You, the business owner, has finally decided to get that new office space. You have done your research and you know it’s advantageous to you and your business to have a “no cost to you” Tenant Rep Broker on your team doing all the heavy lifting for you. Before you get started with your broker, it is important to know the different steps that will be taken throughout the process. Below, the process has been broken down into 6 easy and understandable phases. Take a look at what a Tenant Rep Broker can do for you:
- We begin by meeting with you to form a deep understanding of your business. Then you engage us by signing a Letter of Authorization (LOA) and we determine the best method of Request for Proposal (RFP).
- We conduct a market survey to identify potential space and confirm it is still available. We clarify the commission policy with the landlord and request any additional needed information. We submit the findings to you and wait for your feedback.
- We coordinate a formal tour date and time and make sure you understand “Tour Etiquette”. We tour and recap the findings with you. We create a short list of three to five locations and then prepare a Request for Proposal for the desired locations.
- We send out the Request for Proposals and request test fits if necessary. We review and evaluate the Landlord’s proposals and perform a lease analysis. Next, we review the results with you and recommend your next steps. If necessary, we will counter the Landlord’s offer and then you can select a building to lease.
- We request a Lease Agreement and Commission Agreement from the Landlord and have you engage a real estate attorney to review the Lease Agreement draft. We send a copy of the deal term sheet to the attorney and wait for the terms to be accepted by the Landlord. We then request a final copy of the Lease Agreement and have you and the Landlord sign it. We give your security deposit to the Landlord, submit a Commission Agreement, W-9, and invoice to the Landlord and we monitor any work to be performed in the space.
- We return the fully executed lease to you and keep a copy on file for our records. We monitor the payment of the invoice and then we consider the deal closed. At that stage, you move your business in to the location of your dreams!
Every brokerage is different and they handle their clients differently. At my firm, T. Dallas Smith & Company, this is how we conduct business. We live by the guiding principle “Client First” and are firm believers that an educated client is the best kind of client.