Tenant Representation
What is Tenant Representation?
A tenant advocate, often referred to as a tenant rep, is a specialist in commercial property who solely represents the interests of the tenant. This role is distinct from traditional real estate agents who serve both property owners and tenants, leading to potential conflicts of interest.
Before engaging a tenant advocate, it’s crucial to comprehend their role. A key responsibility of a tenant rep is to evaluate your current premises and determine whether it’s beneficial for you to remain or relocate. You might decide to stay, or explore other venues to decide if it’s time for your business to transition to a new space.
Both staying and relocating require thorough financial and logistical evaluation to ensure that the decision is well-informed.
Why Hire a Tenant Rep?
Market Insights
Avoid Pitfalls
Negotiation Support
A representative for tenant interests is dedicated to prioritizing the needs of corporate clients in all aspects of commercial property endeavors.
They offer insights into the market, steer clients clear of common pitfalls, provide negotiation support, and more.
When selecting a tenant representative, choose a firm and agent that exclusively advocate for tenant interests and possess a comprehensive grasp of the sector. Choose someone with whom you have rapport and confidence. Even post-lease signing, your tenant representative will remain accessible for any inquiries or concerns.
Think of your tenant rep as an extension of your in-house team. Should your business need assistance down the line, this established connection will be beneficial, regardless of whether you’re scaling up or reducing your operations.