NEED A TENANT REPRESENTATIVE
Many organizations don’t know that exclusive tenant representation is an option. While it’s the preferred approach to real estate transactions in most major metropolitan areas around the country, it remains virtually unused in the metro-Detroit market. However, business that have experience in this approach typically don’t return to the traditional model of working with a real estate firm that represent both the buyer and the seller; exclusive tenant representation affords too many advantages.
Tenant Representation
The concept behind tenant representation is just as it sound; representation for a tenant or user of real estate. The tenant experiences a dedicated champion that is looking out for their interest only. Since most real estate providers offer both services for landlords and leasing and acquisition services for tenants, these providers can experience a conflict of interest in negotiating a deal that maximizes benefits to both type of clients. Tenants using an exclusive tenant representative can be confident that their representation is conflict-free, since at no point has their tenant representative represented a potential landlord in the market.
Through exclusive tenant representation, we encourage clients to evaluate all real estate alternatives: lease, buy or build. First, we perform an analysis to determine the amount of space needed. Then, we evaluate all options to help our clients make an informed, strategic, business decision. We provide a short list of properties considering both economic and non-economic factors, as well as a detailed analysis of sites comparing their unique characteristics and financial advantages. This process integrates in-depth market knowledge with a strategic understanding of efficient and effective usage of space. We also specialize in negotiating municipal incentive packages to supplement our client’s facility financing.
No Cost To You
What does it cost to engage a tenant representative to assist in real estate decisions? Typically, the landlord’s broker pays the tenants broker. Commission rates are negotiated in advance for real estate transactions with or without tenant representation. Because the tenant representative receives compensation for their services through the commission paid by the landlord, there’s no additional cost to the tenant to hire an exclusive representative. While some time is required from our client as a decision-maker, we perform the majority of the transactional work, allowing our client to focus on their business responsibilities.
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