Do you ever connect ‘sex appeal’ with office leasing?

In the American Heritage Dictionary, one of the definitions of sex appeal is, “General appeal; power to interest or attract.”

Tenants can have sex appeal to landlords. It may be name recognition, quality image or great creditworthiness.

At Wally & Co., part of our job is to maximize your firm’s sex appeal to landlords. We think it’s part of getting you the best deal. It’s part of the ‘art’ of a deal and we think it’s foolish not to capitalize on your brand.

Call us. We’ll talk. You’ll understand our value.

Think Wally & Co. We negotiate leases on your terms.

Do you have an enduring relationship with your real estate broker?

At Wally & Co., we are proudest of the fact that many of our clients have hired us over and over again. There’s a reason for that. We’ve earned it through behaving like your partner, not a vendor.

The world of commercial real estate brokerage is slow-moving and old-fashioned. Most real estate brokers don’t focus on anything but the next “deal”.

Theirs is a world of representing landlords and tenants without passion for either – where you’re never sure who represents who. Theirs is a world of limited advice, narrow research and a general lack of initiative.

At Wally & Co., we aren’t trying to do every deal, just the right deals for the right clients.

We take the time to get to know you and your firm’s wants and needs. We find or ‘create’ solutions that fit those needs based on our proprietary market research. And, we use a market-leading RFP process to negotiate the best terms for you.

You can check out our client list to see some of our “over and over again” clients.

Call us. We’ll talk. You’ll understand our value.

Think Wally & Co. We negotiate leases on your terms.

Do you ever wonder, “Why am I getting this email now”?

It’s because there are many “triggers” for needing real estate advice and it may not have any connection to when your lease expires. You may want to

• Restructure the lease
• Refurbish your space
• Renew your lease
• Expand your space
• Shrink your space

A significant percentage of our business is in renewing tenants’ leases, often a couple of years before the official expiration date, and often with immediate savings as compared with your current contract rent.

The “art” is that we know how to show your landlord that renewing your lease at the lower current “market” rent may be better than the deal they would make with a replacement tenant.

I recorded a two-minute video about this topic.

Call us. We’ll talk. You’ll understand our value.

Think Wally & Co. We negotiate leases on your terms.

You know how ads for lawyers always say “The choice of a lawyer is an important decision and should not be based upon advertisements alone”?

What should the choice of a tenant rep be based on?

At Wally & Co., we think it should be based on two things: whether the rep exclusively represents tenants, and whether they achieve market-best results. For us, exclusively representing tenants is the reason we can achieve market-best results. Why?

• Our mission is to drive down occupancy costs of all types and negotiate the most favorable business terms for the tenant.

• We aren’t ever in the situation that many agents get into where they are interchangeably advocating for higher prices when they are representing a landlord, and advocating for lower prices when they are representing a tenant. To be in that position can erode the credibility, and more importantly, the negotiating strength, of an agent to the point of being ineffective.

• Because we never represent a landlord, we are never concerned with the temptation, felt by many “dual” agents, that a prospective landlord for your firm today may be a prospective property-listing client in the future. Such concerns may serve to soften that agent’s negotiating aggression on the part of a tenant.

Call us.  We’ll talk.  You’ll understand our value.

Think Wally & Co.  We negotiate leases on your terms.  

Your search is not in vain. We exist.

Looking for a tenant rep who’s smart, tough and un-conflicted?

Everybody says they are ‘smart’ and ‘tough’, but un-conflicted? Is that even possible?

At Wally & Co., you can have it all.

We never represent a landlord. We only represent tenants.

Why does this matter? I wrote a blog post entitled “Conflicts of Interest – Part 1: Why You Should Care” There’s also a “Part 2: My Unique Viewpoint from the Other Side.”

These posts explain:

• The subtle legalities that allow real estate brokers to represent both sides in a transaction,
• Why not being exclusively represented by a tenant rep costs you money, and
• How full-service firms try to implement ‘Chinese walls’ (and why they don’t work).

Just remember, if they’re representing both sides, they’re not truly representing you.

At Wally & Co., you, the tenant, are the highest priority.

Is it ever too early to start looking for office space?

Have you ever wondered, ‘when should I start to look for office space?’

It’s almost never too early. I wrote a blog post entitled “Time is Your Friend,” that discusses the importance of giving your real estate deal plenty of time, and what can happen when you don’t.

The 2 things to remember are:

• It’s better to start too early than too late for creating negotiating leverage, and
• It may not have any connection to when your lease expires

Every situation is unique so strategies vary. But if you think you want, or need, to do something different with your lease or your space, chances are we’ve had experience doing it.

At Wally & Co., we can help you figure out your timetable and so much more.

