Lease Renewal Representation
Frequently Asked Questions:
How will you save us money if your costs are going to be added into the rate?
When landlords evaluate market rates for renewals, they are considering other comparable leases that have recently been completed in the area. Because a tenant representative is involved in nearly all transactions that the landlord is considering, brokerage fees are already included their “market rate”. Your representative’s fee is not “added” into the rate, it is already “market”.
Won’t using a representative for renewal negotiations create animosity with my landlord?
No. Often landlords appreciate working with a tenant representative who understands the process, the market, and has the ability to communicate their clients’ interests in a manner that works towards a completed transaction. By entering negotiations with a thorough understanding of how to approach critical topics, it saves both the Tenant and Landlord time and money.
I’m a good negotiator. I can do it myself.
I have access to information that is valuable during the negotiations, which Tenants simply do not. By tracking the market daily, I have proprietary information on recent leases that have been completed, spaces that are coming available in the future and deals that have been negotiated, but not necessarily transacted. These items provide leverage with your Landlord and will save you money, which is why most Fortune 500 companies choose to use local brokerage services for their renewals. Without a tenant representative, a Landlord will never believe that your threat to leave is credible, and therefore will not provide you with their most aggressive economic terms.
My Landlord has already approached me about a renewal and we have already discussed terms.
We will communicate to your Landlord that you have decided to be represented by a Tenant advocate and will be making a thorough review of the market. We will let your landlord know that once we have considered all alternatives that we will submit a renewal proposal to them, along with proposals to the viable alternatives that we have identified.
I don’t want to pay for your services.
You won’t. Fees are paid by the landlord, so you will not have any out-of-pocket expenses.