I pride myself in making the process of procuring new facilities enjoyable while maximizing your “leverage” to ensure that you get the best deal.
Bacon Commercial Will:
- Provide you with objective, fact-based market insight
- Manage the process and ensure that you are always “in the loop”
- Scour the marketplace for all opportunities, whether on the market or not
- Analyze and present all information in an objective way
- Implement superior negotiation skills, while fostering a positive relationship with the Landlord
- Assist with the details after the deal is signed
- As your broker, we become your in-house real estate department… the researcher, assembler, analyst, coordinator, and negotiator allowing you to stay focused on your business, and remain updated on our progress.
Five Reasons to Get Tenant Representation
1. Time Savings
Sometimes tenants feel that by having multiple commercial tenant representatives (and/or landlord representatives) looking on their behalf, they will get a better deal. The fact of the matter is that most agents have access to the same market information, so when working with multiple brokers, it is probable that you will receive the same information from multiple agents. This is not efficient! When you work with one agent exclusively, you only need to discuss your needs, desires, and goals with one individual. Your agent will know your requirements and how you internally process the information.
2. Objective, Consultative Advice
If you work with multiple brokers or the broker representing the Landlord, it is nearly impossible to get completely unbiased information. Your exclusive “Tenant Rep” only has one party’s interests in mind – yours.
Your landlord’s agent (the listing agent) represents the Landlord. It is not unusual for the landlord’s agent to have a great relationship with you, the tenant. If the Landlord’s agent is professional, they will recognize that they have a fiduciary relationship with the Landlord. They should respect the fact that you have retained representation. Whether you have any intention of moving or not, a good tenant representative will ensure that you are getting finalizing a transaction that reflects the best deal the market will bear.
If a tenant decides to use multiple brokers, each broker is incentivized to make the deal they are proposing and to downplay any potential hidden costs or issues with their opportunity. When you choose exclusive Tenant Representation, you get the straight story with only one motivation: To provide objective information and analysis to make an informed decision.
3. A Process-Driven, Total Cost Approach
There is a whole lot more to a lease than Base Rent. The tenant has to consider a myriad of costs and variables, including Rent, Pass-Through, After Hours HVAC, Parking, Local Fees (transportation management), Tenant Improvement Costs, Subleasing, Holdover, etc. A professional Tenant Representative will ensure that you are given the big picture with all costs factored in, present and future.
4. Greater Credibility within the Landlord Community
Sometimes, tenants will look at spaces with more than one agent. Most agents have access to the same data sources, so consequently, a tenant could end up visiting a property with two different brokers– creating a potential conflict. Also, the credibility of each agent is compromised, and the Landlord will only work with one tenant representative. The last thing the Landlord or Tenant wants is a conflict; the business is tough enough already!
Whether you are looking at a negotiating a new lease or a renewal, an effective Tenant Representative will create leverage to insure that the best terms are negotiated. In the case of a renewal the leverage is even more critical since the Landlord may perceive you as a captive audience. Hiring an agent to represent you let’s the landlord know that you are making an informed decision and that moving is a possibility. Often a Landlord will assume that a Tenant is just going to renew so they will not offer up the best terms. In addition, the agent can ensure a smooth and collaborative lease negotiation process. There are Tenant Reps that really squeeze landlords and create a combative experience. In this case, the Tenant Rep agent is running the risk of jeopardizing the tenant’s relationship with the owner.
A professional Tenant Representative will ensure that you make an informed decision, that you negotiate with leverage and that the process is smooth and manageable. There should be very few surprises since the agent has already been down the road multiple times and they should be able to anticipate any potential snags in the process.
Please contact Tom Bacon for all of your Sacramento Commercial Real Estate needs. Tom Bacon is Accountable, Strategic and Methodical. In addition, You will always know where you stand throughout the process.