Searching for Commercial Real Estate? A Tenant Rep Will Be Your #1 Ally
Searching for Commercial Real Estate? A Tenant Rep Will Be Your #1 Ally
If you are on the hunt for commercial real estate, you should get to know the difference between tenant representation vs. landlord representation.
Tenant representation is just what it sounds like: it’s an agent focused solely on the needs of the tenant and not tied to the lessor or landlord. It’s similar to a buyer’s agent in residential real estate and a buyer’s broker in sales.
Before you sign a contract to hire a tenant rep, you should understand what a tenant rep can do for you.
Why Hire a Tenant Rep?
Tenant reps are your partners as you search for commercial real estate. They will help explain the market, help you avoid mistakes, find properties that may not be publicly listed, help with negotiations, and more. They can even be there after the signing in case you have questions or issues.
If you are working on your own, or with a rep representing both tenants and landlords, you will likely find the process is much more frustrating, especially in the highly competitive commercial real estate market of Nashville and Franklin.
You might find that:
● It’s hard to learn details about properties
● Many properties never go to listing
● The space might not match your needs
● You have trouble negotiating favorable terms
What Does a Tenant Rep Do?
A tenant rep can assist you with many parts of your search for commercial space. He or she can help you:
● Search unlisted properties
● Define your needs
● Find comps and pricing information
● Provide informed advice
● Use their contacts and resources to find you a deal
● Assist when it comes time to negotiate
● Represent you without any conflict of interest
6 Reasons Why Tenant Representation Is Important When Leasing Commercial Property
Many people fail to realize how important having tenant representation is when leasing commercial property. Competent, experienced reps like those at The Giles Group can provide a wealth of assistance and more than earn their keep. Top reasons include:
They can help you get access to more properties: Powerful real estate search websites make it easy to investigate properties on your own, but not all properties available are listed, and many suitable properties may not fall within search terms. A tenant rep will have their own industry tools not available to you, including a wealth of knowledge and contacts, which can find properties before they are marketed.
Local market knowledge: A tenant rep will be able to help you locate the right property for your business needs. Thanks to experience gained from helping dozens of businesses like yours, a tenant rep can understand clearly what types of amenities you need now and in the future.
Help with negotiating terms: Even if this is not your first commercial deal, the negotiation process can quickly become complicated and cause problems that might prompt you to sign a lease that is not ideal for your business.
No conflicts of interest: It can’t be stressed enough how important it is that your agent has no conflicts of interest. This ensures you receive the most advantageous representation possible.
Their services are paid for: You don’t write a check to your tenant rep — usually, the fee you pay is built into the cost of the space you are leasing by the landlord, who pays a commission.
You save time: Finding the right space is time-consuming. With a tenant rep, you get an immediate expert who can determine which available spaces fit your criteria, arrange showings, coordinate responses and proposals, gather paperwork, draft lease, coordinate the space to get it ready for move-in, and more.
Are you looking for commercial real estate in the Nashville, Franklin, and Middle Tennessee areas? Call the pros at The Giles Group, who have years of experience as dedicated tenant reps and can help you find the right property for your business.