Updated: Dec 18, 2019
1. Hire a commercial tenant rep who works exclusively with tenants: Your tenant rep will know all the off market and on market deals that can save you loads of time and money. This will allow you to focus completely on your business and all of the stress of commercial real estate is left for your rep to handle.
2. Share your vision with your tenant rep: Your tenant rep can advise you on a number of things that can enhance your vision or what may hinder your vision. Partnering together to go over the most important factors like financial constraints, the best location and the size needed just to name a few. Consult with your leadership team to discuss what sectors of your company need from their space to be successful. Everything will run smoothly when this is done early in the process.
3. Consider all Cost: You already know that you have rent but what about beyond that. Always go over your lease thoroughly with your tenant rep to discuss fees that maybe assessed. Find out if a portion of the utility for the building is assessed to you. Find out how your portion is tabulated. Consider the cost of all common areas and how that cost plays apart. You want to go over all fees with a fine tooth comb so you wont find yourself in the future paying more than you have to.
4. Let your tenant rep do all the work: It is zero cost to you enlisting the help of a tenant rep. Hiring a tenant rep will not impact your bottom line. Not only will they do all the work but your tenant rep has advance technology and the most current data that will save you loads of time and money. This will allow you to focus completely on your business.
5. Focus on your business: Your expertise is not commercial real estate and adding one more thing to your plate will derail you from your bottom line. Leave the stress of the real estate process to the real estate professional. Let your rep think about how they are going to renegotiate your current lease to save money, help to expand your business or if buying would be better than to renting. Your tenant rep will think about all that for you. So that's one less thing on your shoulders. Its your tenant reps job to save you time & money. Your job is to be more profitable so let the tenant rep do all the work.