There are many options to consider when your current lease is nearing expiration. One of these is to seek out a new location to grow your business. But how do you know which location is best for your business model?
The smart business owner that has a lease expiring in the near future can secure the professional services of a competent commercial real estate broker to represent them in their search. The broker can negotiate a superior, more efficient location to do business, often at a substantial cost savings. This service is performed at no charge to the tenant represented as the landlord typically pays the commission to the broker for assisting them in securing tenants to fill their building.
This service is called Tenant Representation Service and allows you, the tenant, to continue focusing on your daily business while you have a professional commercial real estate broker searching the market to identify properties and assist in negotiating a lease on your behalf.
It is important to research the broker you want to hire. Be sure they are a specialist in your area of business. If you have a heart problem you see a cardiologist, not a podiatrist. The same is true when selecting a broker to represent your company. If you are an industrial related company you need to hire an industrial specialist; if you have a retail business, hire a retail specialist, the same is true of office users, which can be broken down to even more specific uses, such as medical specialists. The point here is to hire someone who is a specialist in your type of business and knows all of the nuances of your field and your specific requirements for a new location. It is also important the broker is entrenched in and knows the market area where you want to locate your business.
When handled properly, this service is also a positive for the landlord. The landlord knows that if the prospective tenant is professionally represented by a competent broker who has done the preliminary work of procuring and matching their requirements that they are much more likely to be a qualified and serious candidate who will complete the transaction.
The Tenant Representation Service eliminates the time wasting process of driving around looking at every available building just to find out it does not fit your needs. Taking a little more time in the beginning to secure the professional services of a competent broker that specializes in your business will undoubtedly save you a tremendous amount of time and aggravation in your search process. If you are professionally represented, you will not have to deal with constant calls from brokers looking to get your business. You will only deal with one person, the industry specialist you trust, who will research your requirements, show you only locations that meet your criteria and will assist you in negotiating the best deal for your business.
TeamLBR represents a wide range of tenants, from small companies looking for a 1000 square foot property to national companies needing several thousand square feet in markets all over Florida. Our clients appreciate the benefits of having someone else do the time consuming “dirty work”. If your lease is expiring and you want to improve your business, call one of our industry specialists at TeamLBR or visit our website to view the Tenant Representation Services Agreement.