Commercial tenant representation occurs when a broker works to ensure that the needs of tenants are met. This type of brokerage firm will show tenants properties in various locations. Their partnership between a tenant, or buyer, and a real estate broker helps people find the ideal property that meets their unique needs. Commercial tenant representation is a specialized service that saves time and money for everyone involved.
Commercial Real Estate Tenant Representation Services
There are three main types of services for commercial real estate tenant representation: Market and Needs Analysis, Location Analysis, and Negotiations.
- Market Analysis – The market analysis helps establish the value of a property, while the needs analysis looks at the needs of a client while balancing market demands.
- Location Analysis – Tenant representation brokers will find locations that meet client needs by using profiles based on target demographics, size, access, co-tenancy, parking, and merchandising, and economics.
- Negotiation – Tenant representation brokers take the time to draft complete letters of intent (LOI) carefully. Once this is done, the broker negotiates and coordinates between both parties. They remain involved to ensure that the letter of intent terms are included in the lease agreement.
When You Need this Service
Commercial real estate tenant representation services should be retained when your organization is looking into a lease, lease renewal, acquisition, market expansion, relocation, expansion, or built-to-suit. A commercial real estate agent will be able to guide you through every step of the process.
The Advantages
When you work with an expert, you have the advantage of someone who provides services that are outlined above. In addition to these time-saving steps, A tenant representation broker will provide you with quick and easy access to landlords and property owners. Additionally, the owners or landlords are usually the parties responsible for brokerage fees.
Do not underestimate the impact of working with commercial real estate tenant representation. The time and money that you save by having a specialist do your research and negotiation are invaluable, not to mention the benefit of their connection in real estate. Before you move forward in your venture, find a commercial real estate tenant representative near you.
