Tenant representatives - why do you need them?

A tenant representative is a real estate professional who helps businesses find and lease commercial real estate space. They work on behalf of the tenant, rather than the landlord or property owner, and their goal is to help the tenant find the best possible space for their business at the most favorable terms.

Benefits of using a tenant representative include:

1. Identifying potential properties: Tenant reps will research and identify properties that meet the tenant's criteria, such as location, size, and budget. A rep with market knowledge, extensive contacts and industry-specific tools may be able to find you a space that would be difficult to locate on your own.
2. Negotiating leases: Tenant reps will negotiate the terms of the lease on behalf of the tenant, including the rent amount, length of the lease, and any provisions for renewals or termination. If you do not have a broker representing your interests, your negotiating power may be limited.
3. Time savings: Finding the right space and negotiating a commercial lease is time-consuming and takes away from your core business.
4. Concessions: Are you aware that landlords may give tenants an incentive to choose their building? Typically, the incentive comes in one of two forms - free rent or tenant improvements. Free rent means that you are not required to pay rent for a specified period of time (usually measured in months). The other incentive, tenant improvements, means that when you build out your space, the landlord pays for a portion (or all!) of the work. In the event that you don't know what is reasonable in your market, you will likely leave money on the table.
5. Cost: Tenant reps are typically paid by the landlord upon lease signing, meaning their services are of no cost to you.

Overall, a tenant representative can be a valuable resource for businesses looking to lease commercial real estate, as they can help ensure that the tenant gets the best possible deal and the most suitable space for their needs.

For more information on tenant rep services, contact Tara Sutton at tara@imc-jax.com or 904.737.8846.