Why You Should Use a Tenant Representative
Updated: Sep 27, 2018
Wondering if a tenant representative is right for you? There are several benefits you should consider.
Tenant Representatives Save Money
One of the greatest benefit to having a tenant representative is the cost savings. Your representative’s goal is to get the best possible deal for you. They will negotiate lease incentives with your landlord to ensure you get the most value for your money. Some of these incentives can include:
● Rent free periods
● Rental abatement
● Contributions towards the fit-out of your new tenancy
Without the advice of an experienced tenant representative, you might end up spending more than necessary on rent, maintenance, legal fees and other outgoings. It only makes good financial sense to have a lease-savvy helper to keep you within budget.
Tenant Representatives Explain Your Lease
Does the fine print on your lease make your head swim? Understanding all the legal terms and restrictions can be a challenge. To protect you and your company’s interests, you need to be wary of tricky wording that could strongly skew the lease out of your favour. But you might find the responsibility of understanding your lease to be an intimidating one, especially if your business needs you to focus on other matters.
A tenant representative should have extensive experience with all kinds of leases, and can easily explain, in your language, what it means for you. You can rest easy and spend the majority of your time and attention on the things that matter most to you when you leave the lease complexities to the experts.
Tenant Representatives Open Up More Options
You know that you shouldn’t jump on the very first opportunity that comes your way, but what can you do? You have neither the time nor resources to search the market for other potentially suitable properties or lease arrangements.
A tenant representative, in comparison, is engaged to do the leg work for you, and has access to resources you’d never find on your own.
Not only does a tenant representative have access to premium opportunities, they will help you weigh up the available options. They’ll also help steer you away from risks and potential problems.
Negotiate Faster with the Help of a Tenant Representative
Six to twelve months out from lease expiry is the perfect time to start negotiating a new arrangement. Don’t attempt this endeavour without a tenant representative by your side! You will need to approach this process with a strategy. You will want to be absolutely sure that you’re getting a fair deal in the context of the current market, and simply copying the terms of your last lease may not be enough.
Whether renewing a lease or drafting a new one, having a tenant representative handy will expedite the entire process and protect your interests.
A Tenant Representative Can Identify Your Next Property
Ready to move on or even expand? A tenant representative will be on-call for your next commercial property move. You can work with the same trusted individual or team that handles your current lease to help you settle the next one. Having become familiar with your company’s values, priorities and needs, your tenant representative will take those into the next deal moving forward to find the right property and the right lease agreement.
Want to find out how tenant representation could help you? Contact Broadway Property for a free initial discussion about your needs.
- Ben Heritage and Ryan Stewart, Directors, Broadway Property