By Jean-Louis Racine, Lawyer, Real Estate Broker
What Is a Tenant Representative?
A tenant representative provides an outstanding service opportunity for a business where location is critical. This professional is a commercial real estate agent who works exclusively for a tenant. In business, having the right location can make or break the company’s success. A tenant representative works to ensure that your business avoids pitfalls and improves on its economic opportunities. He or she does this by ensuring the business is in the right location for optimum profit potential.
Space Selection for Your Business
One of the key things this professional does is to help the business to find the best location for a commercial lease. There are several reasons that the business may need to relocate.
- The business that is struggling may need to relocate into a better economic situation to increase revenue. The tenant rep can help to find this location and help ensure that the business’s location is not a downfall to profit potential.
- The tenant representative may be able to point out specific locations where the business could profit better, even if the business is doing well right now. The tenant representative may provide recommendations prior to obtaining a new lease.
Finding the right space for operations is important because it affects how customers find the business, how they enter and exit it and how prominent the business is to the street. The goal with choosing the right space is to ensure the business gets the customer traffic it needs and a space that is adequate for business functions.
Negotiation at Its Best
Another way in which the tenant representative can help the business is to represent the business in negotiations for a commercial lease. If you wish to move into an office building, before signing an office space lease, the tenant representative will negotiate things like the following on your behalf.
- The location of the business
- The cost of leasing the space
- The onsite amenities and features of the space provided
- Parking for the business
- Frontage and signage options for the business
- Free rents
- Landlord’s incentives
The goal here is to get the best bottom line for the business. This ensures the business owner has the optimal space and is paying the least amount possible to be in that space.
Why It’s Critical
While most business owners are excellent at running their business, most do not have experience in picking a commercial location that is ideal for the type of business that it is. The tenant representative helps to find suitable office space or other space for the business. This professional commercial real estate agent works on behalf of the tenant to locate, negotiate and to create a lease specifically designed for the business’s needs.
By using this service, the business reduces costs while increasing its potential for saving a significant amount of money.
Jean Louis Racine is a Commercial Lease Negotiator, accredited as a lawyer by the Québec Bar, Québec, Canada, in 1978, and as a real estate broker. If you would like more information on his new book, you may contact him at http://commercial-lease-expert.com/about-the-author/.