Newsec has been offering tenant representation services from the beginning of the 21st century and it has gained considerable popularity in recent years. In order to improve the service, communicate more efficiently and add transparency, Newsec has developed the digital Newsec Tenrep tool. The innovation makes it easier for lessors to be involved in space searches and for tenants to find suitable spaces.
The role of the real estate agent has traditionally been to simply bring the lessor and tenant together. In tenant representation, the agent acts as the tenant's partner, looking for available properties on the market and ensuring that the tenant's interests are met in the leasing process from both commercial and operational point of view. This ensures that the tenant has an equal role in negotiations with a professional property owner and that they find a property that meets their specific needs.
Towards the end of the 2010s, tenant representation services have become increasingly common, and large corporations in particular tend to turn to experts when looking for new premises. Tenant representation is usually offered when a company is starting up or relocating. Expert help is often needed as companies change offices fairly rarely and therefore there is no accumulated knowledge of the process and the market.
As tenant representation is becoming more popular method for seeking alternative premises, it means that the site search process must be effortless to the lessor, due to fact that timely and extensive market surveys always rely on active responses from lessors to space enquiries. If the provision of property information is time-consuming and the process is not transparent, lessors might feel purposeless to participate for the process especially in smallest site searches.
Newsec has developed new digital Newsec Tenrep tool in 2018 to make the site search process more transparent and easier to lessors. Newsec Tenrep tool reduces response time needed for space searches as it allows data related to offered spaces to be saved and then used in subsequent searches with just a couple of clicks. The tool allows lessors to observe the process status in real time, which makes it easier for lessors to view if offered premises are still involved in process or not.
"By making the tenant representation process the best it can be to lessors, we can expand the clientele of our service and offer an increasingly better customer experience to our existing customers through more extensive market knowledge, for example," says Ville Inkeri, Newsec's Head of Corporate Solutions.
The Newsec Tenrep service will be in daily use in early spring and it will be developed continuously based on the feedback from lessors, tenant representatives and tenants.
Head of Corporate Solutions
Tel. +358 40 749 5021