Nobody knows your business better than you. However, selecting space and negotiating the office rental lease are complex, time-consuming tasks, filled with potential pitfalls. The simple act of retaining a broker will often encourage landlords to offer better terms to the tenant, as representation signals a competitive bidding environment. Tenant representatives eliminate many of the hassles of site selection and negotiation. A tenant representative will prevent potentially disastrous missteps, cut down on real estate expenses, and alert the client to economic opportunities.
Brokers can be classified as “tenant” or “landlord”. Landlord (or leasing) brokers represent space market space on behalf of property owners, so there is a conflict of interest when these brokers represent tenants. Tenants should retain a “tenant broker” who primarily represents tenants. This practice ensures that the broker will remain true to his fiduciary duty.
The key to a successful lease negotiation, whether it’s a renewal or relocation discussion, is to create a competitive bidding environment. Landlords hire professional leasing agents to negotiate the best terms possible to maximize the return on their investment. These leasing agents do not represent the interests of the tenant. To even the playing field, tenants should retain a tenant representation broker to create competition among landlords while maintaining a controlled and organized process. Office tenants save time, money, and stress by seeking the advice of a broker when evaluating renewal and relocation options.
At Golden Group Real Estate, we specialize in tenant representation real estate services for office space users in the Chicago area, helping local business owners find office space and negotiate lease and purchase agreements. We never represent landlords, so we are prepared to negotiate aggressively on behalf of our tenant clients.
For more on Golden Group Real Estate, read about our real estate services. Let us know if we can help you find office space for rent or buildings for sale. Call us at (630) 805-2463, email us at firstname.lastname@example.org, or enter your office space search criteria below.
June 19, 2019
The RENT blog gives you the resources and tools you need to make the best decisions regarding your real estate needs. We cover a broad range of subjects regarding office space, tenant needs and what to look for when investing in property.
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