When leasing commercial space tenants have the alternative of finding space on their own or requiring the assistance of a tenant rep to help with the search. Looking for commercial space is a really time consuming procedure. If you are not acquainted with the marketplace or do not have much deal experience you might end up squandering a ton of time or potentially make contractual errors that cost you a great deal of cash later on.
Fallacies About Not Using An Representative
Many tenants believe that by representing themselves in the search and settlement procedure the landlord will provide a discount rate on the rental rate,however that is not the case. In fact,the landlord might increase the rate and offer fewer concessions understanding that the tenant is not knowledgeable about present market conditions or the leasing procedure. Using a tenant rep does not have a unfavorable effect on the deal.
Likewise,many tenants do not recognize that having a tenant rep does not cost them anything. When landlord’s buy structures they build leasing commissions into the proforma. If the tenant does not have representation then the proprietors pay their listing representative 100% of the lease commissions. If the tenant has representation then the landlord representative and tenant rep divided the commission. Tenants do not need to pay tenant reps,however they get all the advantages of having one.
Benefits to Having a Tenant Representative – You Will Comprehend Your Needs Much Better
Skilled tenant representatives