If you are with a business that is coming to the end of its lease, tenant representation services can save you significant amounts of time, money and energy. This is especially true if you know that you want to move, whether you need room to expand or just want to be in a better area.
People often make mistakes when planning their move, often due to inexperience in renting office space. After all, most businesses that rent space do so in the same place for years at a time and rarely move.
Some of the most common mistakes that businesses make come from inexperience in their planning detail and not knowing the market. This is where tenant representation services can be an enormous help. They have far more experience in negotiating rents and planning for business moves than anyone, so you should use their expertise.
Planning
Many businesses make mistakes when they plan for a move. Whether they don’t allow enough time to make the move, fail to ensure that the new space will be adequate for their needs or misalign their start and end times at each premises, every mistake causes stress and costs money.
Tenant representation services will help you to plan the move properly. They will ensure that the new office space has enough room for all of your current staff, as well as extra if you are looking to expand. They will also ensure that you have sufficient time in between your new lease starting and your old one ending to move all of your equipment across and set up the new space.
Price
People who rent office space out rely on their tenants not having a great knowledge of the market – after all, they have very little experience of it. If you get help from tenant representation services, however, you can work out just how much you should be paying.
You can also get the experts to help you to figure out who has the power in the market. If you want to go into a space that lots of other firms want, you will need to be prepared to pay close to the asking price. On the other hand, if the space has been sitting empty for some time you can probably bargain the landlord down a bit.
Even if you like where you are and are just renewing your lease, tenant representation services can still help you. They can research current market rates in your area, and look at possible options that you could move to if you wanted to. Armed with this information they can help you to negotiate rent, and if you aren’t happy with your landlord’s response you know what your options are!
Budgeting
The final trap that tenant representation services can help you to avoid is not budgeting properly for a move. Moving offices can be very expensive, especially if you need to bring a lot of furniture and equipment with you, and people often do not factor this in when they plan their move.
You will also need to be able to predict your future cash flow, as you need to pay rent on the new premises. You will need to know if your clients will stay with you as you transition between offices, and if your new location will help you to attract new business. Tenant representation services are experienced with these sorts of issues, so it is worth seeking their advice.
So there you go – tenant representation services can be very useful to a moving business. They can help to research the areas that you are looking at moving to, they can work out how much rent you should be offering to pay and they can help you to plan your move. If you are in an expensive area they are even more useful – for example, Sydney tenant representation services are vital for businesses in the CBD!
Even if you want to remain in the same office space, tenant representation services can still help you to negotiate a lower rent, and explore your other options. When your lease is coming to an end, make sure that you get advice from the experts before you sign anything!
