Frequently Asked Questions About Tenant Representation
At Koll we’ve represented hundreds of companies like yours in their effort to get the biggest and best value for their lease dollar. We’ve put together a list of the most common questions we receive about our services, what a tenant representative does, and about the lease negotiation process in general.
If you don’t find the answer to your question here, simply contact us and we will be glad to answer your question personally.
Q: Why do I need tenant representation?
A: A company can save time and money by hiring a tenant representation broker to handle its office space needs, just as it would if they hired a lawyer to help with legal matters, or an accountant to help with financial matters. As tenant representation brokers, we are also mitigating risk and negotiating flexibility into our transactions, which can be extremely valuable to a business.
Q: Why Koll?
A: Koll only represents tenants. Unlike other real estate companies, we never represent landlords, nor do we own or manage property. Consequently, your financial and business goals are all that matter to us. We are free to aggressively negotiate for savings and lease terms that will provide the greatest benefit to your company.
Q: We don’t want to move and intend to renew our lease. Why would we need Koll’s help?
A: Professional leasing agents negotiate the highest returns (higher rental rates and lower concessions) for their owners’ investments in buildings. The key to a successful renewal negotiation is creating competition between your current landlord and surrounding landlords in the area. A tenant representative is experienced at running a very controlled and organized process resulting in a much better deal for tenants. Tenants need to have an experienced advisor providing the proper market research and negotiating skill that will create leverage for them. Koll specializes exclusively in tenant representation and can save you significant amounts of time and money on lease renewals. Koll is aware that you don’t want to damage your relationship with the landlord. That’s why we deal with every landlord in an aggressive, yet fair and professional manner.
Q: When should I start looking for new office space?
A:Many company real estate decision makers begin negotiations too late in the process and as a result they lose position in strength. Landlords know that timing is tight and they will in most situations perceive weakness and demand their asking terms. In most cases, if you are seeking 500 – 1,000 SQM you should begin looking for new office space 8 – 10 months before your lease expires; anything above 1,000+ SQM at least 12 months, before you current lease expires. Fit out for your new offices can take up to 3 months, so you need to be starting the fit out at least 3 months before your current lease expires, otherwise you end up paying double rent, which can be very expensive.