Finding the perfect space for leasing commercial real estate can be a challenge. While you can finalize the area for yourself, you may struggle to negotiate the best deal for a space that can make sense for you. In such a case, you would want to hire a representation that can help you get the best possible price without putting a hole in your pocket.
While you can do it yourself, you don’t want to end up paying more or lose money on your leasing agreement. Hiring a professional representative can help you understand the terms of the deal and figure out a price that is suitable for both you and the landlord.
You can hire tenant representation, and your landlord can hire someone for their representation. Both of you can reach the best possible deal when the two representatives create a situation of benefitting both the parties. Let’s understand what they are.
What is landlord representation?
Landlord representation is done by a leasing agent who represents the landlord and helps in getting the highest possible rental income for the property. The aim of the agent is to eliminate the hassle of the landlord and minimize the expenses involved in leasing the space to a tenant.
The landlord representative takes care of the security deposits, rental agreement, allowances, and concessions. Being an experienced agent in leasing commercial real estate, the landlord representative will negotiate the best deal for the landlord.
The agent looks at the real estate listings and finds prospective tenants for their client’s commercial space. It could be a time-consuming job for the landlord themselves, and they lose a lot of money if the space remains empty for even a couple of months.
Representatives have good knowledge of the tenant demographics, prevailing rates, and leasing trends. When you are tenant, the landlord representative agent can put you in a weaker position with all the negotiation tactics. That’s why tenants should hire a tenant representative agent.
What is tenant representation?
Also known as a commercial real estate realtor, a tenant representative represents the tenant and tries to work a favorable deal for the tenant. The major difference between landlord and tenant representation is that the tenant representative wants the best interest of the tenant while the landlord representative wants the best deal for the landlord.
A tenant representative will help you negotiate the lowest possible rent that the landlord can offer. If the landlord has a representative, your agent can negotiate with them, putting you in a stronger position than you would have been in before.
A tenant representative will help you find multiple sites for leasing commercial real estate for your business. You can hire them to conduct property research while you focus on our business.
If you want the best deal for your commercial space, a tenant representative can discuss the terms with the landlord or their agent and find out the best price that you can offer them.
When you hire tenant or landlord representation, you can save hundreds or thousands of dollars on your commercial space.