Don’t let the advancement of today’s technologies and information make you lose sight of why we hire professional services in the first place. At your fingertips, you can file your taxes, design your living room, trade stocks, order groceries or book a vacation all from your smartphone.
Due to the digital convenience of these technological advancements, there has been an influx of DIY-ers within the residential markets – consumers are hunting for their next home virtually. That doesn’t mean you should take all Real Estate matters into your own hands, especially when it comes to securing a location for your new or growing business. Sure, you can find commercial space on Craigslist and a plethora of other sites, in which landlords and their representatives post available space. However, getting through to the correct broker, scheduling a tour and negotiating a lease is where you might run into problems. Additionally, a tenant representative may know of space that hasn’t been made public, otherwise known as “off-market”. They will be familiar with the market conditions, market rental rates, the right questions to ask, and most importantly they will be in your corner.
Not only can using a tenant rep broker save you money, it will also save that one precious commodity that we never have quite enough of, and we can never get back —time.
As an entrepreneur looking to set up shop or a current business owner looking to expand, you have probably made a few savvy money-saving-moves that have helped you get to where you are. Don’t let the notion of saving a few bucks cloud your judgement on something as important as your business’s location. A common misconception is that hiring a tenant/buyer representative is going to cost you money that could have otherwise been saved. In most cases, tenant representation services come at NO COST to the tenant. Per industry standards, tenant rep brokers are compensated by property owners for securing a lease at their property.
In addition to the fee not coming out of your business’s start-up or expansion fund, your tenant representative will work in your favor to negotiate terms, tenant improvement allowances, free rent and other concessions, without any conflict of interest. Not only can using a tenant rep broker save you money, it will also save that one precious commodity that we never have quite enough of, and we can never get back — time. Time that can be used to focus on your core business which, after all, is what got you here in the first place.
Natalie Korn is an Associate of Intersection, specializing in leasing of commercial space, representing both landlords and tenants, with an emphasis on retail. Contact Natalie at 619-785-3503 or [email protected] to learn more.