Commercial Real Estate in Royal Oak, MI
We are experts with the Woodward coridor and particularly Royal Oak. We work with tenants looking for advice securing a lease or looking to purchase commercial properties. We work with several area property managers and landlords to help market their properties. Give me a call to discuss the details of your next transaction. RoyalOakLease.com for lease options.
Find Your Next Commercial Property
Why use a tenant rep broker?
Leasing office space is time-consuming, complex and can divert attention from the primary functions of the business. Steps in the process of leasing office space include selecting a tenant rep broker, location, researching options, selecting the best options, negotiating the primary business terms, selecting an attorney and negotiating the details of the lease.
Tenant Rep Brokers
Begin your search for office space begin by selecting a tenant rep broker. You may initially wonder, "should I skip the broker, and save the fee?" The reality is the cost of office space will be about the same whether or not you use a tenant rep broker. The landlord's broker is paid 4% if he negotiates a leased directly (with the tenant) and 2% if an outside broker is involved. If a tenant rep broker is involved, he would typically be paid 4% of the gross total payments over the term of the lease. Unless you are quite knowledgeable regarding real estate leases, you are well advised to utilize a broker.
Specialized Issues and Terms
There are nuances in the process for which guidance and counsel is invaluable. These include what is and is not negotiable, and the reputations of the landlords and management companies. Even if you negotiate what is perceived to be an incredible deal, is it really a "good deal" if the landlord provides terrible maintenance and service? Is it a great deal if your space is not available until 4 months after the agreed upon date?
Right Tool for the Job
Tenant rep brokers are a great option for your office space search. Their fee is paid by the landlord in most markets. They are office space experts. Every day, they work on finding and negotiating agreements regarding office space. Even if you started the office space search within online search service, using an office tenant rep broker will probably generate the most cost-effective office space for your business. Brokers know which landlords are most negotiable and how to structure the transaction to obtain the lowest cost.
Get an Expert!
If you select a tenant rep broker to help find your office space, find an expert. Do not hire the person who helped you purchase your house. Office space tenant rep brokers are full-time experts. It is a very specialized area. Ryan Richmond 248.470.8533
