As your lease expiration approaches, you may be tempted to take on the task of finding a new office or renewing your current lease yourself. This short article will persuade you otherwise and inform you of the many benefits of using a tenant-only broker.
Using a broker will ensure that you save time, money and stress. Using a real estate firm that specializes in tenant-only representation ensures that our coworkers (who are some of our best friends) aren’t the same people that we’re negotiating against on your behalf.
Here are seven reasons to use a tenant-only broker.
- Ensure That Your Office Is the Right Fit
A lot of companies think they know exactly what their office needs are but end up regretting the decision before the lease is up. What I say is, “You don’t know what you don’t know.” By thoroughly assessing your needs, a tenant broker can help ensure that you have a clear picture of what will work best for your employees in terms of square footage, location, layout and more.
- Save Time
I’ve seen the responsibility of searching for office space fall on the desk of various departments within an organization when there is no head of real estate. This is a time-consuming project that no full-time employee has time for. It requires time dedicated to assessing your office needs, searching for office space (see reason #4), assembling tours, negotiating with brokers and communicating with furniture vendors, design teams and more. A tenant broker will take on these tasks for you, leaving you with more time to focus on the business.
- Utilize Market Knowledge and Data
Tenant brokers bring knowledge of the industry and the market. They can help define unfamiliar terms, explain the differences between various lease types and explain complicated concepts. Their market insight will help you to fairly evaluate deals and create leverage in negotiations.
- Gain Access to More Spaces
The real estate market is accessed through one software company called CoStar which is unavailable to non-industry professionals. Plus, some top-notch spaces may never become available to the public due to high demand. Through their connections, a tenant broker can get you into spaces that you would never have access to otherwise.
- Introductions to the Experts You Need
Tenant brokers know other industry professionals and the good ones have built up a network of trusted referrals. Throughout the real estate process, you might need an architect, a space planner, an interior designer, or some other expert. A tenant broker can provide you with a short-list of referrals that you can trust.
- Simplify Negotiations
When it comes time to negotiate a lease and solidify your deal, a tenant broker is by your side every step of the way to act as your advocate and advisor. This helps to streamline the negotiation process and ensure you feel confident that you’re receiving the best possible deal when it comes time to sign.
- Save Money
A tenant broker can help save your company money in a lot of ways. They can help you avoid offices that are overpriced, recommend the right office size without having you pay for unused square footage, and devise a real estate strategy that aligns with your growth plan to avoid having to sublease in the future. Plus, their presence alone at the negotiating table can increase your chances of getting deals on rent, an ample tenant improvement allowance, several months of free rent and more.
You might wonder how tenant brokers get paid and the answer is simple: by your landlord. This means that we work on your behalf and it won't cost you a thing!
Email me at bdrelick@cresa.com to schedule a free consultation.
