FAQs: The Lester & Lester Realty Advisors team is always happy to answer questions about commercial real estate; please contact us any time.
Following are our most Frequently Asked Questions (FAQs) about commercial real estate, or CRE:
Why use Lester & Lester as a tenant representation broker?
Lester & Lester Realty Advisors has earned the reputation of being the best CRE agents over 30+ years. Your CRE needs are important for many reasons as your office and warehouse space will continually affect your business. We provide the best people possible looking after your interests and offer obligation free consultations to prospective clients. Review our FAQs for more information.
How much time does it take?
Finding the right property to meet all your needs and at the right price can take time. We consider many factors with you, such as how a move will affect your employees. Allowing plenty of time is a basic but very important element to the process, and we will define a clear timeline for you before starting the process.
In general, companies looking for less than 20,000 square feet can expect the process to take 6 months after the space survey. The process takes at least 9-18 months if you’re looking for more than 20,000 square feet. Having us as a CRE broker/partner in your plans helps plan for your future needs before they arrive.
Who do Lester & Lester represent?
We represent tenants and/or buyers and their needs only.
Our fiduciary responsibility is to the tenant/buyer. We take pride in finding the best solution and deals to meet our clients’ needs. Lester & Lester is paid by the landlord or property owner, so some people think we work on their behalf to find tenants/buyers, which is not true. We work solely for the tenants and/or those companies seeking to buy property or even those wanting to build-to-suit.
Our clients finding the right deal and location for their office or warehouse space needs is how we grow. The CRE world is built on reputation and customer-satisfaction, so it’s our goal to continue earning our reputation as the best.
Give a call at 972-386-9181 about your property needs.
What about the tenant broker’s fee?
Estimates show more than 75% of Fortune 500 corporations use CRE brokerage services. CRE deals are not simple, and Lester & Lester Realty Advisors work harder to sustain our reputation than we do our fees, which are always paid by the landlord/property owner. We focus on repeat and referral business, so our fees are second to your needs.
We make sure you get a fair lease at the best rate possible, so you feel great referring or using our services again in the future.
Should we stay or should we move?
Sometimes, a company decides that its present building is adequate and chooses not to move. This decision also warrants careful thought and planning, by the tenant or company, because things change in CRE all the time.
Most DFW office rental rates have been decreasing in recent years, so it makes sense to crunch the numbers. The lease you have from years ago may not be the same good deal in today’s more tenant-friendly market.
The tenant and landlord usually both do well to stay if the building works, and the economics are competitive.
How does a tenant representative help in a lease renewal?
The tenant representative’s job is to ensure a fair lease is made for the tenant.
The landlord may not be aware of current market conditions, so your tenant representative will help there. A good tenant representative will provide a professional Request for Proposal (RFP).
A tenant’s RFP can also be very valuable in the negotiating process. It sets forth the tenant’s “wish list” for rent, terms, conditions, improvements, expansion, and several other crucial items.
The preparation and presentation of an RFP can be vital in getting the right response from the landlord; we present RFPs in a way that makes sense and is fair to everyone.
The Lester & Lester Realty Advisors team is an expert at presenting landlords with the real facts as you, the tenant, see them. That means we stick to facts while also relating to the landlord’s point of view. Let us help you secure a fair lease for your office or warehouse space.
Does a broker help me save time?
Most decision-makers are already tight on time due to having a business to run. A good tenant/company representative will help do time-consuming information gathering. We also help by introducing our network of professional help including engineers, architects, attorneys, movers, and more.
Helping our clients save time and money is our number one goal.
How important is having experience?
Tenants usually relocate within a specific market once every 5 or 10 years. Obviously, they cannot compete with the in-depth market knowledge of the office-leasing specialist.
Through select online databases, we know not only what is available but also what specific landlords are willing to do in terms of rent, terms, concessions, and a host of other factors.
Brokers who know details of prior transactions have invaluable resources for negotiations that are not available by simply asking landlords what they are willing to do.
For example, if a tenant’s broker knows that a landlord gave a more attractive incentive package to a prior tenant than what is on the table, this is invaluable. Or if the broker suspects that a landlord is having financial difficulties or is always behind on time commitments for tenant buildouts, this information can help clients make much better transactions than if they were unaware.
Furthermore, developers and landlords know that tenants/companies with representation are aware of competing buildings. Therefore, they can switch properties if transactions do not proceed smoothly. This alone can save tenants, and companies looking for new space, substantial amounts of time and money.
Office and warehouse space leasing is many times more complex than in the past. Office and warehouse building alternatives are everywhere, and lease contracts that use to be a few pages long now commonly number 20 or more pages. The bottom line effects of an improperly negotiated lease contract can have long-term, devastating effects on the tenant or company looking for new space. Experienced tenant/buyer representatives understand the needs and requirements of buyers and the sellers, and they can serve both parties fully, while focusing on the buyers/tenants’ needs.
Looking for more information?
Contact us for more info or with any questions that you may have. Learn more about David Lester on LinkedIn and make sure to check out our Facebook page. The 30+ years of leading Lester & Lester Realty Advisors is the experience you need in today’s market!