Are you a new business looking to lease or buy a commercial space in Maryland? Or maybe you’re an established company that has outgrown your current space and is looking to expand or open a second location. Or perhaps your lease is about to expire and you want to better understand your options. Either way, whenever commercial real estate is involved you need an experienced tenant representative on your side to look out for your best interests.
What is a Tenant Representation?
Every business, small or large, in every industry, healthcare, retail, distribution, food, etc., can benefit from an experienced tenant representative. 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. Your tenant representative can help you find, negotiate, and lease or buy the commercial space that is right for your business, or help you negotiate more favorable terms for your lease renewal. Typical tenant representation services include:
|Site Selection||Lease Analysis||Lease Renewals|
|Lease and Purchase Negotiations||Expansions & Relocations||Additional Offices|
|Purchase vs. Lease Comparison||Start-Ups||Timeline Management|
|Negotiation Strategy||And More!|
What Are the Benefits of a Tenant Representative?
While it is true that you could find a commercial property on your own and negotiate the terms of your lease without a tenant representative, there are several benefits to having an experienced broker in your corner.
For starters, tenant representation brokers know the Maryland commercial real estate market inside and out. They know the landlords, the properties, the buyers and sellers, and have access to up-to-date market data, databases, and tools that track industry trends, vacancy rates, and comparable properties. Tenant representatives have the industry knowledge you need to negotiate terms that are not just favorable for your business now, but also in the future.
Commercial real estate is often a large part of a company’s overhead expenses. Working with an experienced broker can help save your business money. 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. In many cases, you could actually be costing yourself more money by hurting your negotiating power. And in those instances where you do have to pay for the broker out of pocket, it can still save you considerable money having someone in your corner with industry knowledge to negotiate on your behalf.
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, let a tenant representation broker help. Even large companies with real estate professionals on-staff hire tenant representatives to leverage their industry knowledge. So, let your tenant representative do what they do best – research the market, analyze terms, and negotiate on your behalf – while you do what you do best – run your business. Hiring an experienced broker will help take the weight of the real estate process off your shoulders.
Most importantly, hiring the right tenant representation broker gives you leverage – the leverage you need to find the perfect property and negotiate the best possible deal. Often, landlords and landlord representation brokers 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. Then, comes the negotiating side of things. Your broker not only has established relationships with landlords and landlord brokers, but also has access to comparable building data and market data that provide additional leverage and help ensure that you don’t end up paying above the current real estate market.
How Do I Find an Experienced Tenant Representative in Maryland?
Look no further! United Development Realty provides tenant representation services throughout Maryland. 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, we can help. We begin 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. We are able to tap into our extensive network of property owners and developers to not only find the ideal space, but also negotiate terms that are favorable for you.
Please call our office (locations in Bethesda 240-221-1976 and Fells Point 410-522-1632) to get in touch with a licensed tenant representation broker today.