The Lester and Lester Realty Advisors team has been in commercial real estate for a long time so we made this FAQ to help provide answers.
We are always happy to answer questions about Commercial Real Estate (CRE) and Tenant Representation so contact us any time.
Here are our most Frequently Asked Questions (FAQ) about CRE:
WHY USE LESTER AND LESTER AS A TENANT REPRESENTATION BROKER?
Lester and Lester Realty Advisors have been earning our reputation as the best CRE agents for over 30 years. Your CRE needs are important for many reasons. There are many ways that your office and warehouse space will affect your business. Therefore, It only makes sense to have the best people possible looking after your best interest. We also offer obligation free consultations to prospective clients.
How much time does it take?
Relocating your business will take some time. It’s also important to not rush the process. There are a lot of factors to consider when you’re looking to make a move or sign a new lease for your business.
Finding the right property to meet all of your needs at the right price can take time. It can also start to take even more time when you consider how the move affects your employees. Allowing plenty of time is a basic but very important element to the process.
Companies looking for less than 20,000 square feet can expect the process to take six months after the space survey. The process takes at least nine to eighteen months if you’re looking for than 20,000 square feet.
Our time will help you define a clear timeline for your decision-making process.
Who do Lester and Lester represent?
We represent tenants and their needs only.
Our fiduciary responsibility is to the tenant. We take pride in finding the best solution and deals to meet our client’s needs. We are paid by the landlord so some people think we work on their behalf to find tenants.
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 about your tenant representation needs.
What About the Tenant Broker’s Fee?
Estimates show more than 75% of Fortune 500 corporations use CRE brokerage services. This is due to the way some landlords really stick it to tenants of all sizes. CRE deals are not simple and there is a lot of ways to get into some trouble so get help.
The Lester and Lester Realty Advisors work harder to earn our reputation than we do our fees. Our fees are always paid by the landlord that you make a deal with. We focus on repeat and referral business so our fees always 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, 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 make sure 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 a number of other crucial items.
The preparation and presentation of an RFP can be vital in getting the right response from the landlord. Our advisors do a great job of presenting RFP in a way that makes sense and seems fair to everyone.
The Lester and Lester Realty Advisors team are experts 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 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 five or ten 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 build-outs, this information can help clients make much better transactions than if they were unaware.
Furthermore, developers and landlords know that tenants with tenant representation are aware of competing buildings. Therefore, they can switch properties if transactions do not proceed smoothly. This alone can save tenants 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 used 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. Experienced tenant representatives understand the needs and requirements of tenants and landlords, and they are able to serve both parties fully.
Looking for more FAQ?
Contact us with your questions if you don’t see it in the list above.