Wally & Co. exclusively represent tenants.  Please call us to discuss your next project  and learn why Wally & Co. wants to be your partner, not just a vendor.

Do you think of tenant reps as “glorified tour guides”?

I didn’t make that term up. I heard it from a prospective client once based on his experience with tenant rep brokers who didn’t seem to do anything but drive the client around – and collect a commission.

We are so much more. It’s our goal to be your partner, not your chauffeur. How do we add value to tenant representation?

It starts with understanding:

• What you want to do with your office space – relocate or renew – and why?
• What’s your budget?
• What will help you recruit and retain the best, most productive employees?
• What will impress your clients?
• What’s your timetable?
• And so on…

Then, we can intelligently advise you on what your choices are and create a strategy to get you the best possible deal on the best space for you.

Wally & Co. exclusively represent tenants.  Please call us to discuss your next project  and learn why Wally & Co. wants to be your partner, not just a vendor.

What does office space do for your company?

Most of our clients feel the most important aspect to finding office space is to help recruit and retain the best, most productive employees.

Most real estate brokers don’t focus on anything but buildings. They think that real estate is the “dog” and everything else is the “tail.” But we know that people costs are far more expensive than real estate costs. So your building is a tool that supports your “people priorities” by:

• being located within an easy commute from home
• being secure
• having enough parking
• having access to restaurants and other amenities
• having the right image. And so on…

The great news is we have done this analysis for many clients – both subjectively and objectively.

At Wally & Co., we understand that a great real estate deal needs to please the head of HR and the CFO.

Wally & Co. exclusively represent tenants.  Please call us to discuss your next project  and learn why Wally & Co. wants to be your partner, not just a vendor.

It is also difficult because the concept of “dual agency” (representing both sides in a transaction) is allowed by the Kansas and Missouri Real Estate Commissions, if it is disclosed.  So real estate conflicts of interest are acceptable in many persons’ eyes.

The reality is that conflicts of interest do matter because they cost you money.

Wally & Co. is structured to avoid conflicts of interest in several key ways.

First, no one in our firm lists property for sale or lease.  Our activities on behalf of clients are consistently focused on driving down occupancy costs of all types and negotiating the most favorable business terms.  Therefore, we aren’t ever in the situation that many agents get into where they are interchangeably advocating for higher prices when they are representing a landlord, and advocating for lower prices when they are representing a tenant.  To be in that position can erode the credibility, and more importantly, the negotiating strength, of an agent to the point of being ineffective.

Next, because we never represent a landlord, we are never concerned with the temptation, felt by many “dual agents”, that all landlords may be a prospective property-listing client in the future.  Such concerns may serve to soften that agent’s negotiating aggression on the part of a tenant rep client like you.

Wally & Co. exclusively represent tenants.  Please call us to discuss your next project and learn why Wally & Co. wants to be your partner, not just a vendor.

If you are a tenant you want to be represented by someone who has no loyalty to anyone except tenants. But often, that’s easier said than done.

Depending on what state you are in, without a legal statement declaring a specific kind of “agency”, John Doe’s firm, XYZ Realty, can equally represents all its clients, including landlords, while representing you, the tenant.  In fact, many states allow “dual agency” or “transaction brokerage” which in effect  allows them to assist both parties without being an agent or advocate for either party.

Simply stated, John Doe may not have a fiduciary duty to represent your interests.

This is when the full service firms start talking about the “Chinese Wall” they have erected to protect the interest of tenant clients from those of landlord clients.  A Chinese Wall is defined as, “The ethical barrier between different divisions of a financial (or other) institution to avoid conflict of interest.”

Here’s why Chinese Walls don’t work in practice:

What if John Doe represents you and he has a listing on a building at the same time?  It’s impossible for Mr. Doe to split himself, yet he owes a fiduciary duty to both you and a landlord.

What happens when John Doe goes to a weekly sales meeting at his full service firm, with brokers representing both landlords and tenants in attendance, and he is expected to report on his activities? Your deal gets discussed even if it may not be in your best interest.

Who does John Doe serve when the size of the commission(s) he will earn from a landlord client far outweighs the commission he will earn representing you the tenant?  Does he honor greed or ethics?

What does John Doe do when his boss (his state-licensed Broker) says, “Back off on how hard you are negotiating the terms for your tenant client because you are ruffling feathers with our landlord client.”  This really happens because XYZ Realty stands to make far more money from the landlord listing than it does from your tenant rep assignment.

I have been with big firms.  I know how they work.  The above is reality and conflicts of interest do matter because they cost you money.

Wally & Co. exclusively represent tenants.  Please call us to discuss your next project  and learn why Wally & Co. wants to be your partner, not just a vendor.