Tenant (or Buyer’s) representation



What Is a Tenant Rep?

Is Tenant Representation For You?

A tenant representative is an expert commercial real estate advisor who helps a prospective Tenant or Buyer find, lease ( buy) and build-out commercial rental space. Most landlords have professional real estate representation, most tenants as well. … So why not you?

When you are looking to rent or acquire space for your business, you will probably do so very few times in your corporate life. However, landlords negotiate leases relatively frequently. An experienced tenant representative will help you level the playing field by looking out for your best interests and saving you money.

An effective tenant representative expert essentially brings three skills to the table to serve you and your business. Those skills are market expertise, professional negotiating and transaction management.


Intimate Market Knowledge


The first and most important requirement of a tenant rep broker is an intimate knowledge of the real estate market and submarket. The rep not only needs knowledge of the available inventory of space, but also the knowledge of what space is leasing for, as well as the concessions that are being offered. Bottom line being, market expertise is vitally important in serving the business owner looking for commercial space.

Our experts intimate knowledge of the market and special relationships with property owners, major tenants and government agencies gives our clients the edge.

NEXTRE tenant rep. advisors have deep local roots in our market. This inside market access is critical to success – so you’ll know not only what is possible but also what might become possible in the future. Every client assignment is initiated with a detailed road map and project timeline, outlining key milestones and success factors helping you empower your decision making and achieve superior results.


Excellent Negotiation Skills


We all know that negotiation is an art rather than a science. One can learn negotiating techniques, but the application of the techniques is clearly an art. And, the best negotiators understand the art of using their market knowledge, and the goals and objectives of their clients, to get the best deal possible.


Transaction Management


The best tenant reps are part of a team that will allow the management of, or performance of space planning, financial analyses, demographic and market studies, engineering, and construction. There are a lot of balls to juggle after the selection of the space, especially if it is first generation space that requires substantial re planning, re designing and construction. A tenant rep advisor must possess the skills to assemble, coordinate and manage a diverse group of professionals to manage the transaction. The professional that can manage this team is the genuine tenant representative.


What Does It Cost?


Many tenant representative brokers will tell you their services are free. But, their fees must come from somewhere. Building owners budget for real estate commissions in their pro-forma, and a commission that is not paid, rarely finds its way back to a tenant’s pocket. In the typical lease transaction, the landlord pays for their broker as well as the tenant rep broker. The landlord’s broker represents the property owner and the tenant rep broker represents the prospective tenant … Similar to the brokerage relationships when buying and selling a house.

Commercial space transactions, whether they be office, retail or industrial, are long-term decisions that can affect the operational and financial performance of a company for years. In today’s market, you need more than just a real estate agent who can identify vacant space and negotiate lease terms, you need a consultant who can recognize the difference between sound business management and leasing real estate.

At NEXTRE Group, we have intimate market knowledge and the digital tools give you an edge in negotiating the best deal with a landlord.  We have a team of diverse real estate professionals from brokers to civil engineers to planners to appraisers, all under one roof, to give you the best competitive edge when seeking commercial space.

So, if you are considering relocating your business or you are looking for office, retail or industrial space, let’s grab a cup of coffee and discuss a plan of action to get you the best space at the most competitive price!


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Glossary of useful terms related to Commercial real estate industry