate of your building includes brokerage fees? If you do not use a tenant representative, this fee will go entirely to the listing agent (landlord’s advocate) for your building.
If the answer to any of these questions is no, then you need a tenant representative.
Selecting space for your organization – and successfully negotiating the most attractive lease arrangement – are complex, time-consuming tasks, full of potential pitfalls. The pitfalls only multiply if you undertake the process on your own– without the benefit of an experienced commercial real estate professional serving as your tenant representative. Hiring a tenant representative who acts on your behalf will eliminate many of the hassles in site selection and negotiation and save you a substantial amount of time. It will prevent potentially disastrous missteps. And it can cut much of your real estate expense. More importantly, aligning yourself with an experienced tenant rep can turn up real economic opportunities and help turn your space into a strategic asset.
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