{"id":349,"date":"2020-04-27T11:43:12","date_gmt":"2020-04-27T15:43:12","guid":{"rendered":"https:\/\/www.varshabi.com\/hennessey\/?page_id=349"},"modified":"2020-05-20T13:27:47","modified_gmt":"2020-05-20T17:27:47","slug":"faqs","status":"publish","type":"page","link":"https:\/\/www.varshabi.com\/hennessey\/faqs\/","title":{"rendered":"FAQ\u2019s"},"content":{"rendered":"\t\t
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FAQ's<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Tenant Representation<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhy should I hire your firm to represent my company? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

As in any negotiation, it is important to have a dedicated advocate that represents your interests in a real estate transaction.\u00a0 \u00a0In most commercial transactions, the owner of the property has a real estate broker representing them in a transaction \u2013 it is important to have a qualified professional to represent your interests.\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWho do you represent in a transaction?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Our fiduciary responsibility is to represent the interest of you – the Occupier in any real estate transaction whether it is in a lease or sale transaction, not the building owner.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tI have a good relationship with my Landlord. Why should I hire an advisor? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

While you may have a great personal relationship with your Landlord, remember they are also running a business and their objective is to make that business as profitable as possible.\u00a0 Most landlords will have a broker that represents their interests even in a lease renewal.\u00a0 It is important that you also have representation in order to negotiate a fair and balanced outcome.\u00a0 Our role is not to create an adversarial situation\u2026it is to act as your advocate to structure something that works for both parties.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tCan you provide your services in other markets\/across the country\u2026 what is your geographic reach?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

We have an extensive network of strategic partners in every primary and secondary markets across the country and the Globe.\u00a0 Through various organizations and our past experience, we have over 30 years of experience working with companies with multi-market locations.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhen is the right time to hire a real estate advisor\/engage your firm?<\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Real estate costs typically represent one of the largest expenses for any company, and affects operational efficiency, employees and the ability to deliver goods and services. \u00a0Regardless of whether or not you are involved in a real estate transaction, there are always opportunities to reduce real estate expenses and improve efficiencies.\u00a0 Therefore, most companies will engage a real estate advisor well in advance of any perceived transaction.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tCan\u2019t I find most of the information I need including rental rates on-line to negotiate myself? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Actually, no.\u00a0 While you can find some property on-line, finding truly viable options and actually negotiating a competitive real estate transaction is much more complicated and time consuming.\u00a0 In addition to identifying rea estate options, you\u2019ll need to understand how each building is financed, the specific ownership structure, how it is operated and managed, its tax base, and the owner\u2019s exit strategy.\u00a0 Not only does your real estate advisor have access to all this information, they know how to set up an efficient, competitive process to negotiate effectively on your behalf.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tOther than negotiating rental rates, what value to you add: <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

We do not simply focus on rent \u2013 our goal is to insure we structure a transaction that provides you with the lowest Total Cost of Occupancy possible but also focusing on items like tax and operating expenses.\u00a0 We also focus on critical, but oftentimes overlooked aspects of a lease including sublease and assignment, restoration, force-majeure issues, security deposits, and default.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow is THP compensated for your services? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Our tenant advisory services cost nothing to you as the tenant. We share the brokerage commission that the Landlord pays to his agent.\u00a0 \u00a0This fee is already built into the Landlord\u2019s rental income from each lease, so you are not going to be saving any money on rent by not having representation during the process. Whether you use Thompson Hennessey or not, you should engage an advisor to represent your interests?<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat other costs besides rent to I need to be aware of for my overall budget? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Typically during this entire process there are two separate umbrellas of costs: Hard costs (architecture, engineering, and construction costs) and soft costs (IT, tel-data, AV, furniture, security, and moving). The hard costs typically are at no cost to the tenant in a turn-key build out or are what your tenant improvement allowance will be allocated for. For the soft costs, these are the critical expenses that will ALWAYS be out of pocket costs for you the tenant. Many tenants will engage a project management firm to oversee this entire relocation process from a budgeting and vendor procurement process which THP will work hand-in-hand with.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tDo I need to hire an architect? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

This will typically be determined by the size and scope of your space\u2019s buildout. In many instances, the Landlord will have their own architect that will provide design services at no cost to the tenant.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tHow early before my lease expires should I be out looking at possible new spaces? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Typically an advisor is engaged no later than a year out and for much larger space requirements the process can begin 2 to 3 years prior to the lease expiration.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tDo I need to let my current landlord know that I am considering moving and actively looking at other locations? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

You need to be aware of what language is contained in your current lease as it pertains to your renewal rights (if you have them) and when you have to give written notice if you are planning to extend the lease. Otherwise you are in no obligation to let your landlord know that you are actively looking at alternative space options and locations. Your landlord will almost certainly be aware of this anyways from his own brokers whose job it is to monitor and report to their client who are the active tenants in the market.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tWhat are the advantages and disadvantaged of entering into a sublease? <\/a>\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t

Advantages: discounted rent number, typically shorter term, furniture \/ IT infrastructure may be included at no cost.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

FAQ’s Tenant Representation Why should I hire your firm to represent my company? As in any negotiation, it is important to have a dedicated advocate that represents your interests in a real estate transaction.\u00a0 \u00a0In most commercial transactions, the owner of the property has a real estate broker representing them in a transaction \u2013 it […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-349","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/pages\/349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/comments?post=349"}],"version-history":[{"count":9,"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/pages\/349\/revisions"}],"predecessor-version":[{"id":808,"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/pages\/349\/revisions\/808"}],"wp:attachment":[{"href":"https:\/\/www.varshabi.com\/hennessey\/wp-json\/wp\/v2\/media?parent=349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}