When I started Finch Commercial Realty, Inc. in 2001 I had a vision of offering a full service tenant representation services company that brings the benefit of many years of training and experience representing landlords for many years. This strategy has allowed me to help many tenants find and negotiate exceptional office leases.
Sometimes people still ask me what is it that you do. There is so much more to our service than giving a client the address of a quality property. I though I would write down some highlights of our service.
Initial Client Meeting
- Initial site assessment of the present use of the clients space
- Creation of a program to analyze the exact amount of square footage the client will need based upon their projected business plan
- Analysis of the office market to determine which markets best meet the clients needs including but not limited to commute times, employee recruiting, growth projections, amenities and quality of life.
Property Tour and Selection
- Preparation of a property tour that contains properties that meet the criteria established by the client. The tour is designed to accomplish two goals. First give the client quality options that meet their criteria and secondly to give the client a good understanding of the market so they can determine the value propositions of each option.
- The client usually will select three to four properties that are of interest and we will prepare a detailed request for proposal and send the document to the land landlord’s agents for a response.
Getting Solid Rental Expense Estimations and Tenant Representation Services
- Within a few days we prepare an analysis of the landlord’s letter of intent so that our clients will know the exact expense of each offer. This way the client can compare each option and have a good understanding of the value proposition of each space.
- Normally the client will narrow the prospective option down to two buildings at this point and we will begin to focus on some of the finer points of the negotiation one of which is a detailed space plan.
- Each landlord will provide an architect to produce a space plan that can be used to get bids from contractors to design the clients new office. This is an important step because we want to have a turn-key construction in our lease. (Sometimes we may not but this depends on the specifics of each transaction.)
- Once we have the construction bids back we can finalize the economic terms and other matters associated with the lease and sign a letter of intent so that the landlord may prepare a lease document.
- Upon delivery of the lease document we will have our attorney review the document to modify the landlord’s lease and usually make it a little more balance.
- The lease negotiation process can take a few days to be completed.
Lease Execution and Construction
- Upon lease execution the construction process will begin and we will have meetings with the contractor and architect through the process to ensure that the space is being build to our client’s specifications.
Move In Day!
- Usually after a few weeks the space will be deliverable to our tenant and we will accompany them to wake the premises and perform the inspection to formulate a punch list.
- Our client now has their keys and they have a new space that meets the needs that they discussed when we first met.
- We will follow up with the landlord and client to make sure the punch list items are completed.
There are many small but important tasks that are performed in this process but this gives you an overall understanding of our Tenant representation services. As you can see that to complete this process correctly you need to give yourself enough time so don’t procrastinate. A well organized office tenant representative can walk the client through this system and achieve superior results.