How can you determine the best tenant representation strategy?

1 What is a tenant representation strategy?

A tenant representation strategy is a plan that outlines the goals and requirements for your new space, as well as the steps you will take to achieve them with the help of a tenant representative. This strategy can include your budget, timeline, desired lease terms, preferred location and size, market research and analysis, negotiation tactics and leverage, and communication with the landlord. It is important to customize your strategy to fit your specific needs and objectives, depending on your industry, business model, growth potential, and market conditions.

3 How to choose a tenant representative?

Choosing a tenant representative is a critical component of your tenant representation strategy. You should select someone with the experience, expertise, and network to help you reach your goals. Consider their track record and reputation in the market, knowledge of your industry and business, availability and responsiveness, fees and commission structure, and personality. You can find a tenant representative through referrals, online platforms, or industry associations. Have interviews with at least three candidates and ask them about their services, credentials, and references. Carefully review their proposals and contracts before signing.

4 How to work with a tenant representative?

Working with a tenant representative requires clear and frequent communication, mutual trust and respect, as well as shared expectations and responsibilities. To ensure a successful collaboration, it is important to communicate your needs and preferences honestly, provide feedback on the options presented, listen to their advice and recommendations, follow their guidance and instructions, respect their time and expertise, pay their fees and commissions on time, and maintain a positive and professional attitude. Doing so can result in a rewarding and beneficial experience.

5 What are the benefits of working with a tenant representative?

Collaborating with a tenant representative can offer you a plethora of advantages, such as access to more and better options that meet your criteria, as well as insight and information on the market trends and conditions. Moreover, a tenant representative can provide expertise and skills in negotiating and structuring leases, representation and protection of your interests and rights, and support and assistance in resolving issues and disputes. Ultimately, working with a tenant representative can save you time, money, and resources while providing you with an edge in the leasing process to help you secure the best deal and location for your business.

6 What are the challenges of working with a tenant representative?

Working with a tenant representative can be a difficult and stressful process, requiring you to find a qualified and reliable representative, align your goals and expectations, manage the complexity of the leasing process, and evaluate their performance. You must also balance your budget and quality standards, while dealing with potential conflicts of interest or ethical issues. To ensure success, you must approach this process with patience and diligence.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?