DATE: 08-25-2008
When a business grows, there comes the time when the owner of the company needs to consider moving to a larger office space or negotiating with the landlord a new lease. If the business is such that the owner is considering renewing or relocating to new space, one thing the owner of the business may consider is hiring a real estate professional to assist on the transaction.
Given the responsibilities of running a business, large or small, there may not always be enough time to devote to researching commercial real estate. The business needs to function smoothly in order to maintain the level of success that prompted the owner to consider a new lease. One solution for a business owner in such a situation is to employ the expertise of an exclusive tenant representative.
Before one hires a tenant representative to work for him or her, it is important to know exactly what a tenant representative does? An exclusive tenant representative is not a Real Estate agent in the sense that he tries to sell commercial property. A tenant rep acts as an advocate for the business owner, offering detailed and researched advice with regards to the company’s current leasing situation and prospects for finding property elsewhere.
Some duties an exclusive tenant representative may perform include:
Location Analysis – A retail shop or restaurant suffering poor sales and turnover may not be situated in a proper location for the services offered. A tenant rep can analyze the location and business and make recommendations if a move is necessary.
Facility Cost Comparisons – For the business owner concerned about paying too much rent, a tenant rep can research comparable commercial properties and advice the business owner with regards to lease negotiations or relocation.
Floor Plan Efficiencies – For the business owner who does not feel he is utilizing all of his usable office space, a tenant rep can inspect the property and offer solutions.
Building Condition Analysis – Concerns about the safety of current property and the prospect of repairs may be put to rest by a tenant rep, who can arrange for a thorough examination of all facilities and recommend repair or relocation.
Tenant representatives are particularly helpful for business owners seeking to relocate to another state. Having an advocate who knows the destination area will allow for a smoother transition to a new facility and a more confident orientation of the shop, factory or retail space to residents and future customers.
Business owners may employ the services an exclusive tenant representative such as Synergy Real Estate Group, Corporate Advisory LLC (www.synreg.com) with the knowledge that a dedicated advisor is in their corner, helping ensure the continued success of his company.
Synergy Real Estate Group, Corporate Advisory LLC is a exclusive tenant representation commercial real estate brokerage firm with offices throughout the United States to assist locally on your small business, company or corporate real estate needs.
Synergy Real Estate Group, Corporate Advisory LLC
Toll Free: (888) 979-7787
Facsimile: (888) 979-6734
Email: info@synreg.com