When entering into a commercial lease, how is the tenant supposed to know everything? Is it their responsibility to know every detail of the lease, to know exactly what to ask for, and successfully negotiate it? Is entering a commercial lease agreement something that takes months of training and effort to be able to perform competently? Going through the entire process of a commercial lease is a daunting task. Fortunately, tenants don’t have to travel this road alone. Throughout the whole process, they will have a tenant representative to help them through.
The tenant representative is usually a licensed commercial real estate agent. They are the agent representing the tenant in lease negotiations and in negotiating with the landlord and their representative. It isn’t required to have one, but they can go a long way in dotting all the I’s and crossing all the T’s of a successful lease. They are knowledgeable professionals who are there to look out for your best interests.
Landlords are not required to inform the tenant that they have the right to a representative, but it can be a good practice to avoid awkward situations before and after signing the lease. They can add that extra bit of liability in there and make sure the tenant doesn’t get in over their head.
A tenant representative can perform a variety of tasks for their client. They can do a location analysis to see if moving locations is a good fit for the business. They can assess the condition of the building, recommend repairs, and address safety concerns. Finding a reliable tenant rep adds negotiating power to the tenant just by virtue of having a professional on board. As long as a rep isn’t hired that has conflicting interests and clear guidelines are set for how the rep will be paid and by whom, they are there to make your life easier. Click here for services that one of our agents provides.
Are you interested in learning more about commercial real estate or acquiring the services of a tenant representative? Lee & Associates Orange has you covered, contact us to find out more.