Tenant Representation

In simple terms, a tenant representation broker aka. “tenant rep.,” also often referred to as a “tenant advisor” or “corporate services broker,” represents and advises business owners in their commercial real estate decisions and transactions. The word “tenant,” in tenant rep., can be a bit ambiguous. A professional broker or commercial real estate firm that provides tenant rep. services will also assist clients with not only new lease transactions, but also purchases, subleases, expansions, ground leases, build-to-suit transactions, lease renewals, sale-leaseback strategies, and complex strategic transactions. However, at a basic level the tenant rep. is there to assist Individuals and organizations throughout the entire commercial real estate transaction process, from the initial needs’ assessment through site selection, negotiation, and completion of the transaction. It’s the job of the tenant rep. to understand you and your company’s needs, guiding you through the process to achieve your commercial real estate goals while allowing you to remain focused on your core business.

If you have a business that either has a single office, retail, or industrial location, multiple locations, or you are looking to expand, then you should be using a tenant rep., tenant advisor, or corporate services broker.

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No matter if it is a small family-owned business, a startup, or a Fortune 500 company the commercial real estate decisions that are made can often be a determining factor in the future success or failure of that business. A good tenant rep. broker or corporate services broker will start the process by doing a lot of listening, followed by lots of questions to get an in depth understanding of how your unique business functions including, but not limited to, understanding the business model, strategic market position, key competitors, short and long term goals, organization structure, company culture, etc. This initial process helps both the company and the broker align the real estate needs with the company’s business strategy, financial goals, and operational objectives.

Once the parties are aligned and the objectives are clear, it is time for the tenant rep. to get to work preparing the strategic plan, reviewing that plan with the client, and then executing on the plan. This is where the strength of the tenant representative’s brokerage company is important because they will need to have the tools and expertise to prepare detailed market strategy maps, provide market analysis including demographics, customer behavior patterns, traffic patterns, shopping habits, etc., provide financial analysis, review agreements, understand market trends, and much more. This is not something that a single broker can do on their own, but something that requires an innovative and comprehensive brokerage company that invests in technology and resources.

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In a quickly evolving and complex business market, the real estate strategy and attention to detail in the negotiations of key agreements can be critical to a company’s ability to adapt and stay one step ahead of market shifts to remain competitive. Examples may include looking at early termination clauses, co-tenancy clauses, expansion or reduction clauses, assignment/subleasing provisions, limitations on tenant financial guarantees, right of offers/right of first refusal, purchase options, force majeure clauses, etc. Not only will a good tenant rep. broker help you negotiate a deal that protects your business while also providing flexibility, but they will understand strategically what physical real estate factors are key. Examples, include identifying proximity to existing or potential new customers, traffic counts, access, demographics, customer patterns, future housing growth, and zoning requirements to name a few.

• A Tenant Representative is most often compensated by the landlord or seller when the transaction is completed.
• You hire experts in legal, tax, HR, financial and other fields for your business so it’s important to have an expert represent your interests with respect to your real estate transactions.
• A Tenant Representative, which is supported by an innovative and experienced brokerage company, will be able to provide you with access to the most comprehensive and accurate property listing platforms as well as off-market opportunities.
• Experienced Tenant Representatives have established relationships with property owners, other brokers, and industry professionals so they can expose opportunities you would otherwise not have known about.
• A Tenant Representative will be able to run preliminary financial and local analysis to help you make the most educated and calculated decisions.
• A Tenant Representative will provide valuable negotiation experience and skills to ensure you are getting the best overall deal that aligns with your goals.
• A Tenant Representative will be able to help you complete a single transaction or if you need to grow rapidly expand into multiple locations in multiple different markets.
• A Tenant Representative will be able to augment your own internal team to expand your capacity and enable you to focus on your core business.

Exceptional Tenant Representation