Experience On Your Side—How Tenant Representation Can Affect Your Bottom Line

There are many questions that come to mind when considering the best location for your business. How can I find a location that not only fits my needs, but is also within budget? What factors do I need to consider when determining the best area for my specific business? What terms are most important to address in my lease?

Diving head first into the commercial real estate world can be daunting for some, and having in-depth knowledge of suitable locations, key competitors, and industry trends can help you determine what available locations are the best fit for you. Having access to all of that knowledge and more through experienced tenant representation can also save you time and money.

Here are some ways tenant representation can help set you up for success.

Lock down the best location

One of the often underrated factors in ensuring a successful business is choosing the right location. Location affects everything from amenities to capturing the proper demographics for your business to making it convenient for customers, clients, or patients to visit your business. Considering things like traffic counts, parking availability, visibility, and accessibility are essential in the search for the right property. These are all things that brokers have an in-depth knowledge of within their markets.

Targeting the right location is a puzzle, and hiring tenant representation will help you on your search for researching median income, population, trends, and more. Many times, brokers have exclusive resources that are not available to the general public and can assist in the analysis of each specific location.

“At Crunkleton, your initial meeting with a broker will include a detailed evaluation that helps identify what demographics, features, co-tenants, amenities, etc… will help make your business as successful as possible,” said Zac Buckley, Vice President of Leasing. “The broker will then create a list of properties, complete with property details and comparative information, that will help you determine the ideal location for your investment.”

Have someone by your side when negotiating lease terms

One of the most common mistakes tenants can make during commercial lease agreements is going in with limited knowledge of the negotiation process. Sometimes it’s difficult to get up-to-speed when time is a factor and you have to get business moving.

Many commercial leases are 25 pages or more in length and can be quite overwhelming to someone not experienced in all the different components and terms.

Lease negotiations can be a tedious process, and even small details can bring about unexpected costs. Brokers with years of insight and experience can effectively guide tenants through the process of commercial lease negotiations ensuring you get the best deal for your investment.

“We can certainly advise a tenant in making sure all the important business points in regards to the commercial real estate aspect are accounted for,” said Zac, “but we do recommend that tenants seek legal, tax, and other competent advice in areas not directly related to real estate.”

Save time and money

Searching for the perfect property is a time-consuming and at times frustrating process. Having tenant representation allows you to focus on what matters to you while leaving the devilish details to experienced professionals.

A tenant representative will do the legwork to find you the property that best fits your needs. They will take the time to find spaces that meet your criteria and coordinate with landlords to schedule site visits. They will even be able to point you in the direction of properties that might not yet be on the market. This might just give you a leg up on other tenants or competitors looking for similar space.

And finally, they can help you save money by seeking out the most competitive deals and advise you on acceptable rental rates based on the market.

Working with experienced counsel 

“It is our goal to not only help clients secure a prime location with lease terms that will set them up for success, but to do so in a manner that is as efficient and pleasant as possible,” said Zac. “We value the relationship with our clients, and we work hard to ensure their needs are taken care of.”

Want to learn more about how Crunkleton can help improve your bottom line? Click here to download our Tenant Representation guide.

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HALEY CLEMONS
MARKETING COORDINATOR
CRUNKLETON COMMERCIAL REAL ESTATE GROUP
HALEY@CRUNKLETONASSOCIATES.COM

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5 Factors You Don’t Want To Miss On Your Property Tour

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A property tour can often be overwhelming. While your broker has done their best to narrow down your search to a few select properties that best meet your needs and criteria, you’ll still need a way to compare each of the properties and decide which is ultimately the best choice for you at this time. Your broker will help guide you through the main highlights of each property, but sometimes the things you pay attention to on these tours aren’t the things you will care about once you are actually a tenant in the building. With that in mind, here are five often-missed factors you may want to take a moment and consider before signing on the dotted line:

Parking

Parking can quickly become a sore spot for many tenants once they move into their new space. Because while guest parking may be abundant, tenant parking may not be. Take a moment when you visit the property in question to examine the tenant parking and get a feel for how full the allotted parking area is. Talk to your broker about what percentage of the building is currently occupied so you’ll know if the available parking will become strained in the future if more tenants are added to the building. You may also want to visit the lot at varying times of day on different days of the week to see if that affects the parking conditions.

