Whether you’re a new business owner looking to lease your commercial space or you’re an established company ready to expand, it can be incredibly beneficial to have someone in your corner looking out for your unique needs. We’re talking about Commercial Tenant Representation. But what exactly is a tenant rep? Why do you need a rep? And, perhaps the most important question, how much will this all cost?
Well, let’s dive right in!
What is Commercial Tenant Representation?
Commercial tenant representation is a type of commercial real estate brokerage where the agent is focused on your needs alone, rather than the needs of the lessor or landlord. It is the broker’s job to show you multiple properties that fit your needs and help you compare them to find the perfect fit. Then, your tenant rep will negotiate your new lease to ensure favorable terms. Experienced tenant reps understand the Maryland commercial real estate market and have the industry knowledge you need.
Partnering with the right broker can make all the difference.
Why Do I Need Commercial Tenant Representation?
Whether you’ve got an up-and-coming tech startup, the next hot restaurant, or an established business or medical practice that’s looking to expand, you’re going to need a commercial space that fits your needs. But how do you find the right location? There are plenty of commercial properties on the market throughout Maryland, but which one is right for you? You’re probably wondering, “Where do I even begin?” You can use your precious time scouring the internet and narrowing down your options, or you can save yourself countless hours and hire an experienced commercial real estate broker (tenant rep) to do the heavy lifting for you.
Working with a commercial tenant representation broker can be incredibly advantageous. Here’s why:
- They Have Your Best Interests at Heart: Having the right people on your side is crucial in business. The same is true for commercial real estate. And working with an experienced tenant rep helps ensure you have someone on your side looking out for your best interests. This can certainly alleviate a lot of the normal stress involved in your typical real estate search. Just sit back, relax, and let your broker do what they do best! A tenant rep will handle the whole process for you, presenting you with the properties that best fit your company and its unique needs.
- They Have Specialized Industry Knowledge: Local tenant reps know the real estate market. They have existing relationships with landlords, property managers, and landlord representation brokers that provide leverage when it comes time to negotiate your new lease. Plus, landlords, property managers, and landlord brokers often prefer to work with other brokers, rather than individual business owners. So, working with an experienced tenant broker opens up more possibilities than if you tried to go it alone.
- They Utilize Special Industry Tools: Brokers have access to up-to-date market data, databases, and tools that track industry trends, vacancy rates, and comparable properties. This additional knowledge is invaluable when analyzing your lease against the local market.
- They Save You Time and Money: Working with an experienced broker is the best way to ensure you don’t end up paying above market value. Working with an experienced broker can also save you time. Instead of spending countless hours, days, or even weeks educating yourself on the Maryland commercial real estate market, searching for the right space, and then negotiating the purchase or lease of that property on your own, your tenant rep can do all of that for you!
Isn’t It Cheaper to Forgo Representation?
Actually, no! In most cases, hiring a tenant representative won’t cost you anything. Almost every lease deal has a paid commission built into it, funded by rental dollars. So, when you don’t use a broker, you aren’t saving any money, but you are giving up a lot of potential leverage. In fact, you could actually be costing yourself more money by hurting your negotiating power.
Commercial Tenant Representation in Maryland
You need United Development Realty on your side. We provide Commercial Tenant Representation throughout Maryland. We will help you find, negotiate, and lease the commercial space that is right for your business. We begin this process by listening to your vision, your objectives, and your goals. Then, once we fully understand your business and its unique needs, we can assist you through a tailored package of services.
|Lease and Purchase Negotiations
|Expansions & Relocations
|Purchase vs. Lease Comparison
|And So Much More!
At United Development Realty, we immerse ourselves in real estate not just because we love it, but because it is good for our clients. Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with an experienced commercial tenant broker today.