Commercial Leases: Do It Yourself or Should You Get Help?
The time has come.
Perhaps it’s nearly time to renew the lease on the commercial property you rent to run your business. Or maybe you’re signing up for a new premises with a new landlord, and you’ve never been through this process before.
Whatever your situation may be, you might not think much about the task of signing a lease and moving in. It’s just an occasional, straight forward formality that has to be done so that you can get on with business as usual, right?
Wrong. While appearing simple on the surface, your commercial lease will have an impact on your business – for better or worse, depending on how you go about it.
The risks, and potential benefits, are too important to go down this path alone, whether you’ve got property experience or are new to the game.
The good news is that support is available to you, right now.
What a Tenant Representative Will Do for You
A tenant representative is someone who will champion the interests of you, the tenant, and no one else during your transaction. They work independent of any property owner or real estate agent so that there is no conflict of interest.
Your representative won’t make big decisions for you, but they’ll empower you to make the right decision by helping you:
● Weigh your options
● Protect your rights as a tenant
● Negotiate for the best value arrangement
Again, you might think that you can do all of this on your own. After all, it is up to you to choose whether or not to renew a lease or search for a new property. You do have complete control over which location you end up deciding to move your company into.
So why not DIY?
Choosing to work with an independent tenant representative offers several benefits.
Tenant Reps Have the Best Resources
When you’re just one potential tenant scouting out an entire market of commercial rental properties, it’s easy to miss an ideal opportunity.
A tenant representative, on the other hand, has extensive experience in hunting down the perfect property and a vast store of resources and connections they can tap into to locate even the unlisted properties. Your representative will use their network and knowledge to your advantage to help you discover opportunities that you never imagined.
An independent tenant representative also knows how to navigate current market trends and what factors you can use to your advantage in the negotiations. They’ll let you know which kind of amenities or conditions should be included in your lease to protect your interests and to help your company grow.
By working with a tenant representative, your business won’t be limited for years on end by a few clauses in a commercial lease. Your representative will help you project your future business needs and negotiate a commercial lease agreement that will give you the freedom to expand and pivot as the need arises.
A Tenant Representative Will Save You Time
You may be very well versed in commercial lease negotiations. Perhaps you’ve successfully negotiated your own leases for years. You may also feel very comfortable with interpreting market trends and understanding how they’ll impact the operating needs of your business.
But securing a good deal on your commercial rental property involves more than just scoring a low rent deal or finding a large enough property ASAP. It takes careful research and calculations to find out the true value of a potential situation. And this takes time. Especially if you want to do it right.
And when you’re distracted and not focusing on core business, there’s a big potential cost.
Delegating all of the property legwork and research to a capable tenant representative is going to free up many hours, allowing you to focus on what’s most important to you and your company.
Your Tenant Representative Is on Your Side
When you work with a tenant representative, you’ve got a trusted ally who will support your interests every step of the way. You can count on them to be an invaluable resource during the crucial time that you search for a commercial rental property and sign that lease.
Real estate agents and other property professionals typically have other clients and interests involved in the deal, and will often push you to sign the lease as quickly as possible.
Your independent tenant representative, however, is just that: independent. There’s nothing else in it for a tenant representative because they win when you win. Their task is to help you understand all the details, terms and clauses and fine print before you commit to a lease agreement. A tenant representative is an extra layer of security for you and your company.
Could a tenant representative help you? Find out now.
Contact Broadway Property for a free, no obligation discussion about your needs.
- Ben Heritage and Ryan Stewart, Directors, Broadway Property