Commercial Office for rent – should I go alone?
Looking for your next space can be a cumbersome task. Many business owners might start by typing something into a search engine bar. Commercial office space for rent is a common phrase, or maybe they begin by looking for a broker. Did you know that there are office brokers that are there to specifically help people find their next or first location. The Office Advisors specializes in representing the tenant in their search for commercial office space for rent.
How I start searching
As I said earlier the first thing many people do is begin their commercial office space for rent on the web. They might go straight to Google or maybe all they know is residential websites on Zillow. Typically you will end up on a site like loopnet.com. This might be a great start for some because you will be able to see what the different rental amounts are being advertised per market.
You might then spend your own time searching for a commercial office space to rent in a few different markets or buildings. Then you start seeing terms you might not be familiar with or you try to set up a time to check out the location and the broker won’t call you back. Did you know in many cases brokers might not call you back because you don’t have a broker. They are busy and might not want to waste their time with a business that possibly has not been properly vetted.
Why should my business be vetted?
Many landlords do not want to deal with a business that is not currently set up for success. This is because the entire reason for being a landlord is to lease up their commercial space. They want to make a profit and when a business is not set up correctly they fail. Unsuccessful businesses create a liability for landlords, because they base what they spend on upgrades and taxes on the terms of a lease. Many new businesses fail and this means loss revenue for a landlord when a space no longer has a paying tenant.
How do I become vetted?
I am sure many people might be asking what we mean, and how my business might get vetted. What the industry means is that you as a business have engaged in a conversation with a real estate professional. A real estate professional in these terms is an individual that works with tenants in commercial office space for rent scenarios. The industry term for these professionals is a tenant rep broker. A tenant rep broker is there to represent the tenant in negotiating terms of a lease. Our brokers go over questions with our potential clients to make sure that a landlord will feel comfortable leasing to them. This puts not only the broker representing the landlord more willing, but also the landlord themselves.
The Vetting process Isn’t Scary
Typically in the vetting process a broker will ask the business who is searching for commercial office space to rent about all the dealings of the business and operations. We make sure our clients have a business plan to start. If the company does not have an existing business plan they can download a free template from us. Your new landlord is going to want to know you have a plan that is well thought out. Financials is also something that a business owner has to be comfortable sharing. The landlord will want to see that a business has the money to pay rent and that there are no issues with taxes.
We at The Office Advisors promise that we will never share or sell any of your financial information. Our brokers make it a practice to not view the documents. Your finances are between you and the landlord. After we as your representation have made sure you are set up for success the journey begins in looking for your commercial office space to rent.
Why Would Need A Broker
Many people in leadership or management roles in business feel they have the best negotiation skill. You might even be one of the lucky ones that do. We are not saying we are better than you at negotiating. A broker is there to help you as the one with the ultimate decision to make the best. We provide you industry specific knowledge in order for you as the business owner or CEO make the most educated decision. A landlord has a broker that is his adviser on the matter of leasing space. We are in your corner to protect your businesses interest which ultimately is the dollar amount you do or do not pay. The time we can save a business is invaluable, due to our expansive network and knowledge from being in the industry daily.
How much does a Tenant Rep Broker Cost?
At The Office Advisors 99.9% of the time we are free to the tenant! This cannot possibly be true. You started searching for commercial office space for rent and now I am telling you that a business exists that is free for you and they save you money. I am sure you as most people think that this cannot be. It is true my friend. A landlord has built into his cost of doing business on a space the fee amount that is paid to commercial brokers. If you as a business leased space without representation the same amount of money is paid out to a broker. This is just all paid to his broker.
This may sound like a crazy business model and you may be right. We love helping business, because we are entrepreneurial ourselves. A tenant broker is there to free up your time and provide you with the best possible information. A landlord has someone protecting his wallet and watching out for his needs. It just make sense your business should as well.
I am sure you understand the importance now of having representation when searching for commercial office space to rent. If you seriously still are not convinced then why do not vett us! We are only a few clicks away. You can ask us any question you want for free or just if you just want to poke around just go to our website www.theofficeadvisors.com. We can go through our process to put you at ease. We would love to help you find your next commercial office space for rent so do not hesitate and trust The Office Advisors.