What is Tenant Representation?
Simply put, Tenant Representation is a way of ensuring that your interests as a
tenant are protected. A Tenant Rep's fiduciary responsibility always lies with the
Tenant - never the Landlord.
In the absence of a specific Tenant Representation Agreement, the broker who
is showing you properties and drafting offers for your space is acting as a
representative of the Landlord and has a legal and fiduciary responsibility to the
Landlord.
Why Should I Use a Tenant Representative?
Tenant Representation gives you the confidence of knowing you have full-time
real estate professionals helping you negotiate for space, and advising you every
step of the way.
Tenant Representatives analyze your alternatives for you, work out all the details
of your lease and build in options that benefit you. Until a lease is signed, the
Tenant/Landlord relationship is adversarial. The Landlord has his best interest in
mind, not yours. You are entitled to representation.
A poorly drawn lease can potentially cripple a business.
Tenants lease space only a few times in their business life, while landlords
gain experience in the process over and over again. Tenants need the
assistance of real estate advisors with the same volume of lease transactions
and knowledge to "level the playing field."
A professional Tenant Representative will have in depth knowledge of market
conditions, buildings, landlords and other important factors that will impact your
lease agreement.
Who's Representing My Interests Now?
In the absence of a specific Tenant Representation agreement, your
representation is extremely limited during the negotiation process. Your attorney
acts on your behalf when negotiating the language of the lease, but by then,
business terms for the lease will have already been spelled out.
Should I Restructure My Current Lease?
Occasionally, there may be benefits to renegotiating your lease while there are
still several years left on the lease term. Landlords may be willing to trade
today's dollars for a guaranteed longer term or renewal.
A professional Tenant Representative can evaluate your current lease to
determine if the economics would warrant a mid-lease restructuring.
How Much Does It Cost?
In most cases, it will not cost the Tenant anything to engage a Tenant
Representative.
Tenant Representative's fees are usually generated by the Landlord, not the
Tenant. If, and only if no fee is paid by the Landlord, the Tenant may be
responsible for the Tenant Representative's fee.
In either case, savings generated by a qualified professional Tenant
Representative should far outweigh any expense incurred.
Simply put, Tenant Representation is a way of ensuring that your interests as a
tenant are protected. A Tenant Rep's fiduciary responsibility always lies with the
Tenant - never the Landlord.
In the absence of a specific Tenant Representation Agreement, the broker who
is showing you properties and drafting offers for your space is acting as a
representative of the Landlord and has a legal and fiduciary responsibility to the
Landlord.
Why Should I Use a Tenant Representative?
Tenant Representation gives you the confidence of knowing you have full-time
real estate professionals helping you negotiate for space, and advising you every
step of the way.
Tenant Representatives analyze your alternatives for you, work out all the details
of your lease and build in options that benefit you. Until a lease is signed, the
Tenant/Landlord relationship is adversarial. The Landlord has his best interest in
mind, not yours. You are entitled to representation.
A poorly drawn lease can potentially cripple a business.
Tenants lease space only a few times in their business life, while landlords
gain experience in the process over and over again. Tenants need the
assistance of real estate advisors with the same volume of lease transactions
and knowledge to "level the playing field."
A professional Tenant Representative will have in depth knowledge of market
conditions, buildings, landlords and other important factors that will impact your
lease agreement.
Who's Representing My Interests Now?
In the absence of a specific Tenant Representation agreement, your
representation is extremely limited during the negotiation process. Your attorney
acts on your behalf when negotiating the language of the lease, but by then,
business terms for the lease will have already been spelled out.
Should I Restructure My Current Lease?
Occasionally, there may be benefits to renegotiating your lease while there are
still several years left on the lease term. Landlords may be willing to trade
today's dollars for a guaranteed longer term or renewal.
A professional Tenant Representative can evaluate your current lease to
determine if the economics would warrant a mid-lease restructuring.
How Much Does It Cost?
In most cases, it will not cost the Tenant anything to engage a Tenant
Representative.
Tenant Representative's fees are usually generated by the Landlord, not the
Tenant. If, and only if no fee is paid by the Landlord, the Tenant may be
responsible for the Tenant Representative's fee.
In either case, savings generated by a qualified professional Tenant
Representative should far outweigh any expense incurred.
FAQ
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| Whitman Realty Group, Inc. Ph: 631-424-4888 Fx: 631-424-4897 |