Here are a few great tips for tenants to consider when negotiating the renewal of an office space: perhaps one of the most important aspects of negotiating a lease renewal is taking full advantages of the services of an Atlanta tenant representation broker. Keep in mind that landlords are well versed in negotiating contracts on almost a daily basis. Conversely, tenants will typically only negotiate a contract every 5 to 10 years. This is why it is so important to take full advantage of all that a tenant representation has to offer.
Atlanta Commercial Spaces
A broker that specializes in tenant representation will be abreast of the latest market conditions including the terms being offered for existing buildings and commercial spaces. A broker will also have a thorough understanding of the terms offered for other commercial spaces that the competition is offering. Simply having an experienced broker in your corner sends a message and improves your chances of negotiating a better deal. Brokers are highly desirable because they are knowledgeable of current market conditions and terms. Landlords will typically offer more competitive terms and pricing when they are dealing with a broker and when they wish not to lose your business.
Representing Tenants in Atlanta
When choosing a broker keep in mind that it is best to choose one that specializes in tenant representation. This type of broker is referred to as a tenant rep broker. Perhaps one of the most important benefits of choosing to work with a broker is that they will as standard practice introduce existing competition into all negotiations. This is a smart and effective way of adding leverage to the negotiation stage of the deal. It is important to let the landlord know that they are competing for your business. Equally important is to start early with the negotiation process. The later you start negotiating the less leverage you will likely have.
Commercial Offices Atlanta
It is also recommended to avoid accepting the landlord's initial proposal. Once the landlord has made the first proposal, it is best to wait it out for a little while before responding. This will in effect send a general message to the landlord that you are looking at other options. Finally, it is a good idea to always ask for more than you would expect. When responding to the landlord's initial proposal, be aggressive, assertive and ask for more than would normally be expected. If the landlord wishes to retain your business they will negotiate a counter that is perhaps slightly lower but not unreasonable. Taking an aggressive approach like this will help you to better understand where the landlord is in terms of negotiations. Contact Wiedmayer & Co. today to learn more about tenant representation brokers in Atlanta.