Just as you would not go to court without an attorney, you should not enter into a commercial real estate deal without a tenant representation broker, particularly when you are renegotiating your lease. To guarantee the best results, your tenant representation broker from Rare Space can help represent your interests when your lease is up imminently. The closer to your lease expiration, the lower your negotiating leverage; that is why it is important to have an educated representative there. Without one, it is typical that tenants make one of these common mistakes during lease negotiations:
Not developing lease alternatives
Even if you plan on renewing your lease, finding alternatives shows your landlord that you do not need them, and they could lose you to a competitor.
Not negotiating in a timely manner
The closer to the lease expiration, the less leverage you have. Give yourself time to negotiate the lease so you don’t have to settle for whatever you can get.
Trust the landlord to be fair and give a good deal
Even if you have a friendly relationship with your landlord, they must act in their own interests, just as you must act in your own. It is best to hire a tenant representation broker to advocate for you in order to avoid conflict and ensure you get the best deal.
Once one of these mistakes is made, the control of the lease negotiation goes to the landlord, ensuring that your lease will not be written with your best interest in mind. You can avoid this by hiring a tenant representation broker from Rare Space. We can research other options in order to create leverage for you, and help you through the process to guarantee that the lease negotiation goes in your favor. Hiring tenant representation is a low risk solution to your problem as well, as your landlord will pay our fee. For help renegotiating your lease, contact Rare Space today.