Will Technology Ever Make Tenant Representation Obsolete?

This question is being asked by a number of Lessees in the current real estate market and one question that seriously needs a discussion before time and money spent becomes a waste of those resources.

To answer this question, one needs to sufficiently define what a Tenant Representative does or more so, what Tenant Representative Services allow.

Simply, a Tenant Representative is an advocate and/or consultant of whom is working for and on behalf of the Lessee exclusively.

The main Tenant Representative services include:

• Market research and analysis
• Lease negotiation between parties, moreso parties to a Commercial lease, namely real estate agents, Landlords and even existing Lessees
• Renewal negotiations, simply the taking up of an option period at a current market rental level
• Make good negotiations under the lease
• Exit advice, if your business plan does not work
• Restructuring existing lease agreements and Lessee requirements
• Site identification and evaluation of relocation options
• Rent review representation
• Pre-lease due diligence
• Dispute resolution
• Lease assignment and sub leasing advice

The above is a very short list of our Tenant Representative services.

Now to the essence of the question of this blog – Will Technology Ever Make Tenant Representative Obsolete – the answer is simply NO.

With a myriad of highly intrinsic and specialist requirements of the above main services, personal service, expertise, professionalism and experience are the sole underlying drivers of Tenant Representation.  The only measure of technology is data, but simply, such data needs to be analysed, serviced and utilised to create an outcome for the Lessee.  It is not simply a case of an “app” or “estimator of industry rental applicable”.

The old adage will apply to this question but reality will hold that technology in the short term will not make a Tenant Representative obsolete.

Please contact First Valuation Group (FVG)

Office 03 9690 1112

Mark Ruttner
0411 419 674

valuations@fvg.com.au
www.fvg.com.au