Tenant representation in Oklahoma City for business owners.
Tenant representation means having a commercial real estate broker represent your business when you lease space, instead of relying on the landlord's broker. Victory CRE helps business owners across the Oklahoma City metro, including Edmond, decide whether to renew, relocate, expand, or buy, and then negotiate the deal.
By Tom H. Vaught, SIOR ·
What does a tenant rep do?
- Learns how your business operates and what isn't working
- Looks at the market, including space that isn't listed
- Compares renewing, moving, expanding, and buying
- Negotiates the rate, concessions, operating expense caps, and limits on your repair costs
- Stays with the deal through lease signing and move-in planning
Who pays a tenant rep?
Usually, the landlord pays our commission as part of the deal, and you don't write us a check. If an engagement works differently, we'll tell you upfront. Ask any broker how they get paid, including who pays them and when.
When should you start?
It depends on your size and how specialized your space is. UFA's search took about 30 to 45 days. Our Blood Institute's took more than two years.
Start early enough that moving is a real option, and check your lease for its notice deadline. Don't let the calendar make the decision for you.
What are the most expensive renewal mistakes?
No cap on operating expenses. Base rent gets the attention, but operating expenses can keep climbing. Limits on these costs can matter later. On Jeff Houpt's lease, we negotiated a cap on his repair costs, and that cap came into play.
Assuming you have no other options. A scarcity mindset leads owners to accept what's in front of them. FlexAbility believed it had seen the whole market, but its best option wasn't even listed.
Bluffing about moving. Don't threaten to leave until you've decided you really would. Do the work first, so moving is a real option and not a game of chicken.
How is this different from using the landlord's broker?
The landlord's broker works for the landlord. That doesn't make them a bad person, but their job isn't to represent you.
Before you hire any broker, ask:
- Who pays you, and when?
- Do you or a partner have any interest in this property?
- Do you represent the owner of any building you're showing me?
- If the right answer were to stay where I am, would you tell me?
Here's how we handle it: we disclose what needs to be disclosed and keep what should stay confidential. We take on occasional landlord work, and I own buildings myself. If our interests could cross, you'll hear it from me first. In one case, I told a client before he toured a building I co-owned, and later offered to refer him to independent representation.
What if the right answer is to stay put?
Then that's what we'll tell you. One construction company wanted to own its building. I told them more than once to stay where they were. They were getting great value, and when we went through discovery, buying didn't make sense.
What kinds of space do you handle?
We work with business owners on office, industrial, warehouse, and flex space across the Oklahoma City metro, including Edmond. Our case studies show what that work looks like in practice:
Is your lease working for your business?
Start with a straightforward conversation about what's going on. If we're not the right firm for the job, we'll tell you.