Tenant Representation Can Save You Time, Money & More
Any business that leases its commercial space should consider using a Tenant Representative for its lease transactions. Tenant Representation can save businesses time, money, and issues associated with negotiating an effective lease. With over 20 years of experience and hundreds of transactions in the industry, Vandaveer Commercial can expertly navigate the process of finding and leasing a rental property and act as an advocate for each individual client.
Five Reasons to Hire a Tenant Representative
It considers your business needs first. The primary job of a Tenant Representative is to consider your business' best interests throughout the process of the real estate transaction and facilitate a situation that meets your individual needs. The job of the leasing agent is to represent their Landlord's interests first. In turn, a Tenant Representative functions in that same role by representing your business needs first. By choosing to navigate a leasing situation with Tenant Representation, your business potential can be optimized during any transaction.
It saves you time. Every lease transaction is different, but all require a significant amount of time to finalize. From inception to completion, every second of time required to manage and finalize your real estate transactions can be delegated to your Tenant Representative. This allows you and/or your employees to use that valuable time savings to focus on your core business rather than managing the leasing process.
It saves you money. Saving time inherently saves money on a variety of levels. In addition, a Tenant Representative's experience within the industry and knowledge of the local market can help you find the right space, negotiate the best terms, and find the opportunities for you and your business to save money through the process.
It's free. If and when a transaction is finalized, the Tenant Representative's compensation will almost exclusively be provided by the Landlord. That means that the tenant will not be required to pay any fee to the Tenant Representative for their valuable work.
It's more efficient and cost effective. Most commercial real estate transactions have their complications. When hiring a Tenant Representative you and your business have access to an abundance of invaluable experience and knowledge that has been gathered over years within the industry. From understanding the current market rental rates, to the critical terms within a lease document, to dealing with the contractors and other service providers typically involved in a transaction, a Tenant Representative can make the process of a commercial real estate transaction more efficient and cost effective for you and your business .
About our Process
With years of experience negotiating effective deals for our clients, Vandaveer Commercial uses an established tenant representation process that saves time and money for our clients. Here's how it works:
Define Objectives - In order to best service any business a Tenant Representative must understand the situation of its client: what are the needs, wants, concerns, timing, and expectations of the business? The Tenant Representative will work with its client to understand and confirm the business needs to ensure that all are working in the same direction.
Gather Information - Once the situation is confirmed, the Tenant Representative will gather information from or on behalf of its client. This may include market availability and information, existing lease document(s), contact information and anything else to prepare for a successful transaction.
Establish Channels of Communication - Whether the transaction takes weeks or years to finalize, it is the responsibility of the Tenant Representative to consistently communicate with its client and other involved parties (such as the landlord and/or leasing agent) throughout the process.
Negotiate Beneficial Terms - Once a property is identified, the Tenant Representative will draft and/or exchange Letters of Intent or Lease Proposals on behalf of its client with the leasing agent(s)/Landlord(s). This communication takes place with the business goals of the client in mind and with the goal of crafting the best terms to lease the respective space(s).
Finalize the Lease Agreement - It is very common in a commercial real estate transaction for a Landlord to use its own customized lease document. It is one of the most important services offered by the Tenant Representative to craft an equitable lease agreement for each client, making sure terms are fair and any possible savings to the business are identified. At the client's discretion the lease will be executed and the transaction is finalized. The client will have success with the leased space and terms of the lease as a compliment to their business. The Tenant Representative should remain in contact with each client and remain a resource for any of their future commercial real estate needs.