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A Tenant Representative works with a business owner to help in finding commercial real estate which is best suited for that business’s operations. The Tenant Representative should assist in finding all available options in the desired market, initial tours of said properties, produce the letter of intent or proposal to lease/buy the property, negotiate the terms/provide input for market conditions, and help facilitate potential construction needs.
You do not need a commercial broker, however there is a reason why most successful companies hire commercial brokers for their corporate real estate needs. I personally procure about 50 leases per year. There are many nuances to understanding market conditions which go far beyond just the price. There is a reason why every Landlord has their own representation and you should always be represented as well.
It's important to understand what the market bears in terms of rent reductions, abatements, tenant improvement dollars based on the lease term, and the most overlooked sections of leases are making sure to cap or mitigate the potential for operating expense pass-throughs which can increase on an exponential basis.
For most small to medium sized businesses, there is no cost associated with asking a broker to help to represent you in securing an office or warehouse. Much like the residential market, the commissions are set and paid for by the Landlords and split with the Landlord’s representative.
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