This post originally appeared on tBL member blog SVN Southland Commercial Blog and is republished with permission. Find out how to syndicate your content with theBrokerList.
“Show me the money” “Show me the money” …You know you know what I am describing… that’s the famous line from the movie Jerry McGuire, where the character “Rod Tidwell” tells his agent “Jerry McGuire” to “Show me the money.” Take a moment to enjoy this short clip:
While this exact scenario may not be how things unfold daily for most of us, what is interesting, and striking, are the similarities that commercial real estate professionals who specialize in tenant representation have with “Jerry McGuire.” Professional athletes engage “agents” to assist them and guide them through the complex maze of getting an NFL, MLB, Golf or any other sport contract negotiated and ultimately executed. You usually don’t see them “going it alone.” I’ll briefly cover the concept of tenant representation and in future posts we will dig deeper into examples of why it’s such an important concept.
If you’re a business owner, or a partner in a business, and you lease space, ANY kind of commercial space (warehouse/industrial space, office space or retail space) then you too can engage the services of a tenant representation commercial real estate advisor.
“Tenant Rep’s,” as they are referred to in the commercial real estate world, represent tenants, not landlords. They work with tenants seeking commercial space or in many cases, renewing a lease at an existing location to make sure the deal is favorable to the tenant during the renewal period. Simply put, tenant representation brokers level the playing field for their clients in a transaction by providing the critical market research and intelligence needed to locate the right space for the tenant and combining that with expert negotiation skills to lower the tenants’ overall occupancy costs (i.e. Save Money) and thereby ‘Showing them the Money!”
Candidly, the above is a super simplification of the concept and the process that tenant representatives go through when working with a client. There is a very detailed process of events (outlined below) to make it efficient and effective. The bottom line is this: Tenant reps will create competition for your occupancy, period. Just like Jerry McGuire creates demand and competition for “Rod” with the movie, tenant reps will create this same demand by making landlords compete for your occupancy.
This post has just been a short, fun introductory on the concept for our SouthLand Commercial blog. In future posts we will dive into the process that our Sperry Van Ness tenant rep advisors utilize:
If you are considering a move to new space, or perhaps you are in a location that you love and intend to stay at, but you have a lease renewal coming up in the next 18 months, (Yes, that’s not too early to be thinking about it; and yes, you should go and double check your lease and make a note of when your lease expires. You would be surprised how many commercial tenants don’t know and get caught off guard when a lease expiration date sneaks up on them) please contact a qualified tenant rep. It’s important to work with a commercial real estate advisor that specialize in tenant representation and is available to help you. If you have any questions about this, you are more than welcome to shoot me an email, leave a comment in the section below, or give me a call. I’d be happy to help you. It is extremely important that you find someone with whom you can discuss your space needs and execute a plan to locate, negotiate, and win the best deal you can get!
About Carlton Dean – Carlton is a SIOR and a CCIM, two of the most respected designations in the CRE industry. He has nearly 20 years of experience in the commercial real estate industry. Carlton is the Managing Director for SVN| Southland Commercial and is based out of the Tallahassee, Florida office but serves clients throughout the entire Southeastern US. Click here to view his full profile and listings, or if you would like to contact him, you can call him at 850-877-6000 ext. 101, or email him at [email protected] You can also follow him on Twitter at @CarltonDeanCRE.
Image Courtesy of “Business hand giving money” by ponsulak FreeDigitalPhotos.net