Sunlight

A large factor in the health, satisfaction and productivity of your employees is sunlight. Be sure to spend enough time in your potential space at varying times of the day to examine how much light your space will receive. Studies have shown that the more light you have, the more pleasant and productive your space will be.

Common Areas

First impressions are everything in business, which is why taking time to also examine your potential common area space is so important. Many tenants try to cut CAM costs when searching for space as a way to reduce expenditures, however, finding a building with an attractive and well-maintained common area can be of great benefit to your company as a way to improve your brand image and cultivate a healthy working environment for your employees. It is also beneficial to be aware that the CAM fees for these areas are not typically a profit center for the landlord, most of whom simply pass along the cost of maintaining the property to the tenants without any mark-up whatsoever. In the long run, sharing the costs of common area amenities with other tenants in the same building can often save you money.

Co-Tenants

It’s happened more than once, you find your dream space, sign a lease, move in, and find out that you simply cannot stand the other tenants in the building. Bad co-tenants can ruin the best of spaces, so it’s important to not only get to know your potential space, but also the surrounding spaces as well. Is there a noisy tenant next door, or one that creates unpleasant smells and odors that may intrude on the peace and calm of your new space? Be sure to take a moment and find out before it’s too late.

The Surrounding Area

Lastly, your space is only as good as it’s surrounding environment. Test out the ingress and egress from your potential site at varying times of day. Be sure you have access to good roads and possibly public transportation for the benefit of your employees with ample retail services nearby to meet their needs.

Hopefully with these five tips, in addition to the guidance of your broker, you’ll be able to choose your dream space and sign on the dotted line with confidence!

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KADIE PANGBURN
MARKETING COORDINATOR
CRUNKLETON & ASSOCIATES
KADIE@CRUNKLETONASSOCIATES.COM

The Top 5 Reasons To Secure Tenant Representation

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Looking for a new space for your business to call home?

We sat down and talked with Zac Buckely of Crunkleton & Associates and he gave us the full scoop on why it’s beneficial to have a commercial broker represent you on your search for space!

Here’s his list of the top 5 reasons to secure tenant representation:

1) A good broker will know the market

They’ll be able to inform you about the going Rental Rates for the area, make sure you receive sufficient TI amounts, and be aware of any recent vacancies you may be able to take advantage of.

2) They save you time

While you run your business, they will do the property searching for you. They will find all available spaces that fit your criteria, compile a report/package that explains all the options for you, and meet with you to discuss each one. This can take days to compile, which are days you can spend doing other things.  Your broker will also save you time by coordinating with other agents and scheduling site visits to assist you in visiting multiple properties all in one time saving tour.

3) They save you money

They know what rental rates in the market are and should be. They can advise whether this is a competitive deal or if the landlord is asking too much for their property.

4) They are familiar with all the players

It is likely they have already done a deal at that property or with that landlord. Knowing the landlord or other comparable deals at that property can help greatly in negotiating the best deal for you.

5) They know the competition

They know what other tenants or competition are moving in the market. This can help you get ahead of your competition or make a move on a space before it is filled by another tenant.

If you would like to secure tenant representation on your search to find the perfect space, give us a call at 256-536-8809 and we’ll connect you with an experienced broker who can help get you started!

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Make sure you’re staying on top of the latest trends, newest developments and hottest new stores in Huntsville by subscribing to our weekly blog updates!

404220_10150473102152791_1516819070_nKadie_Sig
KADIE PANGBURN
MARKETING COORDINATOR
CRUNKLETON & ASSOCIATES
KADIE@CRUNKLETONASSOCIATES.COM