When leasing commercial space occupants have the choice of discovering rental area on their own or engaging the help of a renter rep to assist with the search. Looking for commercial space is a really time consuming process. If you are not acquainted with the market or do not have much transaction experience you might end up wasting a lots of time or possibly make legal errors that can cost you a great deal of cash later on.
Misconceptions About Not Utilizing An Agent
Numerous occupants think that by representing themselves in the search and settlement process the property manager will provide a discount on the lease rate,nevertheless that is not the case. In fact,the property manager might increase the rate and provide less concessions knowing that the renter is not educated about existing market conditions or the leasing process. Utilizing a renter rep does not have a unfavorable impact on the transaction.
Also,most occupants do not understand that having a renter rep does not cost them anything. When property manager’s buy structures they develop leasing commissions into the proforma. If the renter does not have representation then the property owners pay their listing representative 100% of the lease commissions. If the renter has representation then the property manager representative and renter rep split the commission. Renters do not need to pay tenant reps,nevertheless they get all the advantages of having one.
Advantages to Having a Tenant Rep – You Will Comprehend Your Requirements Much Better
Experienced tenant representatives