4 Ways a Tenant Rep can Help Your Small Business Crush the Leasing Game!
VERY FEW SMALL businesses hire a tenant representative to help them find the right office, retail or industrial space. This is down to a couple of reasons:
- Small Business Owners are results driven, "can-do" people and hate delegating
- Or they believe that because their business is "small" and as a result, excludes them from working with a broker.
But small companies can benefit from such a relationship as much, or more than, large ones.
But the truth is; the Tenant reps at Two Oaks Commercial | ESP Commercial Realty are equipped and eager to help virtually all businesses – often free of charge. By handing off the process to one of our professionals, small-business owners in particular end up saving many hours a week on a process that can last anywhere from two weeks to six months plus.
Four ways a Two Oaks Commercial | ESP Commercial Realty Broker can benefit your small business
1. There are no costs in hiring one of our Tenant Representative Brokers. Small Business Owners are not billed for a Tenant rep’s services. Traditionally, in North Carolina, the future landlord will pay any fees or commissions in exchange for a good-credit, qualified tenant.
Our tenant reps are licensed NC Real Estate Professionals, it's what we do full time. We live, breathe, and sleep Commercial Real Estate. All our brokers have qualifications that extend beyond Real Estate and all are successful small business owners in their own right. They bring a wealth of practical and market knowledge that is invaluable when selecting the right property for you.
Whether your company is a start-up or an established business, be prepared to provide financial and/or business plans, bank references and previous landlord information if applicable. Clear, honest two-way communication is necessary to help you find the right lease for you and your business
2. Our Tenant reps are well-connected. They keep abreast of the newest listings, and can connect small businesses with additional resources. We have an extensive network of vendors who we work with regularly; lawyers to review lease contracts; lenders to help with loans or lines of credit; general contractors and architects to do the space build-out.
Even after the ink on the lease agreement has dried and the deal is finalized, our Tenant reps can help you navigate working with a municipality to obtain permits and even refer a small business owner to marketing opportunities in their local area.
Two Oaks Commercial | ESP Commercial Realty Tenant reps also have strong relationships with their Real Estate colleagues throughout the Triangle. We can advise you about who would make a good landlord, and who might be problematic and then steer you in different direction.
3. Our Tenant reps eliminate the guesswork. They’ll help small businesses set and stick to a budget. The truth is there are often hidden costs involved with a new lease. Any initial quote provided by a landlord covers rent per square foot. But it may not include additional costs, such as taxes, insurance and common area maintenance. When you factor in these operating costs, the total rent can often be more expensive than first thought.
Our Tenant reps help clients figure out the actual, total cost of a lease, so a small business can get a detailed realistic picture of the required financial investment and make an informed decision on the property.
Tenant reps also accurately assess their clients square footage needs. Small-business owners may be so preoccupied with finding a solution to their immediate needs that they fail to take into account any future expansion and lease renewal options. Often, this is a serious consideration that many business owners over-look.
4. Our Tenant reps do all the legwork. Lease transactions can often seem tedious and protracted. We coordinate all the details, small and large, so you don’t have to. Consider us to be your own personal project manager!
Our Tenant reps will keep an eye on the local market, locate suitable spaces and schedule each physical tour. We have all the necessary knowledge and the resources to review and evaluate each offer by weighing the pros and cons of each building. When it comes time to make a proposal to lease, our brokers make all the necessary contacts and handle the contract negotiations.
The entire process, property search through move-in, often involves intense focus and back and forth communication. When we take care of these endless details you are able to focus on your business operations.
If you are considering a new or the next location, find a Tenant rep that knows your geographic area. Start your rep search process three-to-six months before your planned move. Check out commercial real estate companies in your area and ask if they provide tenant representation. Get references and contact them. Unless you’re a real estate expert, you’ll find that Tenant representation can save you time money, and eliminate financial surprises down the road.