Top 5 Reasons to Hire a Tenant Representation Broker
Why You Should Hire a Tenant Rep Broker
Signing a lease for office space or warehouse space is a significant financial commitment which is why you should always have a trusted advisor guiding you through the process. Tenant Representation brokers are an excellent and necessary resource for any business leasing or buying warehouse or office space.
There are many benefits to working with a tenant representation broker, but here are the top five.
1. Saves you time.
Finding office or warehouse space to lease takes a lot of time. Working with a tenant rep broker whose sole focus is your real estate will ensure a smooth process and help you keep your focus on your business goals. Your broker will do the footwork of finding and researching space, scheduling tours, and managing the negotiation process.
2. Insight on buildings and space needs.
Picking an office location may seem like an easy process on the surface, but the details can be overwhelming. Is your desired location good for both your employees and clients? How much space do you actually need? What makes a Class A building better than a Class B building?
Tenant rep brokers are skilled at helping companies get very specific on their space needs before you even start looking at buildings. Part of our process at Rokos is to start every assignment with a needs analysis to get a crystal-clear picture of a client’s needs for their space, location, and anticipated growth. These insights are invaluable when making a long-term lease commitment.
They also know a lot about the state of the market that you might not know. Insight on specific building owners or knowledge of off-market vacancies is a valuable tool when making a leasing decision.
3. Expertise in lease language and negotiations.
Leases are complicated legal documents with long-term financial impacts. Why wouldn’t you hire a trained professional to assist you through the process?
Tenant representations brokers are licensed and educated advocates specifically equipped to help you through the lease negotiation process. From the basics of explaining lease terminology to knowing the average rental rates and terms for specific buildings, a tenant rep broker is an invaluable resource.
You hire someone to do your taxes because it’s a complicated process and you want expert guidance. Why wouldn’t you want the same for your real estate?
4. No cost to you.
It doesn’t cost you anything to work with a tenant rep broker — in fact, their involvement will actually save you money when they help you negotiate better lease terms. Tenant Representation brokers are paid exclusively through market-standard fees associated with each lease transaction and are paid by the landlord, so you will never have to pay out of pocket for your broker.
5. The landlord is not on your side.
If you see a sign posted outside a building with “Space For Lease” and a phone number, it will lead you to the landlord’s broker representation. Without your own broker representative to act as your advocate, the Landlord and landlord’s broker will try to get the best deal for their own profits. Tenant rep brokers ensure that you as the business are getting the best deal for you, not for the building.
One of the key pillars of Rokos is our exclusive focus on working with businesses and not building owners. Many larger real estate firms will have teams that represent both. But how can you trust a broker to work for your best interest if they are also working for the landlord?
At Rokos, our brokers are focused on finding the best real estate solutions that work within our clients’ business goals. We never represent building owners so that we can be completely focused on representing a tenant’s best interest.