Tenant representation is the process of helping tenants to identify and align their strategic, financial and operational objectives for their commercial property requirements.
Whether you’re looking to rent a commercial property, renew your lease, relocate to another property, or expand your business, tenant representation services as offered by property consultancies can be extremely helpful. In offering these services, a good property practitioner should offer an in-depth knowledge of the various rental markets, combined with strategic and relevant solutions.
Today tenant representation services should include:
- Property strategy development
- Management of the facilities development process to suit your specific needs
- Demographic and centre of gravity studies
- Market analysis
- Cost of occupancy analyses
- Negotiation with property stakeholders
By creating competition in the marketplace, particularly when dealing on behalf of a blue chip tenant, landlords are often pressured into offering favourable terms. With the support of our in-depth market knowledge and strategic problem-solving abilities, clients are able to effectively create and leverage opportunities in the marketplace to secure attractive transaction structures.
We find that if you’re a blue chip company, you have the best chance of negotiating the most flexible deal that offers the most value – because the landlord knows you’re able to pay your rent. If you’re a tenant, you should use your commercial broker’s relationships with landlords, brokers and current market information resources. Through this process, you have a better chance of getting lower rentals and lower overall costs associated with commercial property transactions.
Tenant representation services should also include a financial analysis where various options are considered. The main benefit of this is that you have an accurate budget for transactions and annual occupancy costs. You’re also better able to control your lease structures.
If your commercial property broker has strong relationships with landlords, they’ll have better insight into how far they are willing to negotiate. This means you know how far you can push the envelope in order to get the best deal.
At Black Pepper Properties our tenant representation services give you the following key benefits:
- Cost-effective, flexible and functional commercial property solutions
- Orchestrated competition among landlords in the marketplace (usually via a closed RFP process) by using our clients’ tenancy to achieve a competitive outcome
- Accurate information and expert guidance to meet specific requirements
A well-informed property strategy will address both current and long-term requirements. A fully integrated tenant representation approach means you’ll benefit from relevant, well-negotiated property solutions to achieve your specific business objectives.