Tenant Representation
Tenant Representative – (slang “tenant rep”) a licensed commercial real estate broker who works as your tenant advocate during the leasing process. Having a professional commercial real estate team on your side is a “no-brainer” - even if you plan to renew the lease on your current space! You can get the benefit of solid real estate counsel without financial risk or expense.
Space Analysis
We can help determine your approximate space requirement, considering factors such as the appropriate size for the reception area, conference rooms, private offices and storage space.
The Search
Often the most time-consuming aspect of finding space is locating and sifting through all of the available options. We locate buildings that meet your size, economic and geographic criteria and schedule showings at each of them. We find you alternatives and then use them to your advantage. We do the legwork by collecting all the information and negotiating the lowest possible rental rate.
Lease Analysis
Tenants are frequently unaware of the complexities of comparing different properties. To complicate it further, landlords frequently use terms that are not necessarily clear to you. BonnE Commercial Real Estate Services, LLC will help you analyze individual properties so they can be directly and fairly compared to each other. Our market analysis and cost comparison analysis breaks down each building’s total lease costs by operating expense, taxes, utilities, build-out costs and landlord profits. Our clients easily and accurately compare buildings meeting their criteria.
Negotiating
It takes time and effort to collect more information - and of a better quality - than the competition. We negotiate effectively because we do our homework. We negotiate knowing both tenants’ costs and landlords’ profits. As your temporary real estate department, we make sure you understand the real costs associated with each option.
What About Just Renewing My Lease?
It may be more obvious when looking for new space, but even when businesses prefer to “stay put,” it requires skillful negotiations to get good terms. If the landlord can get an existing tenant to sign a new lease, it’s typically their most profitable transaction. Why? Because when tenants first move in there are higher commission to their leasing agents; often construction costs and leasing concessions. However, most lease renewals involve little or no construction.
Landlords do not offer leasing rates or overall terms that truly reflect their reduced cost. SInce owning real estate is an investment, Landlords expect their leasing agents to negotiate the highest possible return for their building regardless of their costs. This is why tenants are often shocked when they find out that a new tenant to the same building received better lease terms than they were offered!
The first key to successful negotiation is competition. A tenant who renews without a “tenant rep” says, in effect, that no other buildings are even being seriously considered. There is absolutely no motivation for that landlord to be competitive. Smart leasing agents for the landlord, may offer what appears to be a meaningful concession to “close the deal.”
What’s It Going to Cost You?
In the vast majority of cases, building owners hire leasing agents to find tenants for their building. In return, the owner agrees to pay them a commission. Because leasing agents depend on “tenant reps” to fill vacant space, they offer to split their commissions with cooperating brokers. Texas Real Estate law simply requires tenant representatives to notify the owner, or their agent, that they are, in fact, representing the tenant in the transaction.
In no case, will you be caught “off guard” and presented an invoice from us that you did not first agree too! Our goal is provide you first class value at no or little expense to you or your company. If we added to our clients expense rather than helping drive down leasing costs, we would have been out of business years ago! Call us today for a free no obligation consultation.
WE CAN HELP SAVE YOUR BUSINESS THOUSANDS OF DOLLARS!
