When it comes to commercial real estate, you may think you can handle the ins and outs on your own, however there are many scenarios where a tenant rep might be able to help.
#1 You’re Overpaying on Rent
One of the most common complaints within CRE is the rental amount for your business space. When renting a CRE space, your agreed upon rental amount will generally have a slight increase at each lease renewal period, raising your rent slowly over the years. Unfortunately, while your rent continues to rise, the market may look quite different and rental rates could have plummeted, allowing new tenants to rent the same sized space for far lower than your current lease amount.
When in a lease, or preparing for a lease renewal, often you feel as if you have no power or negotiating tools to help change your rental price. This isn’t the case. A tenant rep is your advocate, negotiating with the landlord on your behalf, until a more affordable and market friendly rental amount is finalized, often saving you thousands each year.
#2 You’re Drowning in Contracts
Are you a pro in CRE terms? While you may understand a lot of real estate terminology, when it comes to CRE contracts, you’re often sorting through nearly 100 pages of terms, numbers, conditions, etc. and even for the best business owners, this can be daunting. Is there a line item within the contract that isn’t working to your benefit? Let a tenant rep find it! They are experienced in reading, understanding, explaining and negotiating changes within these contracts that benefit you as the tenant.
#3 Your Space it Too Big For You
When operating in a space that is too big for your needs you are quite literally throwing money away. Paying for unused space is unfortunately a common mistake among business owners. While you may feel you need the space to grow, expand, or stay organized, a tenant rep is the ideal candidate to help you determine the space that you truly need. By looking at your business plans, a tenant rep is able to find the perfect space that meets your needs, ensuring you don’t overpay for unused space.
Likewise, if you’re already in a space that is too large for your CRE needs, there are still options available to you. Landlords want to keep long-term tenants and a tenant rep is able to help you negotiate what is called “right-sizing” for your business. If your landlord isn’t willing or unable to alter your current space, in many instances a tenant rep can help you sub-lease the unused space.
Whether you’re a new business owner, or you’re looking to relocate your business, commercial real estate in White Plains, NY could be the perfect solution for you! Please feel free to contact our office today and we would love to discuss available properties, lease terms, discuss our offerings as tenant reps, and more!
Additional Advice and Tips
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Insider Tips on Getting the Best Bargain on Lease Renewals
How To Negotiate The Best Office Lease For Your Startup
5 Reasons You May Need a Tenant Representative
