Looking around for a suitable office space? You have two main options: hunt for a space on your own, or hire an office rental agency to find one for you. Which option is the better of the two?
If you go about finding an office space yourself, you’d have to look up classified ads, newspaper and relevant websites on the internet where landlords and property agencies advertise their units. Landlords often work with commercial real estate broker in Singapore when finding tenants, and these commercial real estate brokers are an expert in the real estate industry. They work for the landlord, and put their interests over the tenants. How would this affect you? Most of you would be an amateur in the office rental world, and may not have such a good idea about the average rentals in the area. Even if you can get some estimates from the internet, would you be able to negotiate with a professional? As you good as you may be at it, you can never beat a professional, especially someone who is not working for your best interests.
And let’s not forget that the whole process involves hassles and time. Plus, at the end of it, you may have to compromise on so many things from the rental amount to required fixtures on the property.
The good thing is that you can take out all the pain from the process by considering an office space company in Singapore. An office space company also known as an office rental agency offers tenant representation services in finding the right rental office space for you. An office space company would not only find suitable space for you, but will also negotiate a good deal, ensuring you find something worthy. Like commercial real estate broker hired by landlords, they help their clients find rental spaces every day, and negotiate on their behalf. They are an expert in all these matters, but unlike the commercial real estate broker hired by landlords, they work for you, putting your interests first and foremost.
An office rental agency has the required expertise
An office rental agent is an expert in the office rental industry. This is a niche market, and so only a few commercial real estate agencies in Singapore have the complete knowledge and skills required to traverse through the process. But these few agents are competent when it comes to managing office rental transactions. The terms of rental processes are completely different from residential processes, and only a tenant representation broker can help you out with them. While some property managers may agree to represent you, they can never do a good enough job because they would not have the expertise.
An office rental agency significantly reduces the involved time
Like we said, finding a rental office unit is a time consuming process. But if you work with an office rental agency who offers tenant representation services, you can considerable reduce the time that is involved. These office rental agents already have a list of available space and average rental rates in every districts, and can start showing you around once you have shared your needs. By working with them, you increase your chances of finding a suitable office space in a considerably shorter time.
And oh, this also means that you can spend more time on your business, while your office rental agency would deal with all lease issues, paperwork and other general technicalities.
An office rental agency ensures that you don’t miss out on any property
Sometimes the best rental units are never advertised to the general public. Only someone who has contacts and is deeply involved in the industry can come to know of these units. Working with a tenant representation agent ascertains that you don’t miss out on any of these units. These agents are aware of upcoming vacancies and can easily help you get a coveted unit at an extremely good rental rate.
Also an experienced office rental agent has relationships with major Singaporean landlords and property managers, so they almost always come to know of a potential unit before it hits the market.
An office rental agent deals with the complexities
Renting an office space is completely different from renting a residential unit or leasing a car. Negotiations have to be reached on so many aspects, and not just the rents. These include parking availability, parking costs, early termination notices and fees, rent free periods, potential damages, bills, tenancy duration and so forth. A commercial real estate broker would discuss all these clauses and put all of them in the writing. They’d also make sure that there are no loopholes in the contract.
An office rental agency mitigate risks
As careful as you are, there is always a chance that your expectations won’t be met when you move into a unit. In such cases, you would have to handle all the issues on your own. And this definitely signals towards a whole lot of ordeal. An office rental agency can deal with all these issues and eliminate the risks.
These agents usually have an idea of credible landlords and property managers, and work out deals through them only, so as to prevent risks.
An office rental agency offers free services to tenant
In most cases, the office rental agency will be compensated by the landlord. If the landlord is represented by a commercial real estate broker and the rentals are greater than $3,500 month, the broker hired by the landlord is obliged to pay your office rental agency commissions so it doesn’t cost you any money at all. You may be the one hiring them, but the landlord will pay their fees and commissions. Or the landlord’s agent would sign a co-broking arrangement. In any case, you usually enjoy the services for free.
If the rents are lower than $3,500, then some agents may ask for a commission, usually equivalent to a month’s rent. But if you hire a reputed office rental agency, they would already have access to a list of rental units, and would be paid by the landlord.
Century 21 is one of those few commercial real estate brokers in Singapore who represent tenants and help them find a unit in the shortest time possible while ascertaining that all their needs are taken care of. Browse our Corporate Solution Services’ page to find out more about our services.
Author: Nic Ee
Nic is the Executive Director and Key Executive Officer (KEO) of CENTURY 21 Property Agent Singapore Pte Ltd. Nic starts his real estate career in 1995. He focuses in providing real estate services specifically to international high net-worth individuals and corporate clients. His expertise includes luxury home finding, property investment planning & acquisition, managing buy to let property, expat home finding and tenant representation for office space.