When you have a renewal option in your lease, why would you consider using a Tenant Rep broker such as me? Because the majority of landlords in Miami will not agree to specific language that identifies your rental rate and tenant improvement allowance. Landlords want the flexibility of leaving the business terms open to negotiation so if the market is improving, they can take advantage of the situation. Terms like “Fair Market Value”, “comparable transactions” and the like leave the interpretation wide open for the renewal rates. Your landlord negotiates renewals and new leases every day but you are only tackling this once every couple of years, so your best weapon is me. I negotiate lease
I am the Equalizer
transactions every day. I know the leases your landlord and its competition are signing, so I will know if their renewal rental rate is, in fact, a true market deal. I am the equalizer.
Do you really need to use a Tenant Rep Broker to renew/expand my lease? Obviously since this is what I do for a living, I would answer yes. But there are occasions where even I cannot add value to the transaction. When I come across these situations, I step away but not everyone in my profession will do so. Here is when you DON’T need help: if your lease agreement contains specific language for your renewal and/or expansion. Specific means that your lease rate is identified already (not the fair market value but perhaps your then existing rental rate plus a fixed escalation), the lease term and tenant improvement allowance are specified. You and your landlord will sign a very straightforward lease amendment and be on your way.
If you want to discuss your future renewal and create a strategic approach that will save you time and money, contact me immediately. That is what I do for my clients each and every day.
