Confidentiality: Tenants can search for a building with the least amount of publicity through an exclusive tenant representative who is acting as a fiduciary. This prevents the tenants' employees from becoming unduly alarmed as a result of the news of a possible relocation. It also permits tenants to expand or relocate without being scrutinized by current landlords, competitors, various sales people and the public in general.
Time Efficiency: Since the exclusive tenant representative will know the client's requirements and specifications, the tenant's time is saved by only viewing appropriate, qualifying properties. Also, since only the exclusive representative will be actively searching, market research is not being duplicated.
Objective Evaluations: Since a tenant representative has no interest in promoting one building over another, a more objective evaluation of that building can be presented. These alternatives are presented free from the bias associated with having to lease buildings which are also listed by that representatives company. The tenant representative works for the tenant, not for a particular building or owner.
Market Knowledge: Tenants will achieve greater flexibility and leverage by being educated about the market as a result of the tenant representative's expertise and ability to create a competitive environment among different candidate buildings. This quickly puts tenants who are unfamiliar with a specific real estate market on the same footing as a knowledgeable local landlord.
Future Landlord Relations: Since the tenant representative acts as a mediator and negotiator, the tenant does not have to be directly involved with face-to-face negotiations. For this reason, a toughly-negotiated lease will not create ill will between landlord and tenant.
Landlord Comfort: A developer or building owner will be assured of a tenant's qualifications and ability to negotiate a lease when a qualified, experienced, tenant representative is involved. This involvement permits the landlord to acquire all necessary information quickly so that an expedient decision can be made.
Fiduciary Responsibility: By law, a real estate agent has a fiduciary duty to act in the best interest of his/her principal. A real estate broker retained to represent a tenant is obligated to negotiate the best deal for the tenant consistent with what he/she believes the landlord will accept. This is true even though he/she will be paid by the landlord if a lease is effected between the landlord and the prospective tenant.
Market Research: Market intelligence is a critical tool in managing risk and making decisions grounded in facts. Casten Associates’ research and information services play a critical role in the analytical process. Our research analysts provide a variety of support information, such as: