#1 To search and identify target properties
Unless you have a subscription to CoStar, you won’t see all of the available properties on free online portals. We do have CoStar and that gives us access to information you probably can’t find anywhere else. To ultimately get the best possible terms for your lease, you need to start with the widest possible array of options. We do this for you quickly to start the process building a target list.
#2 Arrange and schedule a tour to see the target properties
As part of our STAN process, we contact the owners or brokers of the properties on your target list to schedule a tour of the various properties. We will organize, print, and give you a tour book that will have the details of each property and in the order of the tour. This puts all of the details in your hands the day of the tour so you are ready to take notes and make comments about each property.
#3 Analyze the economic variables to compare apples to apples
As the target list is developed, there will be many variables to consider. The spaces will most likely be different sizes. The rent rates may vary by price and type i.e. full service, modified gross, and triple net (nnn). The landlord concessions we will negotiate for you also vary. Rent abatement, landlord funded improvements, escalation rate, and term are a few of the key economic variables. We will arrange these in a side by side comparison model to show you the net present value of each lease so you can easily compare “apples to apples” when making your decision.
#4 Negotiate with savvy landlords on your behalf
We have been in business 32 years and know how to speak the landlord’s language. We know from our market experience and research data from other comparable leases how far to push for the best terms for your lease. We also know how to configure, and customize, the best combination of terms depending on your situation. You may have cash reserves for tenant improvements and want the lowest base rate. Or, you may be a start up and need to preserve your cash and credit lines, so upfront expenses paid by the landlord would be best. Each case is unique and we understand how to guide you to the best end result for you!
#5 It’s free!
In most cases, the landlords pay our fee. They typically build leasing commissions into their business model as a cost of doing business. So, the cost of 1, 2, 3 & 4 above is zero to you but extremely valuable. We recently helped a dentist renew his lease and saved him $151,255. We also negotiated $50,000 in allowance for fixtures, equipment and interior improvements to his space. Doing this on your own, without an experienced tenant rep broker, could be a very costly exercise that is not necessary.