The logic behind tenant representation is that in order to reach an equitable solution to a particular need (leasing office space), the corporate tenant needs access to market information, transaction expertise and negotiation skills equal to that of the landlord who utilizes professional representation.
All corporate tenants want a real estate advisor with the appropriate market knowledge, relevant experience and most importantly someone they can trust with an important business and financial decision. The Realtor that sold you your home is probably not a good choice. There are plenty of competent tenant representation professionals in any major market.
What are twelve qualities or benefits provided you should look for from a tenant representative?
- An advisor who will become very knowledgeable about your overall business objectives and strategies as it relates to your real estate requirements.
- A realistic assessment of the market.
- A company that understands that office facility decisions do not involve real estate cost alone: but include additional factors such as labor, proximity to customers and image, to name a few.
- A representative who recognizes the difference between real estate sales and sound business management.
- A broker who places a premium on the ability to build flexibility into your real estate decision.
- Clear, concise communication.
- The technical and financial skill to provide “apples-to-apples” comparisons of various alternatives.
- Knowledge of the current transactions in the marketplace and how they relate to market negotiations.
- Knowledge of the location and timing of space coming available that uncovers opportunities in the office space market.
- The ability to be creative and structure transactions to best fit your objectives.
- Credibility and a track record with building owners.
- The ability to assemble, coordinate and manage the entire project team including other 3rd party consultants.
What other qualities do you think are important?