Why Hire a Tenant Rep for a Renewal?
Sean Smith | Associate, Industrial Division
A common question we encounter as tenant rep brokers is “I have a renewal option, why would I need to hire you?” Because of the perceived simplicity of a lease renewal/extension, many companies do not take the time to engage a tenant rep when they receive the Landlord’s call to discuss the status of their lease. You may be surprised to learn, however, that an analysis of current transactions illustrates that many of the highest rental rates in the DFW market are being paid by companies that did not engage a tenant rep broker.
Consider this. Landlords are in the business of making money and ensuring that their buildings perform, and, renewals are a Landlord’s most profitable transaction. They know their market well, and are active in it, which they use to their advantage. Landlords understand the supply and demand in the market, they know the competitive properties in the market, and they leverage their market knowledge to maximize transaction volume. Real Estate is a Landlord’s core business, and even they have professional representation (leasing agents).
So, “why hire a tenant rep broker for a renewal transaction?” Real Estate is OUR core business. We know the market, are extremely active in it and know how to properly leverage that information to get our clients the best deal possible. Our sole fiduciary is to our clients; thus, there is no conflict of interest. We have insight regarding the Landlord’s business philosophy and understand how to use it to our client’s advantage. We take the emotion out of the transaction, so our clients can focus on THEIR core business. And, best of all, OUR SERVICES ARE AT NO COST TO OUR CLIENTS!
Interested in hearing more about the advantages of working with us? Give Whitebox a call.