The Unique Real Estate Blog

When a business grows with success, there may come a time when the owner needs to consider moving to a larger facility, or negotiating with the property’s landlord (if the business owner does not own the property outright) for a new lease. If the business is such that multiple or satellite locations are feasible, as with a retail boutique or service shop, that is one more thing for the owner to ponder.

Given the responsibilities of running a business, large or small, there may not always be enough time to devote to researching commercial real estate. Work needs to function smoothly in order to maintain the level of success that prompted such ideas. One solution for a business owner in such a situation is to employ the expertise of an exclusive tenant representative.

Before one hires a tenant rep to work for him, it is important to know exactly what a tenant rep does. An exclusive tenant representative is not a Real Estate agent in the sense that he tries to sell commercial property. A tenant rep acts as an advocate for the business owner, offering detailed and researched advice with regards to the company’s current leasing situation and prospects for finding property elsewhere.

Some duties an exclusive tenant representative may perform include:

Location Analysis - A retail shop or restaurant suffering poor sales and turnover may not be situated in a proper location for the services offered. A tenant rep can analyze the location and business and make recommendations if a move is necessary.

Facility Cost Comparisons - For the business owner concerned about paying too much rent, a tenant rep can research comparable commercial properties and advice the business owner with regards to lease negotiations or relocation.

Floor Plan Efficiencies - For the business owner who does not feel he is utilizing all of his usable office space, a tenant rep can inspect the property and offer solutions.

Building Condition Analysis - Concerns about the safety of current property and the prospect of repairs may be put to rest by a tenant rep, who can arrange for a thorough examination of all facilities and recommend repair or relocation.

Tenant representatives are particularly helpful for business owners seeking to relocate to another state. Having an advocate who knows the destination area will allow for a smoother transition to a new facility and a more confident orientation of the shop, factory or restaurant to residents and future customers.

Business owners may employ the services an exclusive tenant representative with the knowledge that a dedicated counselor is in his corner, helping the ensure the continued success of his company.

Kathryn Lively writes for Exclusive Tenant Rep, a Virginia-based consultancy for businesses seeking commercial real estate solutions.