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Frequently Asked Tenant Questions
Q. Why do I get so many calls from real estate agents when my lease doesn't expire for two years?
A. The business name, address, phone number, square footage, and lease expiration date of most current tenants in metropolitan Atlanta are maintained on a database which commercial real estate brokerage firms can purchase for business solicitation purposes. Those cold calls clients get from tenant representatives or landlord representatives are the result of this tracking.
Some agents or brokers believe they should contact a tenant up to two years before an office lease expires; others think six months is adequate.
Richard Bowers & Co. uses a more direct approach. We work to establish a long-term relationship with a client rather than being one of 50 agents who calls because a 10,000 square foot user's name shows up on a database.
Q. What is the best time to begin evaluating the market?
A. Depending on the size of the requirement, in most instances, a company should begin the process at least one year in advance. Due to the lack of available space, it's important to look at all alternatives early on; e.g. renewing, relocating, and lease vs. purchase; in order to make a qualified decision. With the cost of office rent being a company's second largest expense item, it's important to make an informed decision.
Q. What's the difference between a tenant representative and a landlord representative?
A. The tenant representative is a real estate consultant who works for the tenant, and whose services are built into the rental rates quoted by building owners. If a tenant chooses not to use a tenant representative but uses the landlord's representative, the tenant will still pay the same rates, but will not benefit from the independent evaluations, the time savings, and objective counsel he would receive from his own agent. A landlord representative's objective is to lease tenants space in their property at the most favorable rates and terms to the landlord. A tenant representative has the tenant's best interests at heart.
Q. What is the advantage of exclusive tenant representation?
A. Although the advantages of exclusive representation depend upon the firm and the agent, there are a number of reasons why this type of assignment can be beneficial to the tenant, such as having one point of contact and accountability, having one entity that can match the availability in the marketplace to the tenant's objectives and preferences, avoiding confusion and conflict, providing an objective evaluation of the alternatives and the ability to negotiate alternatives to remaining in the tenant's current facility.
Q. What can a tenant representative from Richard Bowers & Co. do for me that others cannot or that I can't do for myself?
A. We are the metropolitan area's largest local commercial real estate firm. Our tenant reps can give you the benefit of our extensive knowledge and experience in the marketplace and put you on an equal footing with a prospective landlord during your lease negotiations.
Metropolitan Atlanta now has more than 110 million square feet of office space in 1,020 buildings larger than 50,000 square feet, and 2,900 properties with less than 50,000 square feet, plus new construction and subleases.
It is impractical for a tenant to undertake a survey of availability on his own. This data is currently tracked through the research department of Richard Bowers & Co.
Having completed hundreds of transactions in excess of 56 million square feet of space, we have an ongoing, up-to-date knowledge of negotiated lease terms and conditions beneficial to our clients.
Q. How can Richard Bowers & Co., as a local firm, assist us on other requirements in other parts of the country?
A. As a member of The Commercial Network (TCN), we can provide our clients with access to the research data of our member firms in 100 national and international major metropolitan locations so our clients have access to quality representation and expertise in all major markets.
Q. Why should I use a company that has its own research department vs. one that uses outside data?
A. Our in-house research department provides our agents information on more than 746 office properties throughout the metropolitan Atlanta area, which we track quarterly.
We provide information on availability, absorption and quoted rental rates. Our research department also assists agents in gathering demographic data, information on infrastructure improvements that could impact a decision, the economic evaluation of proposals, and lease vs. purchase evaluations.
Q. What's the advantage of using a real estate firm that can oversee the entire process of tenant relocations?
A. In addition to the knowledgeable, competent, and experienced tenant representatives within Richard Bowers & Co., we also afford our clients full relocation service capabilities through our sister firm, Facilitec.
Facilitec provides a tailored service package to meet client needs in facility planning and relocation management. The facility planning may include space analysis programming, space planning, construction estimating, construction cost review, project scheduling, furniture and equipment procurement or refurbishment.
Relocation coordination includes moving schedules, budget preparation and review, contract solicitation and award for moving contractors and installers.
Q. Once the lease is signed, will I hear from you before the expiration?
A. Richard Bowers & Co. stays in touch with clients once the lease is executed to help solve any problems that may arise during the term of the lease. We take a long-term view of what is characterized as a short-term business requirement.
In addition, all of our clients are continually provided data and information on Richard Bowers & Co. and the marketplace. |
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