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What does a Tenant Rep do?

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The following is from our OfficeFinder LinkedIn group discussion on the most importnat activities Tenant Reps provide their clients on addition to just finding space:

boston tenant repI believe the top Time & Money saving services that we provide to clients all revolve around the Transfer of Specialized Knowledge to the client, so that they may make the most informed decision. Up to date market information, understanding the players involved, defining and executing the process required for a successful outcome and most importantly, proactive advocacy, each individually represents significant savings for a client.
Mike in Boston

 

Tenant RepAvoiding mistakes is another important aspect of why tenant representation is so important for office tenants. We do this every day, just like the landlords and listing agents. Tenants only search and negotiate for office space every few years. Landlords and listing agents love to see tenants coming unrepresented. It makes their business much more profitable than when a tenant is represented by experienced and knowledgeable tenant reps...like the ones we have at OfficeFinder!
Jim - OfficeFinder Founder

 

St louis Tenant Rep We provide lease digests and early reminders of important dates i.e. rights and renewal options. We also place these dates on an earlier call up internally so that we remind the tenant that they need to be addressing their real estate needs, even if their intent is to renew. We also assist with renewals. In today’s market the lease signed five years ago is most likely far above today’s market rates.

A 10% discount off of today's asking rate may sound good however, the market may be giving a 25% discount. Only through the use of their own broker can a tenant gain an accurate opinion of today’s market.

Any business who leases office, retail or industrial space expiring within the next 6 to 18 months should be talking with a broker to represent their interests. This not only pertains to renewals subject to negotiation but also pre-stated rent renewals. This is also a good time to negotiate terms and conditions not included in the original lease.

We have a good system in place and when started at the right time in the renewal process, we have been successful in leveraging our position, procuring rent reductions and changes in other terms beneficial to the tenant. We've also been able to facilitate early renewals where the tenant benefits from the negotiated terms and conditions sooner than later.

Lynn in St Louis

Orange county Office Tenant repThere is no question as a tenant representative we can all save our clients real money in the transaction and "time" money by not only doing things they would have to do but also the fact we know what to look for in the first place.

We might want to consider the money we can save clients by handling non-transactional issues after the lease is signed. Two examples: 1) client is a 501C-3 teaching museum- eligible for property tax relief. Worked with county and LL-client received over $100K in refunds over 12 years. 2)Client located in Enterprise Zone. Another client/accounting firm specializes in that area of tax. Put them together...anticipate over $500K in saving over next 6 years. There's a lot more we can do than just focus on the transaction. Just my $.02 :)
Jerry in Orange County, Ca

Office Leasing Tips , Office Space Negotiations , Tenant Representation

1 response to “What does a Tenant Rep do?”

  1. Cesar Ucci Says:
    Many thanks for being our instructor on this area. I actually enjoyed your article greatly and most of all liked how you handled the issue. Thank you.