A tenant’s biggest opponent is often themselves. It is human nature to believe we can do things better ourselves. This belief definitely applies to lease renewal and a tenant’s belief that they can get a better deal on their own.
This misguided opinion stems from having been in one location a long time with an established landlord relationship. A tenant in this situation may not think a tenant representation broker can bring much value.
To help tenants understand why they should re-think this strategy and gain an understanding of the benefits of using a tenant representation broker, Site Selection Group identified five myths about renewing a lease on your own.
Myth No. 1
I plan on simply renewing and do not need the services of a tenant representation broker.
Myth No. 2
I have a good relationship with my landlord and will get a fair market deal.
Myth No. 3
I am getting a good deal because my landlord reduced my rent and I am saving money.
Myth No. 4
I already have a lease in place and have to wait until closer to my lease expiration date to realize any savings.
Myth No. 5
Engaging a tenant representation broker for a lease renewal will cost me money in added fees.
These myths provide a great perspective on the advantages of utilizing a tenant representation broker to renew or restructure your lease. Don’t be fooled by the underlying objectives of your landlord or leasing agent. In today’s highly conflicted commercial real estate industry it has become more important than ever to leverage a tenant representation broker to optimize the structure of your real estate commitments.