WHY TENANT REPRESENTATION?
If your organization is considering either renegotiating their existing lease or relocating to a new building, retaining an experienced tenant representative as your advocate to lead you through the process is paramount. Brokers save their clients time and money while also reducing overall risk. But why should you choose a broker like West, Lane & Schlager who is exclusively focused on tenants?
There are several reasons:
Tenant representation specialists have no conflicts of interest.
As a tenant, it’s important to understand the type of brokerage firms that will be competing for your business. Full-service firms, like Jones Lang LaSalle, Cushman & Wakefield, Newmark and CB Richard Ellis, represent landlords with portfolios of buildings representing millions of square feet. This creates a conflict of interest when the firm negotiates a lease for a tenant in a building that is owned by the firm’s client. It’s inevitable that the firm will lead tenants to properties that they also represent. Now, who is going to likely get the broker’s best efforts: the tenant who signs a lease on a single block of space, or the landlord, who provides national, ongoing lease assignments? The landlord of course. WLS never represents landlords of any kind so you know we’re on your side.
The goals of a tenant representation specialist and a full-service firm are in direct conflict.
A tenant representative’s priority is simple: identify the best possible real estate solutions and negotiate the best possible prices for tenants. Our mindset is focused on pushing new boundaries, experimenting with new ideas and rejecting status quo. In contrast, the ultimate priority of a full-service firm is to preserve and expand its landlord relationships. This means maintaining traditional deal structures that achieve the highest rental rates and lowest concession packages possible for tenants. How can a broker at a full-service firm creatively and aggressively negotiate the best deal for you, when their largest clients – the landlords – are pressuring them do just the opposite?
A tenant representation specialist will take you through the entire process while offering all the necessary services in-house.
At WLS, once we are retained, you have immediate access to all the necessary resources of a truly dedicated tenant representation process. We begin with strategic planning, establishing your specific project goals, space programming, space surveys and tours. We lead all negotiations and financial analysis. Once a lease is signed, we manage your construction and your move to ensure everything is executed seamlessly and within the budget. When you are in your new space, our lease auditing division reviews your operating expenses and real estate taxes annually to ensure that the landlord is in compliance with the lease you signed.
It’s pretty clear that we are passionate about tenant representation. More importantly, the data is clear that retaining a tenant representation specialist yields better results than our full-service competitors. Because many of WLS’ brokers cut their teeth as landlord representatives, we know all the tricks of the trade. We liken that experience to that of an ex-prosecutor who becomes a defense lawyer – it offers the client the best of both worlds.