How Exclusive Buyer/Tenant Representation Works:

You hire a Buyer/Tenant Representative by entering into an “Exclusive Right to Represent” agreement, somewhat analogous to a seller’s exclusive listing agreement.  The agreement obligates the Representative to work diligently to assist you in satisfying  your real estate needs and to always put your interests above all others.  Conversely, you are obligated to work exclusively with your Representative.

A Buyer/Tenant Representative follows a disciplined process to insure you not only acquire the space you need, but it is the best solution available:

Definition of Requirements - Issues of space needs, best location(s), image, amenities, future expansion, cost, and consistency with overall business goals are addressed.

Market Study - An in-depth market evaluation is conducted to identify options for available space and current market conditions relating to asking prices, asking rates, rent escalations, build-out allowances, parking availability and cost, common area maintenance (CAM) charges, and the relative surplus or shortage of the desired space.

Evaluate and Rank Alternatives - The most viable options are analyzed and compared based on economic and non-economic factors that affect you.  A “short list” of alternatives will be selected for further investigation and negotiation; the rest are dropped from consideration.

Dealing with Landlords/Sellers - The Buyer/Tenant Representative  negotiates with the landlords/sellers of the “short-listed” buildings to create competition among landlords/sellers for your business.  The Buyer/Tenant Representative submits letters of intent, facilitates communications between your attorney and the landlord/seller in negotiating lease or purchase agreement terms, and assists with space planning and due diligence.

Implementation of the Agreement - To the extent required, the Buyer/Tenant Representative assists in oversight of the completion of tenant improvements, reviews documents and costs, schedules progress meetings, assists in developing punch-list items and assists in coordinating the “move-in.”

Project Wrap-up - To the extent required, the Tenant Representative assists the client after the move-in by preparing summaries of key dates and decision points and evaluating the landlord’s compliance with lease provisions.

Remember: to obtain full value from any real estate advisor, you should receive most, if not all, the services described here. If you only use a real estate broker to drive you around and show you properties, you are missing out on much of the value an experienced advisor can provide.