When you are considering an expansion, relocation, site for future use, built-to-suit, investment, purchase or lease - it is critical to your bottom line to have an 'advocate' ensure that every phase of the transaction is handled to your advantage. The Buchanan Realty Group is dedicated to obtaining the optimum space for your current and future needs. We will obtain that space or site at the best economic terms and contractual flexibility available in a sales/lease agreement.
Much like “Buyer Representation” in residential real estate, Tenant Representation for commercial real estate means the agent does not have a listing of a given property, but represents the client or buyer, to identify and show those properties of interest. The purchase or leasing of commercial property for a buyer can be a daunting task for the individual or company who is new to the market or desires to expand or consolidate their operations in a given area. With the aid of a qualified broker, tenant representation affords the client the means to achieve the best results for a lease or purchase, and most importantly at no cost to the user or purchaser. Commission and fees are paid by the landlord or seller for performing the service.
Tenant representation services include:
- Experienced commercial real estate background
- Ability to offer alternative suggestions
- Position of strength through market awareness
- Responsible resource for assembling presentations and responding to inquiries
- Objectivity throughout the analytical process
- Exclusive representation specific to client's interest
Purpose of tenant representation:
Utilize the experience and expertise of the commercial real estate broker to:
- Organize client needs
- Present needs to market being considered
- Evaluate and negotiate the most favorable terms for the benefit of the user
Evaluation is achieved through an understanding of the client’s criteria, including location factors, demographics, financial considerations, employee needs, transportation services, and other special requirements. The broker has an obligation to expose any and all properties the client wishes to consider.
It is important to have a real grasp of why or how much new space or locations are needed as well as the cost expectations currently in the market. Business and technology trends should be incorporated into the search, as well as the understanding of requirements for future growth needs.
Identify the strategy and fundamental steps to be followed to best serve client needs. This includes establishing the basis of a good relationship, the responsibilities of the parties, the ultimate goal and the necessity to work together as a team.
Defining the Need
The decision to purchase or lease can be difficult as it is often confusing, time consuming, lacks economic certainty, and is often not undertaken in a methodical, rational approach. Defining the needs, long and short term, can establish a favorable economic and operational impact on the client’s long term goals. BRG’s brokers’ extensive knowledge of the market place can help define those needs for the firm or individual.
A needs analysis, from physical surroundings, amenities, space and site utilization to financial considerations will be reviewed. The preparation of proposals will be sent to select properties, followed by a thorough analysis and comparison. When selections are made, final negotiations of a purchase or lease are submitted for client approval.