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Top 3 Reasons to Hire a Tenant-Rep Realtor For Your Next Commercial Real Estate Transaction
Most commercial realtors are listing agents for landlords, or "seller's agents." If you want to guarantee yourself the best representation and the best deal for your company's lease renewal or relocation, hire a Tenant-Rep Realtor.
1. Unbiased Presentations. Landlord’s agents are there to represent the landlord, and get him or her the best possible deal. If you are not represented by your own Tenant-Rep Realtor, you will get the best possible deal for the landlord, which cannot possibly be your best possible deal. If you hire a Tenant-Rep Realtor, he or she is working solely for you and will give you the unbiased information that you need to make the best decision for your company.
2. Market Expertise. Many clients (and a high percentage of these are attorneys) figure that they can negotiate the process on their own. However, even an attorney whose specialty is real estate does not know the market conditions in their geographic area. What is the going rental rate for the area, and which landlords are giving the best concessions, are only two of the many questions that the average real estate attorney cannot answer. And a landlord’s agent won’t give you the truth to any of those questions if you are unrepresented, even if you are an attorney.
3. Time Commitment. A Tenant-Rep Realtor typically spends an average of 20-40 hours on each transaction. They research alternatives, show the client(s) possible spaces or buildings, send out Requests for Proposals, do a financial analysis of the choices, negotiate the lease, and assist during the construction process, among other things. A landlord’s agent does none of these for you, you must do them yourself. And even if you do have the time to spend doing all these things in addition to your regular job, will you do them as well as your Tenant-Rep would do?
Don’t start your office search off on the wrong foot by hiring the wrong type of agent. Choose a tenant-rep realtor who will have more market knowledge, will give you unbiased presentations, and will spend the time necessary to ensure you get the best deal.
Not just local. Compass Commercial has many national and international clients through its affiliation with International Tenant Representative Alliance (ITRA). ITRA has almost 100 offices throughout North and South America, Europe, Asia and Australia.