Looking around for a suitable office space in Singapore? You have two main options: hunt for a space on your own, or hire an office tenant’s representative 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 listings. 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 not you, the Tenant. 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 from building to building. 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 security deposit to monthly rental and leasing terms.
The good thing is that you can take out all the pain from the process by considering an office tenant’s representative in Singapore. An office tenant’s representative offers professional services in finding the right rental office space for you. Your tenant’s representative 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 Tenant’s Representative Has The Required Expertise
An office tenant’s representative Is a commercial real estate agent focuses solely in helping businesses find the right rental office space. This is a niche market, and not many real estate agents in Singapore have the complete knowledge and skills required to traverse through the process. But an office tenant’s representative is competent when it comes to managing office rental transactions. The terms and rental processes are completely different from residential processes, and only an experienced office tenant’s representative can help you out with them. While your regular property agent focusing in residential property sector may agree to represent you, they can never do a good enough job because they would not have the expertise.
An Office Tenant’s Representative Significantly Reduces The Involved Time
Like we said, finding a rental office space is a time consuming process. But if you work with an office tenant’s representative, 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 space requirements. 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 tenant’s representative would deal with all lease issues, paperwork and other general technicalities.
An Office Tenant’s Representative Ensures That You Don’t Miss Out On Any Property
Sometimes the best office spaces 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 reasonable rental rate.
Also an experienced office tenant’s representative has relationships with major landlords and property managers, so they almost always come to know of a potential unit before it hits the market.
An Office Tenant’s Representative 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, lease document preparation fee, rent free periods, potential damages, security deposit, tenancy duration and so forth. Your tenant’s ‘representative would discuss all these terms and put all of them in the writing.
An Office Tenant’s Representative Mitigate Risks
As careful as you are, there is always a chance that your expectations won’t be met when you move into a new space. 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 tenant’s representative 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 avoid risks.
An Office Tenant’s Representative Offers Free Services To Tenant
In most cases, the office tenant’s representative 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 will usually pay your office tenant’s representative 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 tenant’s ‘representative, they would already have access to a list of rental listings, and would be paid by the landlord.
Century 21 Property Agent Singapore Pte Ltd is one of those few commercial real estate brokers in Singapore who represent tenants and help them find an office space 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.