1. What is the difference between a leasing agent and a tenant representative?
A leasing agent has a listing on a property and represents the interests of that property owner. A tenant representative or "tenant rep" is responsible for the interests of the tenant in a lease/purchase transaction, providing objective guidance throughout the process.
2. Why do I need a tenant/buyer representative?
A tenant representation firm has the experience and market knowledge to effectively and efficiently complete your real estate transaction from beginning to end. By hiring a tenant representative you get objective insight into the property you are considering — the good and the bad, while you minimize the time, money and effort spent by you on the transaction.
3. Is there a conflict of interest when a real estate company lists properties and provides tenant representation services?
Yes. A real estate company that lists properties has a fiduciary responsibility to market their listed properties first and foremost. The Bell Group avoids this inherent conflict of interest by just representing tenants/buyers. This allows us to be your complete tenant advocate without considering the interests of the property owner.
4. Several brokerage firms offer tenant representation services, why should I choose the Bell Group?
Many of today's brokerage firms represent both landlords and tenants within the same marketplace, even though this presents a strong potential for a conflict of interest. The Bell Group is an exclusive tenant representation firm, representing only buyers. Our reputation speaks for itself. Take a look at our Case Studies.
5. How does the Bell Group's experience from the landlord and/or development side of the table help save me time and money?
There are many costs and profits that a landlord/developer considers when coming up with rates and prices for their property. Having experienced the inner workings of hundreds of deals, the Bell Group has first hand knowledge of how owners structure their deals, what they will concede and where their profits lie. This understanding has proven invaluable to our clients. We save you time and provide you with the peace of mind that comes from knowing that you're working with a team that is looking out for your best interest and negotiating from your side of the table.
6. Will using a tenant representation firm cost me more money in my real estate transaction?
No. A broker's fee is factored into all real estate transactions and you pay this fee whether you hire a broker or not. Typically, a landlord pays this fee in full to the broker or listing agent that represents them. By hiring a tenant representative or buyer's broker, the fee is then split and you have simply rearranged where those dollars are allocated. In fact, our mission at the Bell Group is to save you money through our negotiations.
7. Do I still need a tenant representative if I am planning on staying in my current space and renewing my lease?
Yes. You should hire a tenant representation firm whether you are looking to relocate or renew at your current location. A tenant representative will explore several aspects of your current lease to determine if the terms of the lease meet the current economy. A tenant representative will conduct a needs assessment to determine if your space design still meets your current needs. They will help you measure opportunities in the marketplace against your current landlord's proposal to guarantee the landlord is offering a market-driven rate. They will also negotiate with your landlord on your behalf, the terms and conditions of a lease renewal. No landlord wants to lose a tenant. It's our job to make sure you get what you need and the best possible deal.
8. When should I start the process of looking for new space or negotiating a lease renewal?
The amount of time required to complete a successful commercial real estate transaction varies from deal to deal. A general rule of thumb is that it is never too early to start the process. Time is the single most powerful negotiating tool when trying to leverage deals in the marketplace. Making a decision because of a looming lease expiration date can lead to an unfavorable deal for the tenant.
9. Is it too late to use a tenant representation firm if we have already started looking at alternative locations or begun conversations with our current landlord about the possibility of extending our lease?
No. It is common for companies to seek tenant representation services after spending some time trying to handle their own real estate requirements. It's better to "fire and hire" in the middle of the process and lock in the best terms and conditions, otherwise, you may suffer the very costly consequences of going it alone.
10. In what geographical areas does the Bell Group cover?
Our Tenant Representation process is built to be flexible, suit your individual needs and is completely transferable. Because of this and the national network of strategic alliances we have created, the Bell Group is able to provide national real estate coverage.
