Searching for a new office space can get quite time consuming, costly, and flat-out frustrating. You want to work in your business space – not on it. Entrusting anyone with a large decision is tough; when you aren’t sure where their motives lie, it gets even tougher. Tenant-only representation ensures transparency and a partnership mentality that fights for your best interests every step of the way. Tenant-only representation is imperative when making your next commercial real estate decision. Here are a few reasons why:
No one likes leaving money on the table
Finding the right space is only half the battle. You need to find the perfect location at the best attainable price. Tenant-only reps work in their markets day-in and day-out and boast an understanding of the intricacies of commercial real estate contracts like the back of their hand. Beyond their initial feedback on whether a deal is fair, overpriced, or a steal, they will negotiate on your behalf using tactics they have polished over the years.
You don’t know what you don’t know
Having a vision for your new space is an important first step, second is sitting down with your tenant rep to ensure you have thought through all aspects of your move. Being experts in all things commercial real estate, they can open your eyes to new needs that were previously overlooked. Tenant-only representatives understand that scalability and future visions are just as important as addressing current needs. Let their experience guide you to the promise land.
Commercial real estate is not a simple industry
There is a whole lexicon of complicated terms you will encounter on your journey. Not being well-versed in these terms will put you at a disadvantage right from the get go. Tenant reps take the mystery out of the process by articulating these terms in a simple fashion. You will be empowered through this intricate knowledge to fully grasp the assessments of one property to the next.
You may not have access to the perfect space
When performing a general internet search, it’s not uncommon for the best spaces to be unlisted. The best buildings do not last long on the market and generally skip the need for advertising altogether. Tenant representatives keep their eyes and ears open to find out when landlords in the most sought after areas are expecting vacancies.
It won’t impact your bottom line
Working with a tenant broker won’t impact your bottom line or add extra line items to your deal. Tenant brokers are not hired at all as the landlord covers the cost to compensate for filling their vacancy. With the whole process upgraded at zero cost to you, the question is repositioned: Why wouldn’t you use a Tenant-only representative?
To learn more about Tenant-only representation and Coughlin Advisors please leave us a reply below. We would love to help make your vision a reality.