We Help You In Locating Great Space, Avoiding Mistakes, & Negotiating The Best Deal.
New York City Commercial Real Estate Tenant's Advisory Services
Commercial tenants' biggest and most costly mistake is not hiring broker representation.
Call Us:(347)380-5055
Email Us:info@tenantadvisors.nyc
The top 3 mistakes made by commercial tenants:
1
Not hiring broker representation
Working with a tenant representation broker can benefit your company much, even if you have extensive transaction experience or an internal real estate team. Brokers have the market expertise and skill set necessary to locate a property that satisfies your particular needs and negotiate a good lease, including landlord concessions like cheaper rent, free months, more money for tenant improvements, and other things on your behalf. The cost of commissions is a concern for many tenants; nevertheless, your landlord will frequently pay this expense to his leasing agents.
2
Focusing only on
the price
Too many people compare their lease rate to others in the same office or retail building, believing that rent is the best indicator of their bargain. Every deal is unique. If you are paying $45, just because someone else told you they negotiated a $40 square foot deal doesn't mean their deal is better than yours. They most likely obtained a smaller tenant improvement allowance in exchange for fewer discounts in other areas. A deal involves more than simply base rent.
3
Procrastination
Never underestimate how long it takes to find a suitable space. Give yourself enough time to look for properties, secure the necessary funding, negotiate the lease conditions, and carry out tenant upgrades. If you want to move, you should begin looking at least a year before your current lease expires. Don't wait to decide; otherwise, you can find yourself locked in your current location with a high lease rate or in a new, less-than-ideal location.
Who is the tenant adviser?
A tenant's interests in the commercial space transaction are represented by a tenant advisor, also known as a tenant representative or advocate, whether the lease is for a commercial, retail, industrial, or office space. The advisor conducts searches and negotiations for suitable properties and the renewal of existing lease agreements.
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Tenant Advisors share in the commission payable to the listing agent; the service they offer is free to you
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It makes sense to spend a portion of that commission on your behalf since the leasing agent will receive 100% of the commission regardless of whether you hire a tenant representative or will represent yourself.
Commercial Real Estate Leases—Who Represents Whom?
You have found attractive commercial space on the internet site like Loopnet, CREXi, or just by old fashion way by driving around the desired area looking for properties with signs " For Rent."
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The next step is contacting the agent whose phone number or email is either in the online listing or the property sign.
Many inexperienced tenants believe the commercial landlord agent represents their best interests or is neutral to the agreement.
However, by real estate law, the listing agent represents the landlord and acts in the principal's best interest.
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Most landlords and tenants have representation today. It makes sense since tenants want the best terms and lowest lease rates, contradicting landlords and commercial property owners, who want the best terms and highest rents possible.
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The same Real Estate Agency laws apply to the sale and purchase of a property.
About Us
Tenant Advisors NYC are NYC-based experts in guiding YOU in locating the ideal commercial real estate space in Manhattan, Brooklyn, Queens, and Nassau County that is available for lease, rent, or sale. We assist both small and large businesses in their efforts to find, choose, negotiate, and occupy warehouse, industrial, retail, and office space for lease in NYC and Long Island.
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We have the resources, expertise, and tools to ensure you have the best experience possible, whether you are a startup or an established business.
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Landlords or their agents pay our fees, so our service is free to you.
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Our Services
Before You Sign That Lease….
Finding the Ideal Location
Location is critical to consider when choosing commercial real estate. You don't want it to break the bank; however, you must also ensure that it meets your company, employees, and clients' needs.
Real Estate Brokers acting as Tenant Advisors have access to many expensive professional tools, including commercial MLS services, sales, rent comps, and satellite data required to find a suitable retail location.
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Making a mistake can cost you your business.
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Renew or Relocate
You might be debating whether to renew your commercial lease because it expires or start to look for a different location. Before making a decision, you have to evaluate the advantages and disadvantages of both a renewal and a move.
The tenant representative can also advise whether the client should extend their current lease or start looking for a new space when it expires.
Property Tours
The touring phase can begin after consulting with the client and refining the list to roughly five to ten sites.
The tenant representative will contact the brokers representing each identified building to set up a date and time to view the space. This market tour usually takes place in a single day and, if well managed, lasts around 30 minutes per site.
If you are interested in a vacant property not on the market, real estate brokers have the tools to locate the property owner in most cases.
Letter of Intent
A letter of Intent ( LOI ) is an initial agreement summarizing what was negotiated between a tenant and landlord or buyer and seller.
After the Letter of Intent is received from the landlord, it requires a written reply from the tenant.
Sometimes a landlord will require a tenant to prepare a draft of the initial LOI.
LOI is one of the essential documents in negotiating commercial real estate transactions.
Negotiations
The drafting of a legally binding lease or sales contract, which may easily be 40 pages or longer, comes after preliminary conversations with the property owner. Therefore, a letter of intent is used as a transitional step.
If the landlord rejects the initial LOI, the tenant representative and their client must reassess deal terms to determine which deal points they need to renegotiate.
Reviewing the Lease
A commercial lease contract contains numerous clauses that benefit the landlord.
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While a broker cannot provide legal advice, a broker can collaborate with the tenant's attorney to negotiate the lease conditions and provide guidance to make it as advantageous to the tenant as feasible.
Ready to find out more?
We facilitate transactions for agents, brokerages, attorneys, and business owners.
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Please use us as a source of advice if you have any questions. We have years of experience in this field, which we are always willing to share
Email or call us if you're interested in learning more about our services or would like additional information.
