Reasons why you would need tenant advisory services
Whether you are a new small business seeking real estate space to build your commercial office, or an existing business looking to find another property to relocate or expand to, there are a multitude of reasons why employing tenant advisory services is a good move.
In the current daunting real estate market in Sydney and in Australia, it’s important as a commercial tenant that you understand how to ensure the best outcomes for you and your business. As such, it is a good idea to have a commercial tenant advisor by your side.
What can your commercial tenant advisor do for you?
As the provider of property advisory services, your commercial tenant advisor is the representative who can advise you on everything you need to know in your search for new premises.
A commercial tenant advisor is an experienced consultant who understands the commercial property market and who ensures that you are well-informed about everything you might need to know about commercial premises.
Because they have been providing corporate real estate advisory services for many years, tenant advisors are able to discern the hidden costs associated with the rental rate.
In addition, they have a greater understanding of the lease contract, having seen several hundred during their career, and have a better awareness of the lease writer’s intention to benefit themselves (as they are usually the landlord).
As part of your property advisory requirements, the advisor brings understanding to the terms and conditions of the proceedings you may decide to go through with, and works to keep you posted about any updates as well as your basic rights and obligations.
As such, your commercial tenant advisor will assist you in navigating the real estate market for commercial properties, with a focus on maximising cost effectiveness and ensuring the best use for a space.
In doing so, advisors provide tenant representation services, representing you and your best interests and using their expertise and knowledge of the property market to deliver a solution that is tailored to your business’s function, goals and objectives.
Effective tenant representation services
In terms of tenant representation, a commercial tenant advisor is skilled in delivering outcomes regardless of the purpose of the strategy. No matter if your business is in a stage of expansion or contraction, relocating, splitting or due to some other business strategy, their tenant representation services will advise you on the best course of action and select the most appropriate property for you.
Some of these tenant advisory services can include:
- Negotiating with property owners on lease
- Negotiating and reviewing rent
- Subleasing strategies
- Consultation on workplace strategies
- Benchmarking and research
Tenant advisors are independent property advisors
Because tenant advisors have no allegiances to any of the stakeholders involved in a lease besides your business within their tenant representation duties, they act as independent property advisors and hence represent your best interests unbiased.
On the other hand, a landlord representative would be influenced to act in selfish interest of their space, and may misrepresent information for their own benefit.
Corporate real estate consulting beyond the initial lease
In their duties, tenant advisors provide corporate real estate consulting services beyond the negotiation of the initial lease contract, utilising their experience in optimal management of commercial real estate.
These corporate real estate advisory services aim to incorporate an end-to-end solution for you, assisting you in such areas as:
- Lease renewal obligations
- Any disputes you may have with your lease or landlord
- Reviews of your portfolio or your rental rates, comparing rates to the market
- Management of property in overall portfolio
- Workplace interior design and strategy
- Consultation on technology
- Project management
- Other corporate real estate advisory services
In such corporate real estate consulting endeavours, the benefits are delivered to you in the form of cost savings and conservation of resources.
It is clear there are numerous benefits to employing a tenant advisor. During the acquisition process, these property advisory services will save you more time to focus on your business. As such, you can ensure that your interests are met as they will utilise their expertise in order to achieve the best outcome.