Updated: May 4
Lease renewals are a crucial aspect of a business's long-term success, and negotiating favorable terms can significantly impact on your bottom line. That's why hiring a tenant representative to assist in the process is essential. Given the complexity of lease negotiations and the potential consequences of unfavorable terms, it is vital to have a tenant representative on your side. In this blog post, we will discuss the importance of hiring a tenant representative to negotiate your lease renewal and the benefits they provide.
Expertise and Experience: We have a deep understanding of the market. We understand the intricacies of lease agreements and can help you navigate complex terms and conditions. Our experience allows us to identify potential pitfalls and ensure our clients’ best interests are always represented.
Market Knowledge: We have access to comprehensive market data and are well-versed in current market conditions. This knowledge allows us to provide our clients with valuable insights into market conditions in their area. Armed with this information, we’re able to negotiate the more favorable lease terms, maximizing cost savings and obtaining the best deal for our clients.
Time Savings: The lease renewal process can be time-consuming and divert your attention from running your business. When working with WRA, you can focus on running your business while we handle the renewal process, saving you valuable time and resources.
Leverage in Negotiations: Landlords understand that more than 70% of the time a tenant ends up renewing. Landlords are more likely to offer better lease terms when they know a tenant is represented by an experienced professional. We create competition among landlords by exploring alternative properties and presenting them as viable options.
Objectivity: In negotiations with landlords, whether existing or potential, we act as a buffer to shield our clients from any difficult or uncomfortable discussions. By serving as an intermediary, we can keep our clients insulated from any negotiations and ensure that their interests are always protected. We help to evaluate if staying in your current location is the most advantageous decision, or if relocating to a different property would better serve your business needs.
Cost Savings: We help identify opportunities for cost savings throughout the lease renewal process; including rent reductions, caps on operating expenses, flexible lease terms, concessions, etc.
Long-term Strategy: We work with our clients to make sure that the business's future needs and lease terms align. They can assist with incorporating flexibility into the lease agreement, such as expansion or contraction options, subleasing rights, or favorable renewal options, ensuring that your lease remains adaptable to your evolving business needs.
Cost-effective representation: Our fees are paid by the landlord as part of the leasing transaction. We save our clients up to 30% on total occupancy costs.
There may have come a time when your company was approached by the landlord's broker, claiming that you will receive a better deal if you choose not to hire your own broker. However, it's crucial to remember that these brokers are paid by the landlord and have a fiduciary responsibility to secure the best possible leasing terms for their client – the landlord.
By working with an experienced tenant representative at WRA on a lease renewal we provide valuable market knowledge, negotiation leverage, and a turnkey solution throughout the process. It’s vital for any business considering a renewal to secure favorable lease terms and safeguard their long-term success. Don't leave your lease renewal to chance; work with WRA to secure the best possible outcome for your business.