Some of our clients...
- Russell & Herder
- Calhoun Insurance
- Computer Buying Solutions
- Reaction Studios
- Showcase Designs
- Star Exhibits & Environments
- Landmark Photography
- The Kestrel Design Group
- Minnesota Business Finance Corporation
- Slipcon
- Total Automotive
TENANT REPRESENTATION
What is tenant representation?
An agreement between a tenant and a real estate broker in which the tenant engages the broker to be the exclusive agent in negotiating a lease or purchase of commercial space, and the broker agrees to act on the tenant’s behalf.
Why should I engage real estate broker to represent me exclusively?
Save Time.
There is more than 71 million square feet of office property, 111 million square feet of industrial property and more than 50 million square feet of retail property in the Twin Cities metro area. A qualified commercial real estate broker has the market knowledge and resources to streamline your search.
Save Money.
Your primary business is running your company. How often do you lease space? Landlords on the other hand do this day in and day out. In most cases, they have a listing agent representing them to market the property and advise them. Do they have an unfair advantage? You bet they do. How do you balance this unfair advantage? Engage the services of your own qualified tenant representative.
Find the Property that is Best for Your Company.
When you engage a broker to represent you, they are obligated to invest the time to truly understand how your real estate needs impact your organization. They have the market knowledge and authority to find the property that is the best fit for your organization and negotiate the best deal.
Who pays for the broker's services?
In most cases, the Landlord pays the commercial real estate brokerage fees.
Some tenants have a fear that by engaging the services of a tenant representative they will end up having to pay more in rent to compensate for the brokerage fees. I’m sure you have also heard that hiring a tenant representative doesn’t cost you anything. The response we often hear to this is “the landlord just adds the brokerage fees on top of the lease rate.” So, who is right?
When it comes to negotiating space, there is no question that a good tenant representative will not only save you money, but will also make sure you don’t make any critical mistakes.
Not to mention, these fees are almost always built into the lease rates. This fee is paid whether or not you have representation. These fees are split between the tenant representative (leasing agent) and the listing agent. There are no “additional” fees so you will not save anything by not having representation. In the absence of a tenant representative, the listing agent, who represents the Landlord will take the entire fee, no matter what they tell you.
When should I consult a real estate broker?
- Whenever your company needs more or less space.
- Approximately 3 months before your lease is up and your preference is to renew.
- 6-12 months before your lease is up if you are looking to move.
How does Christianson & Company approach Tenant Representation?
Step One: Needs Analysis Matrix. We take the time to clearly understand your company’s needs as they relate to:
- Physical space needs
- Brand/image
- Employees
- Clients
- Budget
Step Two: Property Identification, Tour and Site Selection
Step Three: Financial Analysis
Step Four: Final Site Selection & Business Terms
Step Five: Finalize Transaction
Step Six: Construction/Occupancy
Why choose Christianson & Company?
- Experience
- Personal Attention
- Business Owner Mindset
|
